Hi I’m up for a new role and it will be a lateral move does anyone know if I would still be eligible for a pay raise? I’m a 602 pay grade and currently make $70k.
Thank you for your input!
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Were they analysts ad 10k is dog sheet?
Gotta be an associate to get 25 k but I still dont think that's enough.
//I heard if you move from a low cost hub to ny associates get a 25k cost of living adjustment//
Wow if it’s 25k now that’s amazing!! I know people who moved a couple years ago and only got $10k - which was a stupid move for those employees that moved to NY since that’s not at all near cost of living
@9fyj+19jcHnZf is correct.
We do not reduce salary upon job grade increase - regardless of region or LOB. It would be counter intuitive to the range for that grade to lower pay.
Even if you were somehow already at the max pay scale for the new job grade you simply would not receive an increase once annual reviews were completed.
I heard if you move from a low cost hub to ny associates get a 25k cost of living adjustment
What if he moved from a high cost area to a low cost one?
I don't believe your statement. None of organization will reduce salary on promotion. You appear to be a troll.
I actually got lower pay when I was promoted to 602. I was making $87K a year as a 601. But my pay went down by $10K when I got promoted to 602. They said that I had to start at the bottom, as I was going to a different LOB. But a promotion is a promotion, right? I decided that the promotion made me look great on my resume.
What's your job function and hich location? 70k does seem kinda low even for low cost location
JP changed their internal hire rules in 2020, you are supossed to be treated like external hire, fresh nego and even title bump up to E.D level
You should look external as they are never going to make it up that much
you have to think bigger , let them know you expect 70% pay increase
70k @ 602 means you are severely underpaid for that job grade and not capped. In fact I'd go as far to say you may even be at the lowest level scale wise.
Now - lateral moves unfortunately = no increase. If that lateral move you're shooting for offers no where else to go I'd find another position that's offering more money.
That's great you're up for a new role, however you won't be getting any compensation increase as they already have went through for the new year. That's how the bank will save money.
As far as a 602 comp band - I have seen folks in the lower to mid 70's all the way up to 110, really depends on which LOB you are within.
No. It can't be visa status. No visa will get approved at $70k.
Might be visa status they dramatically underpay those folks.
Because I am also 602 and making $105k. My colleagues (602) from my team and other teams I interact with are my close friends and they are making same or more than me.
$70K is not possible for 602 in tech.
how do you know what other 602s are making? do they all come to tell you ? and by “not seeing they make 70k”, so they are making more than that ? you need to be a bit clearer
OP,
I am in Tech and didn't see any 602 making $70k. What kind of role you are in?
Highly unlikely if it is a lateral move
You are clearly in different cities. Sounds like NY vs DE...
Messed up i make 110000 as a 602 and analysts from college make 75k plus overtime and guaranteed 7k bonus
Likely not but if you do it’s a 1.5-2% increase I’m a 603 making 85k depends on your line of business