Incentive pool funded at 120% and merit at 4%. Both are significant improvements from years prior. Likely too little too late, especially after last year. Still expect a bloodbath in early March.
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The way this will work, employees will be receiving once in a decade bonus amounts in March for efforts expended in calendar 2021, tagged to their 2022 compensation. This Spring, a consultant will identify the higher employee costs and a cost cutting analysis will be run to see what bank or subsidiary departments or what functions can be sourced in Eastern Europe behind an EU imbalance, probably Poland, eventually terminating valuable but costly U.S. employees in favor of lower cost, less familiar and less visible personnel all for the sake of improving a bottom line than can't be improved by ordinary growth in an ultra competitive banking landscape where the necessary growth is not found in California or Minnesota.
Even with the Q4 miss, bonus pools are still 120%? I think that varies by business line also.
Thoughts anyone?
I’m seeing mostly 3-3.5% merit being distributed nothing above that so far. You have to be in their Exceptional range to get the 4% which is low since we are all hit with the same 7% inflation.
Salary Range doesn't mean YOUR PAY, it means the pay for jobs similar to yours. Your pay only moves by merit or promotion, but a new hire will be brought in based on the new pay range. Check your compensation in workday, it shows the range for you, and you can see where you are on the scale.
Salary ranges increase almost every year. It's a good practice for us little guys to keep records of the ranges and check periodically. You'll start to see the reason people stay in one grade forever is that their merit increases do not outpace the grade increases. Those people will be stuck at 80% (or similar) of midpoint.
Well considering that inflation is 7% and US Bank underpays by at least 20% compared to peer banks it’s the least they can do
Who knows….. that 10% comment is probably just wishful thinking.
Salary ranges were increased?
Hmmm definitely an improvement
When were the salary ranges increased???
But salary ranges went up over 10% (midpoint), so does that mean any new hires this year will likely come in making more than you?