Apparently this unfortunate group of people are not experiencing inflation. We are already subsidizing everyone Elise’s health insurance by paying DOUBLE. No childcare assistance. It’s entirely feasible for someone under 100k to net more than 12 k a year more due to the benefits structure. Stop punishing those making 100,001.
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2qfk+1gQxJpK9 is 100% right about the best and most effective way to get more money, network, network, network. If you aren't "in" with your manager, it'll be very hard for you to get any reasonable raise or promotion, or any at all. You can work harder, but working harder only gets you more work, not necessarily more money. With the stack and rank system, they can always say that half the people did better than you, even if it's not true, and give you nothing. I've seen missed goals for a person who was promoted to a manager after they missed them.
@2wsu+1gQxJpK9 - in 20+ years here, I never got a raise I didn't ask (or kick a fit) for.
Best strategy is to get to be buddies/friends with your manager and flatter them. (yea, gross, but it nauseatingly does work around here)
If that's not possible, then as a manager, my advice is to:
- Prepare your case with RESULTS you have driven (not just a list of "what I did this past year" nor "I've been here 3 years" - they aren't running a taxi meter service). You need to arm your manager with "evidence" to make a strong case for you with his/her manager.
- Present this to your manager in early Sept before comp season begins. (the numbers will be baked/submitted by mid-Oct/early Nov latest. Then the will get revised - usually down from the original submission for everyone -- several times thru early January)
- Doesn't hurt to flatter your boss (in a sincere meaningful way) a few times thru Sept-Oct and kiss up (ugh) in the lead up to comp season.
- In January, if you do not see any increase when your manager reveals comp, ask your manager "why not?" -- do not accept the party line "well, the company was down" or "our team's comp pool was down" -- even if those are true, your manager does have some discretion to move $ around WITHIN their team. Make the conversation uncomfortable for your manager so they will dread having to come back to you without any meaningful increase next year. They may just increase you next time to avoid the confrontation. Get them on your side ("I know you are doing all you can, but I really need your support on this. I love working for you and would hate to have to leave our team.) (then, go ba-f in the restroom)
And if they still do not increase you, then you either have to wait out this manager, get yourself promoted to BE the manager (network upward), transfer to a new manager, or decide if this is the place you even want to be anymore.
If they cannot give you more $ and you essentially like your job and/or team, then ask the manager if - in the absence of pay increase - could they agree 1:1 to let you have more time off or extra vacation days or more flexible hours. (Something that you might value as much as the $.)
I'm sure others have strategies too, but these have have worked pretty well for me (several times).
Unionizing is the answer to higher wages and lower health insurance costs!
For the couple of naysayers I’ve seen floating around this site: businesses only care about profits and share prices, period. If you think they did away with unions and pensions because of the kindness of their hearts - think again. They saved billions of dollars that would otherwise be beneficial to the employees had unions and pensions still existed.
We need to regain our power! Unionize!
Let's see..logic check time. When I took this job I didn't negotiate my salary. Compared to my previous employer I am making far more. HR was confused and actually went back to negotiate a higher salary even though I said it was pointless. I was right. I never asked for a raise or bonus since I became an FTE. I average 12 hours a day. Yet for the past three years I haven't seen an increase in pay or a bonus that is worth anything.
Am I hitting the top end of my BAND level?
Close to double...when I hit 100k it went up like 90%, but even with that you have the high deductable and a cr---y comprehensive that is really bad if u have kids...
Also, last year bank took childcare option away for anyone over $100k as they forced them back to work with bad or no childcare options even if they could pay for it without the $275 a month per kid the bank paid. Some people could be out $13 to 16k (4 to 5 kids) a year for making $100,001 just for childcare. Along with insurance it is plausable someone could lose $20k a year by hitting $100,001...
I’m so confused. People making 100k or more pay double for health insurance?
@bxl+1gQxJpK9 - I'm in that range and did not see any increase. If there was 10%-30%, must have been only for select roles. (I'm in a support area, not a banker or trader)
Not sure how much I put trust is an article written by an unnamed source, aka unverified, but if the below article is true that is pretty sick. Too bad it's not universal across the bank.
https://www.bloomberg.com/news/articles/2022-01-26/bank-of-america-increases-base-pay-to-reward-top-tier-bankers
Several in that range got 10-30% raises earlier this year. But only if they had worthy titles. This company is terrible.