Hi, I have a new boss for this review period. I was given a "partially meets" rating. At the time I was led to believe that this rating would be eligible for a merit increase as there is also a "does not meet" rating. Most of what my review said was positive but my manager felt others had a better grasp on the material. In any event I was just read my comp statement and while I recieved a bonus I did not recieve a raise. When i asked about the merit increase of zero.
I was told that there was "not much money to go around". Only after to find out that was not the case. Quite frankly I'd rather have the money in base salary rather then a bonus. I'm just asking if anyone has any info on situations like this.
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It’s hard to fault the mentality that all tech expenditures should result in less employees. I What is the point of workplace technology if not cost reduction? It’s actually a good thing and our people are our greatest expense.
I imagine that people said the same thing about the Selectric typewriters and Wang word processors.
Managers being forced to rate a certain way. Managers forced to layoff great xo-workers. No raises for doing a decent job year over year. Bell curve, no curve, 10 shares, no bonus, reduced bonus, -- changes in comp structure every year. Limited resources not allowing us to do a better job. Mentality that all tech expenditures should result in less employees. RV's creepy "commercials." Been around the block, believe me this place is a joke,
Confirmed, raise are not normal first review cycle unless you started early the previous year.
Managers did not know partial would not get merit. Surprise to all.
Now statistics are outdated.... I feel sorry for the victims of our failed educational system.
Allow me to translate Robin's comments at WEF: "Let them eat cake."
Peoples…. When you have an entitled attitude coupled with a poor performance rating then it is YOU who needs to make a change.
There are no Participation trophies now. Risk, work and reward rule.
I am only the messenger but feel free to bash away at me.
Sure, but as a millennial you have a lot to learn.
Why not try to add some value and stand out? There aren’t participation trophies in financial services. You are being gently ushered into adulthood.
Anybody trashing the Bell Curve needs to rethink their attitude and fast. How would you like to be operated upon by the lowest surgeon on the Bell Curve?
Get a clue.
@1xmr The Manager had no option than to put few people in this category. Blame the outdated Bell curve system which this sh*thole bank still follows, where most companies have already decided to stop bell curve and not use it anymore. Robin Shilling came up with a strategy with his cronycapitalist that he presented in WEF, as we are giving Stock Options to all EE's which needs to be compensated with something. Any CEO would want his workforce to prosper but this was a total sham to please the elites in Davos.
To the original poster: if you have a partial met rating in any category, the HR system would not allow a merit increase for the applicable year. Your manager should have known this at the time of your evaluation.
Normal, especially if you came in higher than your teammates
first year review got a bonus but got no hike. was told thats the norm: no hikes for 1st year. Can someone confirm? or I should start looking out?
Start looking for another job.
clearly someone doesn't like your work. why even stick around?
You have to remember, their goal is to give you as little as possible while having you do as much work as possible - any reason they can come up with to give you zero raise they will. Also, many of these managers don’t know the impact of the ratings…..
Not sure how to reply to the poster who asked what I meant by that was not the case. So I'll answer here. Others in my group recieved decent raises so it was not a money issue. My guess is that even though I got a bonus with no raise I lost 3% a year for as long as I stay at this dump.
I'm in the same boat here.
What do you mean "that was not the case?"
Welcome to the Bank.
Sorry to hear. It is probably a manage out tactic so they don't have to pay severance package. 2 options, keep working and wait for the package or look externally.