I'm thinking about approaching my manager regarding the topic of salary renegotiation, though uncertain how the process works at this company. Does HR just automatically laugh and say no, even if presented with reasonable market facts, proof of increasing responsibilities, and workload? Any success stories here? Or is the only solution to just leave?
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There are still people that expect an increase every year while doing the minimal of work. So they have two options leave or step it up.
Then on the other side there are people that get $$$$ increase year after year and do the bare minimum. It’s a slippery slope and not the same across the board.
Am I happy with my little 3% increase? NO knowing someone doing the minimal got a large increase which was probably part of my %
It’s all about D& I and favoritism.
And the funny thing is, I went over merit with my manager for my staff and guess what some of them changed after our conversation. So in reality it was pointless having that convo if my leader was going to go behind me and change them anyway.
@2ito+1f1pcJEB - Not always the case.
Back in 2009, I was making $37k and I found out a coworker who had moved from default underwriting onto our team was making over $20k more than me. I felt as though his skills and contributions were a notch below the value I brought to the team, and I was deeply disturbed and felt underappreciated. I interviewed elsewhere and received an offer for $60k and was ready to walk. Brought it to my managers attention, and they got an out of cycle increase within 3 days to match that $60k offer I had.
Remained at the bank for another 11 years taking on multiple roles hence and even worked with that old manager as a peer.
I see these bs artists who move from position to position every two years. They mess everything up for the area and move on before they get asked to move. Sad that leadership and HR can't see this and keep moving them along.
It is NEVER a good idea to use another job offer to receive a counter offer for your current job. All it does is a) prove to you that there was money available to up your salary where they said there wasn’t, and b) give a company time to come up with a plan in the next six months or so to get rid of you. A huge number of people who accept one will be gone regardless within a year. It takes that much time for people to realize that the reason they wanted to leave is still there.
All this past week’s bs has proven that SLT doesn’t care that they lose top talent by forcing the RTO issue. They don’t even care if they lose those of us who show up every day and keep the lights on either. I figured that out when I confirmed the scripted speech all of managers gave those of us who got screwed for increases or bonuses. In no way should a meets/meets get 0% increase or 0% bonus in this market.
If you feel confident your manager does not want to lose you, I have seen success. Especially if they believe you are being recruited by another company, it takes a long time to get approved though.
Several years ago I knew someone who did it in mortgage underwriting but they had a written offer from another company.
HR works for company management, not the employees. Now I see why they were laughing today.
I complained about my pay a bit a couple of years back. Manager was able to request a pay increase for "retention". Pay increase was off cycle and 9.25%. It took nearly six months of persistently bringing up pay and I had no promises during the waiting. I had completely given up all hope on it I was called into skip-level manager's office and presented with the notice of the pay increase. Was completely floored actually.
@OP+1f1pcJEB "Does HR just automatically laugh and say no" - yes
Leave or transfer internally. Only way to increase your pay.
HR is totally useless because they work for the bank and have to follow guidelines. The only thing you can do is to let HR know that you are being treated unfairly and will file a complaint with EEOC to investigate this matter. You must let HR know this before you file a complaint. BOA cannot continue to shlit on us and treat us this way.