Indeed! Would have liked to ride that train a little longer. Long story short - Less than 8 years in business and we had 65 employees and revenue around 9 million in our best year. Then there was a change in the majority shareholders. They thought we were calculating the bonuses wrong and had our fingers in the til. 100% false. Being clever Bay Street bankers types they knew that if you find a goose that lays golden eggs the best thing is to take it out back and wring it's neck. Within monthes half the office staff (we only had 9) was gone. Within 6 monthes the doors were locked and it was done. Although I made out great I often think about all the paycheck to paycheck types we had that lost their jobs.
I’m pretty sure all banks are rolling out “reduction in force” plans already.
They lost a lot of productivity to WFH so so they increased hiring during the pandemic. those folks are back into offices and contact centres where direct supervision and supports increase productivity.
Another issue is a large number of reluctant customers learned how to use telephone and online banking during the pandemic. Turns out a lot of skeptics l grandmas liked it! Less branch staff needed.
Also at the big blue and yellow lion bank, it was 2% across departments, even the departments that needed more staff... 2 % cut.
And that's our first wave. Next wave will follow a huge re-org, we are absorbing another bank after all.
We know that on my team about 2 heads are gonna roll ...the one that's "2 days away from retirement" and the one above him.
We'll see how that goes afterwards!
As for bonuses....
15 years with the company, i've never NOT had a bonus. Some managers and departments were stingier, but most departments just follow a calculation; Just be productive and have things to show to the big wigs and they'll give it to you. To get the higher tier of bonus though, even if you bend over backwards to exceed all your mandate, you're still not guaranteed to get it unless you've got a good "politician" to vouch for you as a boss and the economy gods have to be in your favour. Let's just say i don't know that many people who got higher tier
My bonus to me doesn't exist really, it's just earmarked to pay off debt or prepayment
Look at inflation and interest rates. BOCs foray into politics put the hundreds of millions in cash out there. Root cause of inflation, too many dollars chasing too few goods.
Also at the big blue and yellow lion bank, it was 2% across departments, even the departments that needed more staff... 2 % cut.
And that's our first wave. Next wave will follow a huge re-org, we are absorbing another bank after all.
We know that on my team about 2 heads are gonna roll ...the one that's "2 days away from retirement" and the one above him.
We'll see how that goes afterwards!
As for bonuses....
15 years with the company, i've never NOT had a bonus. Some managers and departments were stingier, but most departments just follow a calculation; Just be productive and have things to show to the big wigs and they'll give it to you. To get the higher tier of bonus though, even if you bend over backwards to exceed all your mandate, you're still not guaranteed to get it unless you've got a good "politician" to vouch for you as a boss and the economy gods have to be in your favour. Let's just say i don't know that many people who got higher tier
My bonus to me doesn't exist really, it's just earmarked to pay off debt or prepayment
My wife was close to retiring but never said anything. Then they outsourced her job. She had been there 30 years and got a really nice bonus. Plus she got a smaller bonus for training her replacement.
My wife was close to retiring but never said anything. Then they outsourced her job. She had been there 30 years and got a really nice bonus. Plus she got a smaller bonus for training her replacement.
As I get older, I am very careful what I say. "Pick your battles" I also really enjoy my job so very little to complain about, but even with this they would get the minimum required notice for my retirement, to ensure no sneaky things are being down. I'll also never quit, you want me gone, you get me out... (and pay me for it)..
Also at the big blue and yellow lion bank, it was 2% across departments, even the departments that needed more staff... 2 % cut.
And that's our first wave. Next wave will follow a huge re-org, we are absorbing another bank after all.
We know that on my team about 2 heads are gonna roll ...the one that's "2 days away from retirement" and the one above him.
We'll see how that goes afterwards!
As for bonuses....
15 years with the company, i've never NOT had a bonus. Some managers and departments were stingier, but most departments just follow a calculation; Just be productive and have things to show to the big wigs and they'll give it to you. To get the higher tier of bonus though, even if you bend over backwards to exceed all your mandate, you're still not guaranteed to get it unless you've got a good "politician" to vouch for you as a boss and the economy gods have to be in your favour. Let's just say i don't know that many people who got higher tier
My bonus to me doesn't exist really, it's just earmarked to pay off debt or prepayment
Sounds like my place. We laid off 3% of our employees last week. They got fair packages, for example one with 10 years of service will continue to be paid for 9 months, and they're considered to be employed during that period, so they'll still get company benefits until then as well as not only this year's annual bonus, but next year's as well. On top of that, one of my friends was going to give his 3-month retirement notice in January anyways, so he basically got an extra year of paid vacation.
…Also at the big blue and yellow lion bank, it was 2% across departments, even the departments that needed more staff... 2 % cut.
And that's our first wave. Next wave will follow a huge re-org, we are absorbing another bank after all.
