“Focus” bonus less than advertised

[anonymous]

Mixed feelings. No doubt the severance is generous.

The Focus Bonus, while good in intention, will only be looked at with big eyes by the poor performers. To top performers, it will be reason to focus on finding a better job.

Lets say your target bonus is $35k. 50% is 17.5. To get that I have to be here until October 2020 assuming the deal closes in October 2019. That's 22 months. Or about $480 a month after taxes. Not what motivates top performers.

Now on the other hand if I never make the target bonus, 17.5 might actually be better than I currently make. So if I am a year in year out consistently achieve expectations, this might look awesome. But that's not who we really want to work with.

If I am a rockstar, this is just another signal that future dollars will be scarce and I should use the next 10 months to find a better landing spot.

Had they really wanted a focus bonus that kept the best, they would have done something based upon average earnings the past few years instead of an across the board grant. As I read it, it looks like historic high performers will get the same grant as historic mediocrity.

Can I raise my hand for the severance?

 

[anonymous]

Mixed feelings. No doubt the severance is generous.

The Focus Bonus, while good in intention, will only be looked at with big eyes by the poor performers. To top performers, it will be reason to focus on finding a better job.

Lets say your target bonus is $35k. 50% is 17.5. To get that I have to be here until October 2020 assuming the deal closes in October 2019. That's 22 months. Or about $480 a month after taxes. Not what motivates top performers.

Now on the other hand if I never make the target bonus, 17.5 might actually be better than I currently make. So if I am a year in year out consistently achieve expectations, this might look awesome. But that's not who we really want to work with.

If I am a rockstar, this is just another signal that future dollars will be scarce and I should use the next 10 months to find a better landing spot.

Had they really wanted a focus bonus that kept the best, they would have done something based upon average earnings the past few years instead of an across the board grant. As I read it, it looks like historic high performers will get the same grant as historic mediocrity.

Can I raise my hand for the severance?

Typical Celgene management dangling incentives that are so far out into the future that they know very few will be around to receive. They’re trying to secure as many of you for the near term to crank products and numbers until the deal is closed. Best advice is to work hard to secure another position somewhere else. Sure the severance and bonuses are great but in the long term staying just for them will prove financially regrettable.

 

[anonymous]

Mixed feelings. No doubt the severance is generous.

The Focus Bonus, while good in intention, will only be looked at with big eyes by the poor performers. To top performers, it will be reason to focus on finding a better job.

Lets say your target bonus is $35k. 50% is 17.5. To get that I have to be here until October 2020 assuming the deal closes in October 2019. That's 22 months. Or about $480 a month after taxes. Not what motivates top performers.

Now on the other hand if I never make the target bonus, 17.5 might actually be better than I currently make. So if I am a year in year out consistently achieve expectations, this might look awesome. But that's not who we really want to work with.

If I am a rockstar, this is just another signal that future dollars will be scarce and I should use the next 10 months to find a better landing spot.

Had they really wanted a focus bonus that kept the best, they would have done something based upon average earnings the past few years instead of an across the board grant. As I read it, it looks like historic high performers will get the same grant as historic mediocrity.

Can I raise my hand for the severance?

I think what everyone is missing here is that fact that it's free money. Pay no attention to the vesting schedule. You will get 100% of the focus bonus in cash if you get severance. This will be my 4th M&A and I have never seen such generous programs and packages EVER.

 

[anonymous]

What's the IQ on anyone that leaves Celgene before the deal close? I will be focused laughing all the way to the bank!!

 

[anonymous]

I think what everyone is missing here is that fact that it's free money. Pay no attention to the vesting schedule. You will get 100% of the focus bonus in cash if you get severance. This will be my 4th M&A and I have never seen such generous programs and packages EVER.

It’s clear mgt got us a good amount for 6 months worth of work. I look forward to getting severed shortly after close and making 1.5x what I would have


It's been a good ride

 

[anonymous]

I think what everyone is missing here is that fact that it's free money. Pay no attention to the vesting schedule. You will get 100% of the focus bonus in cash if you get severance. This will be my 4th M&A and I have never seen such generous programs and packages EVER.

