Hi, I joined Quicken loans in May 2020. Wanted to know more about how bonus works. Recruiter mentioned 25% bonus. Now that performance reviews are going on, when do we actually get the bonus. Would I get it after I complete a year. TIA TC - 78k 🥜#quickenloans #rocketmortgage #SWE Edited the post with TC! Also when can we expect a promo. Is less than a year too early to talk your leader about promo?
25% is a lie
You should get a prorated bonus based on your start date, usual payout is in Feb. However, even if you manage to secure a rockstar rating don’t bank on 25%, more like 15%.
The first year you can expect a prorated bonus (and base raise). The avg is around 10% for bonus and 2.5% for base.
TC NEEDED. You aren’t getting a 25% bonus. More like 7% and a 2% “raise”
TC or GTFO
Updated!
25% is false promise by recruiters. I also got lured by 25% bonus false promise and resigned. Actually what you ll get is 1.5-2% raise and ~6-8% bonus nothing more than that . Anyone who’s getting a verbal offer of 25% from QL recruiters get it in written. Usually they don’t
~6-8% bonus is low based on my experience and what I’ve heard from others on different teams. Based on what I’ve seen so far (in the past 4 years) 10-12% is average for a meets/exceeds expectations rating, although it’s likely to vary based on how much of the bonus pot your team is allocated.
Is the grass greener at American Family Insurance?
Here are the base/bonus pay outs: Base: Rockstar - 5% Exceeds - 3.5% Achieves - 2.5% Needs - 0% Bonus: Rockstar 18%-25% Exceeds 13%-18% Achieves 5%-13% Needs - 0% As others have said, an overwhelming majority of people will fall into 'Achieves'. Company limits percentage of Exceeds and Rockstar. As a leader we are challenged (not in a constructive way) when we try to rate someone Exceeds/Rockstar. Inevitably, each year, after we submit reviews for approval we get them pushed back and are asked to remove x-amount from our teams payout pool.
I was ranked 3/4 all 2021 (exceeds expectations). Only received 12% bonus. TC 86 base + 12k bonus 2yoe data solutions analyst
Tc or gtfo
Updated!