We know that on my team about 2 heads are gonna roll ...the one that's "2 days away from retirement" and the one above him.
We'll see how that goes afterwards!
As for bonuses....
15 years with the company, i've never NOT had a bonus. Some managers and departments were stingier, but most departments just follow a calculation; Just be productive and have things to show to the big wigs and they'll give it to you. To get the higher tier of bonus though, even if you bend over backwards to exceed all your mandate, you're still not guaranteed to get it unless you've got a good "politician" to vouch for you as a boss and the economy gods have to be in your favour. Let's just say i don't know that many people who got higher tier
My bonus to me doesn't exist really, it's just earmarked to pay off debt or prepayment
I have friends at the 4 biggest banks, the one sitting beside me is with the blue lion bank, an “Exceeding” bonus for a mid tier people manager in her group was $20k this year. They also got some hefty COL raises. Her group is hiring.
A big green bank friend gets his bonuses twice a year, expecting $15k total. The green bank has one level above, that’s a very small number of people - the bonus for that is bigger.
Mistake 1. BOC created a few hundred billion that the feds used in a drunken spending spree that overstimulated an already overheating economy.
Mistake 2. The didn’t slow the presses when inflation started to ramp, nor did the hit the brakes in time, they delayed interest rate hikes when supply chains were challenged, so regular people took on a lot of cheap debt.
The combination was deadly. Too much created cash AND artificially low borrowing costs caused way too much money chasing too few goods. All that money flowing into an economy suffering from supply chain issues forced inflation.
BOC primary role is keeping the economy stable, they are not subordinate to the PM to keep the out of politics. When Tiff bowed to JT on monetary policy, we got a JT level decision that has the economy hurting almost all Canadians.
I have friends at the 4 biggest banks, the one sitting beside me is with the blue lion bank, an “Exceeding” bonus for a mid tier people manager in her group was $20k this year. They also got some hefty COL raises. Her group is hiring.
A big green bank friend gets his bonuses twice a year, expecting $15k total. The green bank has one level above, that’s a very small number of people - the bonus for that is bigger.
Yeah i'm not manager level but i've gotten a "measly" 5-digit bonuses for the past 8 years or so. If i made the effort to get to a more "senior" role or bent over backwards to exceed my mandate i could increase it by 50%. I tried the latter once or twice over the span of my career and they found an excuse to not give it to me each time.
The real bonus money starts at director (i'd guess what you refer to as mid tier) level and above, where they use a different calculation for bonuses which represents pretty much a percentage of salary
Yeah i'm not manager level but i've gotten a "measly" 5-digit bonuses for the past 8 years or so. If i made the effort to get to a more "senior" role or bent over backwards to exceed my mandate i could increase it by 50%. I tried the latter once or twice over the span of my career and they found an excuse to not give it to me each time.
The real bonus money starts at director (i'd guess what you refer to as mid tier) level and above, where they use a different calculation for bonuses which represents pretty much a percentage of salary
If you go into a big company, you are in the tables and can't negotiate much other than what cell you start in. If you start your own, there is no negotiation. If you go into a small company, you can try to negotiate but it is hard to win. Even if you get a favorable contract, if the boss doesn't want to pay out, your choices are sue and find another job or take the lesser amount offered. The contract is a formality and not that important until the lawyers get involved.
If you go into a big company, you are in the tables and can't negotiate much other than what cell you start in. If you start your own, there is no negotiation. If you go into a small company, you can try to negotiate but it is hard to win. Even if you get a favorable contract, if the boss doesn't want to pay out, your choices are sue and find another job or take the lesser amount offered. The contract is a formality and not that important until the lawyers get involved.
I'm not saying they aren't out there, just I have little faith in negotiating for them. I conceptually like salary+bonus structure as it allows higher comp during good years without hamstringing businesses in lean years. While employees may not get perfectly stable income, it can help hold a stable workforce instead of boom and bust.
The best "bonus" I got was a '89 EX500.
I've always been self employed, but one of customers decided I was getting a christmas bonus. WHO KNEW?
I got called into her office, she walked me out to the loading dock, where there was a row of 6 new motorcycles. She says "Pick one" (They were 4 small bikes, 200/250cc, a ZX6, and the EX.). I got first pick, the head shipper picked next, he took the ZX6
I'm quite proud of that. Contractors seldom get a "bonus". I rode that stupid thing for 13 years. Betty Boop still has it.
Want decent bonus structure, move to a sales role and a company with no cap. They exist and you kill it , you eat it. Usually based on a minimum threshold , but generally obtainable with a reasonable effort. If the management is clever ( usually are) it’s set to make sure it kicks in when the forward costs are covered , but they want you to hit it. They know more for you is also more for them. But that only works where a target is traceable .
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