Thank you for this reminder. Absolutely spot-on.

 

[anonymous]

It’s clear mgt got us a good amount for 6 months worth of work. I look forward to getting severed shortly after close and making 1.5x what I would have


It's been a good ride

Cheers to that! My team are all happy and content. Looking forward to fatter pockets.

 

[anonymous]

What's the IQ on anyone that leaves Celgene before the deal close? I will be focused laughing all the way to the bank!!

Depends? If we were guaranteed a severance then maybe a slightly harder choice, but we are not. I was just offered a job with 30k more base and 25k commission at plan. I know it doesn’t seem like much more money, but maybe when you consider the alternative of keeping your base salary, working for BMS, and getting no severance.

 

[anonymous]

Depends? If we were guaranteed a severance then maybe a slightly harder choice, but we are not. I was just offered a job with 30k more base and 25k commission at plan. I know it doesn’t seem like much more money, but maybe when you consider the alternative of keeping your base salary, working for BMS, and getting no severance.

25k more... more than Celgene’s at plan comp

 

[anonymous]

You guys are all missing they key variable. If you survive and gather all the incentives that come with staying, you are a BMS employee.

Let
that
sink
in

You are BMS. Gonna take a lot of money to numb the pain of that culture every day.

Ask their people. Look in their eyes.

 

[anonymous]

You guys are all missing they key variable. If you survive and gather all the incentives that come with staying, you are a BMS employee.

Let
that
sink
in

You are BMS. Gonna take a lot of money to numb the pain of that culture every day.

Ask their people. Look in their eyes.

For sure! The culture shock will be extreme!

 

[anonymous]

Celgene has been great to me and my family. The severance plan was proof of how far they're willing to go to protect us and the focus bonus is just one of the many bones they're throwing us. I will miss this company.

Be grateful!

I couldn’t agree more. Thank you Celgene for taking care of me and my family. They aren’t required to do any of this- focus bonus, huge severance, plus severance bonus- but they are. I’m grateful

 

[anonymous]

I'm more than happy with the money Celgene keeps printing for me. This has been a really employee focused process thus far. I just hope I can get severed as soon as possible. BMS is no place for us.

 

[anonymous]

I'm more than happy with the money Celgene keeps printing for me. This has been a really employee focused process thus far. I just hope I can get severed as soon as possible. BMS is no place for us.

What if BMS offers you a job and they keep you for a year then they downsize with a minimal severance? Is there a plan for that?

 

[anonymous]

What if BMS offers you a job and they keep you for a year then they downsize with a minimal severance? Is there a plan for that?

I had the exact same question. Apparently our Celgene severance is in place for two years after buyout is completed. Ask HR

 

[anonymous]

What if BMS offers you a job and they keep you for a year then they downsize with a minimal severance? Is there a plan for that?

Read the change in control plan... it covers you to get severance for essentially any change in pay, equity, material change in role, office location over 30 mile difference, etc for 2.5 years post close (30 months).

HR actually has our backs on this one

 

[anonymous]

Read the change in control plan... it covers you to get severance for essentially any change in pay, equity, material change in role, office location over 30 mile difference, etc for 2.5 years post close (30 months).

HR actually has our backs on this one

if you can put up with the BMS BS then you will be fine! Good luck

 

[anonymous]

Very odd to see lunch ladies and deli slingers argue over who delivers lunch the best. Pharma sales is really just begging to see docs after bring a lunch, relax - you are all equally useless.

 

[anonymous]

Very odd to see lunch ladies and deli slingers argue over who delivers lunch the best. Pharma sales is really just begging to see docs after bring a lunch, relax - you are all equally useless.

The truth has been spoken! Constant competition amongst teammates on whether to have Diet Coke or Diet Pepsi for a customer lunch. Yes, really!

 

[anonymous]

Very odd to see lunch ladies and deli slingers argue over who delivers lunch the best. Pharma sales is really just begging to see docs after bring a lunch, relax - you are all equally useless.

SAD really...