After 28 years with the company (multiple mergers) I was laid off! The package deal was not fair as it goes by salary and not years with the company. They were fair in a lot of the package but it was horrible being laid off. It felt like a breakup with my longest relationship. I miss it though!
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"Forced "cross-calibration" sessions among managers of all associates at the same level are performed biannually as part of the performance management process to ensure everyone uses the same standards to rate associates."
Not really. Each group uses whatever their senior management decides. So a "Strong" (Performs as expected) can wildly vary from group to group. Plus the forced distribution method can force "Strong" associates into "Inconsistent" bucket.
It is a grossly unfair system where favoritism a much bigger factor than your actual performance.
Anyone that believes the Capital One system is fair or equitable is not living in reality. The biannual process is a popularity contest not based on any quantitative data or any tangible results and is based on how well your manager and his/her peers like you.
It is a chess game that includes sacrificing one of your associates to save another with no rhyme or reason other than likability. What a shame to continue to decimate a work force and the greater Richmond community as Capital One continues to eliminate jobs. The irony is that they continue to use the term role elimination although the job is still there and there is someone else doing it.
Capital One has found a way to terminate its experienced work force and backfill it with cheaper and less experienced workforce. Capital One uses its "what's in your wallet" marketing resources to spin the fact that it has terminated literally hundreds of loyal employees that put their heart and sole into making the company successful. #no-employee-loyalty
The "startup" culture at Capital One can be a double edge sword - if something isn't working, just wait six months (or less) and it will change.
If you are a person with a "glass half empty" attitude or someone who greatly values organizational structures/processes etc. remaining static over a long period of time, this is NOT the company for you.
There have been big changes in the senior leadership team (most external hires) in my line of business during the time I have been at Capital One, a significant number (1100+) of associates hired (many as part of the drive to insource key functions).
While I think the CEO and very senior management have good plans for the company (e.g., identifying key objectives each year, and making solid plans to reach them), objective identification within my own line of business has historically been shaky at best, largely due to under-staffing and multiple reorgs. I have noticed some positive movement in this area over the past 2-3 months - I do like what I'm seeing/hearing - but will reserve judgement for another few months.
Predictably, mentoring of associates is not what it should be in my line of business given the staffing challenges.The company does pair up a "buddy" with new hires who request it. While I had a buddy, I didn't find it useful because the buddy was not in the same location or same role as me, and so was not able to answer many of the questions that I had.IT has been switching over to agile-based methods (not just for software development), while also shifting to a federated model in which IT resources are assigned to a particular line of business rather than a centralized pool of IT resources.
While there are some distinct advantages to that approach (e.g., IT resources are intimately familiar with the applications of their line of business and the associated network infrastructure; fewer issues with prioritizing needs across different lines of business), it makes it difficult for the remaining "central" IT organization to keep track of everything that is going on. Time will tell how this gamble pays off.
Associates in general don't like the performance management system, but overall I think it provides a decent measure of fairness. Everyone that I've known that has received a promotion truly deserved it.. 360 feedback is strongly emphasized as part of the performance management process.
Forced "cross-calibration" sessions among managers of all associates at the same level are performed biannually as part of the performance management process to ensure everyone uses the same standards to rate associates. This can be a little awkward if you are at the same level as your manager (yes it happens). Your manager's ability/willingness to advocate for you during these sessions is key. If the managers participating in these cross calibration sessions don't think highly of you, you're sunk...
You need to be very aware of that in your daily interactions with other associates. One of the main criticisms of the performance management system is that it emphasizes individual performance more than team performance. Some steps have been taken to shift that, but too soon to judge the effectiveness of that change.
Take a long hard look at your organizations and make sure they are organized in a way that makes sense. Then reorg once and be done with it. Similarly with Agile/federation model, think through all the processed long and hard - the devil is in the details - before pulling the trigger.
I was cut in 2016 - overall, it was well handled. Communication was clear and timely, the package was great. I was ready to move on, so no hard feelings on my part. Also, being single and a renter helped as there was no pressure to provide for a family, rent was low...
I hope things are better now.