I think a lot of people are confused by the semantics of the new merit reviews. The words are the same, but the definitions changed. You have 5 people. Only 4 can meet expectations. 1 will fall below, and get voted off the island. The choice, Mr. Manager, is in your hands. It's true that most managers were unaware that the meaning had changed, but cutting the bottom X% is actually common at a lot of companies if you think about it, and it's one year into the new regime. There was really no reasonable expectation to think that the present would be like the past, especially given his past history.
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Perf Evaluations have little to do with layoffs. Don't be naive. Layoffs have to do with cost. Profit = Reve nue - Expenses. Only way to increase profit when revenue is stagnant is to cut cost. People are the highest cost. Layoffs are the obvious course to take. Perf evaluations are a means to make it easier for managers to fall in line and save their own skin by feeding you to the wolves before upper management takes them out for not falling in line. It's just that simple. No one is safe. If you're more expensive than you think the job would pay fairly you're on the bubble regardless of how dedicated or hard working or experienced you are. BNY will go on w/o you.
There are soooo many awesome companies hiring right now. Stop whining and update your resume!! Get yourself out there... don't wait. YOU ARE AWESOME. Make your dreams come true!
Folks, get the bigger picture. They are positioning themselves to merge with JP MORGAN. that is why they are not filling the positions. All managers are forced to rank their teams. All managers are forced to rate bottom 10% BE. I know!!!!! Either fight back. Call your newspapers, news channels and make them aware
If enough people call it will get coverage. Expose Charlie!!!
You were targeted because your manager liked others on the team more than you. You as an employee who has always been a strong contributor are dropped in performance rank. Management couldn't rate you BE without extra scrutiny so you were only fortunate in that you got a ME so as not to make you less desirable to potential employers.
I was rated “Exceeds” in 2017 and then “Meets” in 2018...currently enjoying my SUB package. Don’t be fooled into thinking that your rating is the only determinant.
Where things are different is that in other companies they let subpar performers go and replace them.
This is not what is happening at BNYM in this round. The roles are being eliminated with no intention to replace. This means if this cycle continues there will be no one left eventually.
Admittedly I do see the point of having a strict curve, but the problem was the timing of the implementation. This should be communicated and stressed earlier in the year during goal setting. For many teams the needle that determines what separates achieve from below is now no longer static and the neddle moves based on how the entire team performs during the calendar year. This is a significant change (although sensible) and due to the poor timing of implementation many managers were put in impossible situations (baselines established during goal setting went out the window) and many employees felt alienated with only 3-4 months to turn things around.
Now that the Island has gotten smaller, this year's review process is going to get alot more steamier.......now which one of the 4 remaining is going to get kicked off the island - will it be the former manager of 1, or one of the three remaining brown nosers? Make sure you get your own coffee, can't be too trusting these days..........Oh, no need to worry about that, since there is no free coffee except in select locations, its those people who have to wonder what's in the coffee!