Anyone have any info on what the traditional pre-Thanksgiving cuts will be this year? PIP or Go firing for ‘cause’ or a general percentage across the board? Maybe a mix of both?
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It absolutely is call PIP or Go (Performance improvement Plan). I receive 1 email a week inviting me to attend an hour long session on how to manage your low performers. Which are forced upon managers by the EC. Basically it’s your choice you can accept the corrective action plan or take a separation package. When you do not improve you will be involuntarily terminated. It’s the ECs way of reducing headcount.
With PNC letting go of 10% by December, expecting to see similar at BNYM.
Pip or go is a real thing, it's not used across the board for lay offs like people are saying.. it's for people with performance issues.. there is a November lay off scheduled that has nothing to do with performance
Rumour
Good number of employees to be let go by December. Did anyone hear them ?
I got pushed out recently. My choice was PIP or accept a separation agreement for 12 weeks. I took the separation agreement.
@1sh
HR never called it PIP and Go. They called it the Personnel Improvement Plan.
@5xqm, 18 years for me with zero BE's and Todd "eliminated" my position. At least in this side of the world...
In over 30 years of employment, I only once received a negative review, a "does not meet". It was a mid year received in August. After receiving the review, whose only critisim was that I didn't travel to New York frequently enough, I never received a PIP, never heard about it fr ok m my boss again. On December 19, I was informed that my job was eliminated. Be forewarned.
it is pip and go, my manager this year at 65 put himself on it with the help of his manager to get a layoff rather then just retire
The real reason to do year-end review in Oct because bny wants to fire ppl before 401k match at the end of the year. It could save a lot money and being huge pay for executive level.
So this Nov cut might be huge.
It’s PIP and GO in 2023. There is no chance to recover. If you don’t know that, it is because you were not forced to do any this year. And for that I admire you. Good for you.
I imagine a PIP is probably still a death sentence, but with an opportunity to find an outside role with your dignity intact. Suppose you get the PIP. Doesn't it stand to reason your bonus will be miniscule as well as your raise? And your PIP could warrant a reason to let you go without severance IF your management is feeling the pressure. As a manager, I don't want even my weakest teammates to be let go because they can still contribute. But my manager and anyone above couldn't care less.
The only possible hand you can play with a PIP is that a re-org puts you under a different director and there's a possibility you can start fresh. I never got a PIP, but I was the mediocre one when I was in my current role. My manager recognized my abilities, but his boss couldn't care less and I definitely felt excluded within the group. Well, a re-org happened and we got a new director and a combination of me improving as well as a new boss who can recognized what I brought to the table.
This tool has an agenda and simply never quits. It costs a lot of time, money and paperwork to hire an employee and NOBODY wants to get rid of an employee after hiring them. But not everybody is cut out for work, and so we have PIP, which is an attempt to get a problem employee on track to be a called contributor. Not everyone is cut out to be a worker. PIP is a last try to get a worker to work. If it’s followed by a go that’s on the problem employee and we’ll deserved.
Stop lying. It is PIP.. personnel improvement plan, and it only results in termination if the employee doesn’t make changes. We all like to complain about layoffs here, but the truth here is that many employees are toxic and produce no work. That is why we have PIP, to coach and give problem employees a chance to get their act together. Absolutely nobody wants to push an employee out the door unless they force it.
Actually, the November cuts typically took place the Monday after thanksgiving. This is well known. It was that way for years.
I know because I had to let employees go and it was a lousy thing to sit with over the long holiday weekend.
Don’t know if they still do it on that date.
(The only innovation in this company has been in their employee-elimination protocols.)
Recently departed 40 year man here and I can assure you that there are no “traditional pre-Thanksgiving cuts”. This is a lousy place to work but don’t make stuff up.
November is a very popular time for layoffs at BNYM. In the 12 years I've been here, for most of those years, I knew someone or some people that got let go during that month. Usually it's the Monday after Thanksgiving, but I've seen it on the Monday leading up to Thanksgiving as well on other years. February, May, August, November are pretty popular lay off months here, though I've seen January become more popular over the last few years.
Just because you didn't know anyone personally or they may not have been the "big" layoff, doesn't mean they didn't exist. BNYM likes to stagger it out to avoid bad press.
Nobody at the bank have ever called it Pip and Go. It’s PIP, personnel improvement plan.
Stop making things up.
To the poster below, sorry but it is PIP or GO and the way these are delivered, it is very hard for the employee to improve. They have a choice for a number of weeks of pay (usually 12) or enter a difficult performance plan for (usually 4 to 8 weeks) and the employee likely will not make it past the 8 week mark.
They are coming for BAH employees
There have never been ”traditional November pre-Thanksgiving cuts”.
This is a sad hobby you have… What is the point of scaring people?
It’s only PIP, and it doesn’t mean that you’ll be displaced. That depends upon you. If you reconnect to your job and deliver you should be fine. Work with your manager, listen closely, ask questions and focus on doing your job. Nobody wants to lose employees on corrective action and the program is designed to avoid people losing a job. It’s a last chance and the outcome is totally up to you.
It is usually referred to as “PIP and Go” for good reason!
You’re right - there is no PIP or Go, as HR called it, there is only Go these days. At least in some areas, management has made it clear that the improvements needed would have to be super-human & it is highly unlikely that employees could achieve that. So essentially it is just a program to fire people with no SUB packages.
There is no such thing as “Pip or Go”. People have vivid imaginations.
There is a PIP process and I have seen people on PIP work hard to correct their issues and become productive. I’ve also seen people who made no effort to straighten themselves out and they were dismissed.
If you’re on a PIP you really do need to evaluate your attitude, your skills and your work ethic.
PIP or Go should already be done, but maybe that is why we are doing year-end reviews in October and they are being delivered in early November?