Hi, if I get let go in dec-January do we still get our bonus for 2023 since you worked the whole year?
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Here is what my separation agreement said…
“Incentive Compensation. If you were eligible to participate in any incentive compensation plan, (i) your eligibility for any payments will be treated in accordance with the terms of the applicable plan; and (ii) the receipt of payments under such plan, if any, will be contingent both on your execution of this Agreement and Release and the conclusion of the revocation period without you exercising your right to revoke this Agreement; and (iii) the award and payment of any incentive compensation, if any, remains within the sole discretion of the Company, and you acknowledge and agree that no amount shall be due or owing to you other than as may be determined by the Company.”
You are correct @2evn.
We’re really missing Todd’s wise counsel, no layoff, WFH friendly management through the three years for which we thrived under Todd, a friend to all and a wise mentor.
Wow…
From teammates …
To Associates…
To Employees
To Grunts…
To Grunts from whom they can steal
To Grunts from whom they can steal when they’re tossed out
This is one sick company…
I got axed in September and received no bonus the following Feb. That wasn’t disclosed during the ‘adios’ conversation. My weak-a-s boss didn’t mention anything about the bonus and I wasn’t in a mental state to be focused on it. If they’d done the honorable thing and paid me a bonus, it’d likely have been over $100k. Oh well.
For what it’s worth, I reviewed the separation agreement and it basically says that a terminated employee is not entitled to any discretionary comp - bonus, commission, etc. Nasty.
Depends on the group. I got the SUB plan in Jan 2023 and my cash bonus was appx 40% of previous year's. Of course no additional RSUs were granted.
The bonus % vs previous year varied significantly across groups. I know some who got nothing or under 10% of previous year and others who got slightly more than me from a % standpoint.
This changed for the Jan 2023 layoffs. Bonus cut 50%. Based on the below, sounds like the cut for 2024 is a larger cut. : (
In prior years yes. If you are let go prior to September no.
As many have mentioned if you are in the bye bye list expect a much smaller bonus than you are accustomed to.
Don't get the 401k contribution either
No
I’ve been through he-l and back on this. If you are gone … no matter why… high road or low road, retire, displaced, quit or medical reasons… there is NO bonus.
I could write a book on this and maybe I will.
Outlook not good
Nobody is “entitled” to a bonus . If you’re leaving or they are letting you go and they know this, you don’t get put into the merit pool.
Yes and no. You are entitled to a bonus. However, there's a reason why the lists are made prior to the bonus allocations. For last January's layoff, we were forced by Bridget to reduce the bonus of all employees that were going to be let go. It worked out to people getting ~20% (80% reduction) of previous year's bonus. The same thing is going to happen this year.
I was let go in October AND I got a pro-rated bonus (same amount as previous year but prorated 10/12 times previous year bonus - which was a good sum).
That is a real information. Anyone who posts otherwise here quoting policies and philosophy is basically posting a lie, blatant lie.
Why am I here? My spouse is employed at BNYM and I do watch this site.
Todd canned me the first week in January and I still received a bonus.
In a word, NO.. If you have left for whatever reason you will not receive a bonus. I followed good leaver policy, gave several months notice for my grade, picked up a ton of off hours weekend work to help my team all to remain bonus eligible after retirement.
$Zero bonus… first time I was stiffed on a bonus in 25 years.
Likely case specific - if December doubtful, January maybe.
Yes, in previous years when staff were RIFed they still paid out incentive as usual.