USbank offered me a Retention bonus of a total of $2800. I'm in the wealth management department. Average of $25 per hour. With half paid out dec 2021 and the other half Aug 2022. That is it. Merit pay increase was 2%. So i went from like 52K to like 54K. Wahoo.
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Your job is more likely to be outsourced than you being given a 10% raise.
The frontline workers at this company are all ridiculously busy and have become experts in cutting corners, working extra hours, and prioritization. The bank upper managers are experts in over working frontline workers by decades of continual understaffing. They are also experts in underpaying employees in favor of lavish salaries and bonuses for themselves. I hope every frontline workers get 10%+ raise this year. Lots of employees at the bank will see 10% raises this year but it's unlikely that it will trickle down to the working level pay grades.
Get ready for "Due to Covid, everyone will be receiving a 2.3% raise this year". Some Rockstar employees that have worked 60+ hours a week all year, will see 2.4%. Don't tell anyone that you got more. Most frontline employees can only see a 10% raise or much more, if they sharpened their resume and started looking. Many could see 30% to 40% raise.
Inflation is up and climbing and so the measly 2-3% just won’t do in this market. They need to really come up way more to retain staff throughout the bank. If you ask me, 10% isn’t enough for the amount of work we are all doing.
The info in the @fzzi+1dNNKnZf post is about starting wage. OP seems to be asking about an overall increase in wages, I believe, and that won't happen. Could baseline wages increase to match societal pressure and keep up with the industry? Absolutely! But that helps a fraction of employees. Everyone else makes less by comparison, because wages/salaries will not increase proportionally. Guys. You work for a bank. This is textbook inflation.
Speaking of inflation, don't forget that inflation 2021 over 2020 is sitting around 5%, so if you didn't get a 5%+ raise already this year, you're making less than you did a year ago. Good luck to you all!
Pulled this from another thread and condensed it, regarding minimum wage increases at various banks. Maybe USBank will do a 10% increase in compensation. Crickets though over the past several months while other banks have made announcements.
Aug 2021 – PNC Bank – 20% increase to $18 effective 11/22/21
09/09/21 – Ally Financial – 18% increase to $20 effective 09/13/21
10/05/21 – BMO Harris Bank – the American arm of the Bank of Montreal – 20% increase to $18 effective 10/17/21
10/11/21 – Minnesota’s Twin Cities-based Bridgewater Bank – increase to $20 starting in August
10/12/21 – CBS News: $21 is the new $15 in minimum wages at more companies
USAA – 29th biggest bank – over 30% increase to $21
Bank of America – 2nd biggest bank – another $1 increase to $21 – goal is $25 in 2025
10/28/21 – BNY Mellon – increase to $18 - will also provide 3% salary increase or salary raise to $20 to US employees earning $18 to $20 – effective Dec 1st
$15 = $31,200 / yr
$18 = $37,440 / yr
$20 = $41,600 / yr
$21 = $43,680 / yr
Amen to that...."reward the useless" the motto of the Andy-led US Bank.
Management believes the employees sucking up the free catered lunches, arriving late morning, leaving early are doing all the heavy lifting. Of course, it's the front line employees working late, over the weekends, that are under appreciated, being outsourced, and never properly rewarded.
Poor fella, still thinking that US Bank is going to offer more money... Ha ha ha. US Bank will offer NO MONEY. They will squeeze the effort of whoever is left. And they will take advantage of the remaining fearful poor employees who will not speak up. US Bank is a bully to their employees. Fck US Bank
Amen to that...."reward the useless" the motto of the Andy-led US Bank
"Higher than "normal"? Phhhph...good luck with that!"
Made me laugh too. Don't spend your massive bonus until it hits your bank account. Only the useless, old management class employees that have never added anything of value to any conversion will be handsomely rewarded, like normal. Reward the useless.
Higher than "normal"? Phhhph...good luck with that!
I think USB is like many other companies who know they’re up against a tough market. Hybrid employees don’t really want to come back to the office they want the luxury to work from home. On-site staff is overworked and understaffed. I feel that USB will be throwing in higher than normal bonuses this year to retain staff. But next year it will go back to the normal 1.5%
Each spring and fall, TOS brings in trainees. I hope all of those trainees have their eyes open. Take all the training that you can but after two years, it's time to leave. Dump the low pay USB job with too much stress and pressure for something better. You will immediately locate another company that pays 30% tp 40% more for your skills. Each year at USB, your pay will remain low but the stress will continue to grow. You will be moved around from team to team and never learn anything deeply. When you move, even if the new company has a similar environment, at least you have greatly increased your pay.
The question seems to have come from someone who might be interested in working there or is just stirring up the waters. But as a person who worked there for 20+ years as a Technology Services employee; I can applaud every comment below. My "position" was "eliminated" last year and because I'd been moved around from team to team without being consulted 5 times in the last 10 years, I didn't know what I was qualified to do in any other company. I was basically used up and sp-t out without any time to say farewell to people I'd worked with for decades. I can't tell you how long it took me to find my center after what they did to me. I'm still coming to this site because I'm still angry. They just forced a former co-worker to retire and reassigned the teams - putting everyone back at square one - having to learn all new tasks or going back to cr---y tasks they did years ago. I didn't want to retire so soon but I don't regret being out of that toxic environment.
Long-term employees are treated the worst. Way too much work and all failures are blamed and these too dedicated people.
"retain employees"? That's funny. In a word NO. The other posts here capture it well. Andy and USB actively work to get rid of the older, in their view "expensive", staff. Cr---y reviews, cr---y bonus (if any), etc. anything to push the truly experienced out and save nickels for themselves.
US Bank hates their US based employees and works hard everyday to eliminate each and every one of them. The pay is always low and quantity of work is always high. The people managing this once great company are evil. Get out now, if you can.
Zilch, nada, nothing for the amazing effort to keep the business lines going, while most front line staffs are understaffed, overworked and completely unappreciated. In my opinion, most of the payments team talent in the U.S. and Europe is in the process of leaving for greener pastures, better opportunities and a chance to participate in businesses led by leaders who understand the payments business, the payment products businesses need and the services that they demand and expect.
The recruiting businesses are printing money luring the bank's payments talent away, to environments where their talent and skills are valued, not constantly criticized by incompetent leadership that set roadblocks and obstacles in their way every day.
😂 only for Cecere and his cocksuckers. If by chance they do give some sort of lowly bonus then layoffs will follow