Why are banks still lowballing people when we all know they're desperate for employees? I want to leave WFC more than I can say, but the pay I'm being offered is a joke. If you're wondering why there are so many people on this forum complaining but not leaving, there's the answer for you.
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That’s actually a sign that you’re at your market rate. You should take a year focused on skilling up with corporate training, demonstrate your new skills and tell your story to prospective employers.
Proper pay for anyone except the C-suite is no longer. It all started when Ceo's started getting paid 265 times the amount of their average employee. Now, the only salaries that matter are the executives and everyone else is supposed to just be "thankful they have a job", hence, the great resignation.
they lowball to give you a chance to counter.. if you dont counter.. learn business and negotiate..
In some cases. Wait, are we pretending that we have no control over that now? Networking is a skill, work on it. Or sit around crying about other people doing it well, either way.
I'm admittedly not great at networking myself, but I didn't need much of it to achieve my career objectives. If you think you can hang out in grandma's basement 24/7 and become a CEO, that's not really how that works even if you have a lot of connections. Those cases are the exception (looking at you Daley) not the rule.
supply and demand, as long as they can get some to accept at the price offered that is what they will offer , if no one accepts then they up the price until someone does
Well there is a saying that applies in a closely related context... you get what you pay for. If your offers are lower than you think they should be, you may not have a true understanding of your worth as you may be overstating your own value. Today's Corporate America is struggling with workers who have significantly decreased skill sets (thank you HR for you forcing bad hires) combined with unrealistic expectations of what "they deserve".
Why would WF pay anyone more than a slight pay raise, when they firmly believe that they can hire 4 people in India to do your job for the same amount as they pay you now? Every manager with an open rec right now is being forced to explain why can't the job be off shored.
The real world is also about who you know which trumps all the other rules.
@1orb if that's how the real world worked, Charlie Scharf would never have been a CEO and Connor Tolkin would be flippin' burgers.
Everything thinks they deserve $1M/year, but the reality is "deserve's got nothing to do with it" (hat tip to Clint). All the matters is how much value you bring and how rare that skill is. Supply and demand is all it is. This is why pro athletes make more than teachers. It's how the real world works, so put on the big boy / big girl pants, make yourself valuable, and go get a market rate that aligns with what you think you deserve.
You’re also in the wrong part of the innernets if you are looking for honest posts.
@bth+1eQ1HLsN I’m in the wrong part of the bank if back office pays $250K. I have a good P/L for the bank and make under that.
Maybe the bank hasn’t caught on to how much they are above market in back office.
Folks, if you are working from home, get a freaking second gig as a contractor.
@uji+1eQ1HLsN Glad they do, love extracting 250k annually outta this place
Wells Fargo pays the back office way better than any other bank, which is what people learn when they try to leave.
@qan+1eQ1HLsN You said it perfectly bubba
OP , if you're being offered less than what you'd like you may be overpaid at Wells. Maybe too long into the position?
For me it depends on what kind of roll. Some are worth the premium, while others you can get anywhere.
Companies offer what they do because people accept those roles. As soon as people start accepting the rolls or they can't refill positions adequately, wages will increase.
WF is not desperate for employees, in fact they're frustrated that more employees haven't quit. They planned on a larger number of "natural attrition," but have seen very little, which is why they have hinted at more rounds of layoffs like we saw late 2020 and early 2021.
Maybe you should be in a career that is desirable. Then you wouldn’t be offended by the market rates of your job.
Your salary would be 2X if they didn't flood the market with Indians to drive your wages down. Companies are like magicians, they throw pictures of African Americans up on their boards and hammer diversity and g-y rights stories endlessly. Then with the other hand they have HR hiring tens of thousands of Indians to drive American wages down to rock bottom. Look over here, don't look over there. And don't worry your Indian counterparts will tell you the company just can't find talent America.