I am currently in band 5 making 115K base and 15k in bonus. I am planning to move to a Senior role in band 4. I know I got the position but Waiting to hear from HR. How much salary increase can I expect and where should I start the negotiations from??
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I got a 9% raise in all in comp last year.
30% growth should be expected.
If you are in New York City then that is a low salary! Otherwise it is probably on a different scale if you are somewhere else in a lower cost of living area.
I’m sorry. Band 5. $115k base AND $15k bonus. What LOB is this? That is way out of Band 5 range. And the only employees that do get that much are someone’s favorite that do half the job others around do.
That said, there has been the incentive award the past 2 years where B4s get more RSUs than B5s. So, that has been pretty much considered their raises.
First, congratulations on your promotion. It is very difficult to get a Band increase, esp. these days when we are management top heavy. I hope this does not turn out to be the case for you, but the practice (at least in our dept) is to promote, then follow 6-12 months later (if at all) with any salary bump (which will be minimal - maybe like an inflation adjustment, e.g. 1-2% these days). As managers, we are strongly encouraged by HR to not blow our leverage (titles, comp, days off, etc.) in one go. This way, you are grateful to have the new title, and then grateful later again, if and when any salary adjustment may be possible. (HR, not your manager, determines timing.) In our dept, there was a whole slew of promotions to SVP about 10 yrs ago, when all we could do is throw titles at people to retain talent. Our incentive pool has not increased and none of those indivs have received any salary increase, except maybe a 1-2% adjustment WHEN they are asked to take on even more responsibilities. That said, there has been the incentive award the past 2 years where B4s get more RSUs than B5s. So, that has been pretty much considered their raises.
Many areas of the bank now you won’t get the pay bump when you start the Band 4 role. They only promote in batches twice a year and you have to be in the role for a few months before they will put you in the next batch. So most likely you will have to wait at least six months to get your raise or even to find out the salary. The bank has taken the power of negotiation away from the employee. There is no incentive for them to give you a big raise once you are in the role, so don’t get your hopes up, it will be lowball, especially since you already make low end B4 salary.
You are at the top of the band 5 salary band for that grade, in fact I would say that is out of the band 5 range and already in a band 4 range. My assumption it will be a very nominal increase, provided where your new boss decides to place you in the band, but it would be on the lower spectrum. You don't mention the LOB you are in which will have an impact on the salary ranges whether you are in a cost or profit center LOB.