RBC year end review and bonus
I am in my first year at RBC as DevOps Engineer at RBC. I want to know more about the year end performance review and bonus expectation. What could be the amount of annual bonus? When does the review take place and when do we expect to get bonus? Also, how much salary appraisal should we expect if you are not promoted? Level - PL08 Salary- 85k + 5k sign on #rbc #softwareengineer
I have added all the details related to tc
Nice. My answer: I thought annual max bonuses are declared in your employment contract, usually as a % of TC. If you dont have this it might mean you are not eligible for one. I would check with HR. Regarding salary increase, if you have a good performance review i think you could expect between 5-10%? I havent worked at a bank before so i am not super sure how rigid they are with yearly raises
About the annual bonus they mentioned amount 10k which varies based on my performance, team and overall bank as well
you are probably not bonus elegible
In my offer it was mentioned 10k variable bonus
In the case of RBC the performance bonus is determined on Q1 of the following year. Don’t expect the full 10k or 100% of your bonus, as team and company performance targets almost never reach 100%. So even if you get an awesome performance review you can probably expect your bonus to be 80-90% of that once the team and company metrics are factored in.
This is flat out incorrect. Do not take this as advice .
My friend just joined at rbc in halifax and hes only getting 55k. Is that massive lowball or appropriate for col m
Both
Review happens towards the end of the year and you get your bonus dec 31/Jan 1st
Reviews happen in late Nov or early Dec. if results are good and you did well in terms of your review expect a bonus anywhere between 10-30k at a PL8 level. Payout is in mid dec
A lot of incorrect info here. Source- I manage a large team at RBC . Bonus (STI) at your PL is not paid dec 31, it’s paid on a normal pay cycle Thursday. It tends to be near end of calendar year, but not dec 31. You can calculate your approx STI based on band on the rbc net page- they redid the performance bands a year ago to simplify and give some leeway in “high performing “ which is the standard meaty part of the bell curve. Your cash bonus is based on your contribution, your platform, and bank. 70/20/10, from my recollection . Last year there was a multiplier for bank performance
Nobody said it’s paid dec 31 but the bonus doesn’t land in your bank account till dec. I manage a team from PL10 all the way up to PL5 so have a pretty good idea of how this works The payout also depends on your business unit in terms of company vs personal performance. Capital markets is different than T&O even for the tech roles. Best is to connect with your HRBP and ask
One person wrote dec 31/Jan 1- not sure who. The rest you wrote is in line with what I’d written, so we’re good to go
As they say: TC or GTFO
What?
Its considered rude to make a post without declaring your total compensation here.