Does this happen often at Wells Fargo? I heard HR is performing a “compensation analysis” - is this true?
28 replies (most recent on top)
Premier bankers make way more than their direct manager. Its nuts.
Steph Curry's salary is 5x his boss's because they have different jobs.
Not so true anymore. A lot of managers are direct MBA graduates and never did the job of the people they manage.
In almost all cases, the manager became proficient in the role the staff sit in.
They also provide strategy, training, etc.
It would be a-s backwards for the staff to make more than manager unless it’s some type of unique sales role.
This thread is id--tic.
Post ID: @1ipy+1hONpbsD
I believe that is called more experience. Nothing to do with their role.
Sure it happens. Technology managers often get paid less than the Lead developers (ASE6) that report to them. I know a tech manager that is 33 years old and has a 60 year old, 40-year-veteran Lead developer reporting to him.
I get your point, but also realize not everyone can be a specialized individual contributor, hence why some make more. Different people have different skills
Not everyone can be a
@1pcg+1hONpbsD - that is a bogus viewpoint. The individual contributor has to be managed . Every one of them . Not everyone can be a manager .
There is no reason a manager needs to be paid more than the people who report to them. They are different jobs and require different skills.
As a senior manager only $5000 more than my senior officer . This is very unique to Wells where individual contributors get a premium over managers of even mid sized teams .
I managed someone a couple years ago who made about 33% more than me. I asked for a review of my salary because of it and was told this happens all the time, and no change could be made.
Re: "HR and leadership ways like to say they review compensation and adjust accordingly but I don't believe it."
They do review compensation, but they game the review system. Here is one of the ways.
Look up your job title in workday. Read the job description? Does that sound like anything close to what you do every day? Is the required experience anywhere close to what you have?
If the answer is no, think about why? They benchmark salaries to those descriptions, not what you actually do. They also use those descriptions to justify hiring your future offshore replacement.
I’m the branches, Premier Bankers make more than their Branch Managers in probably most cases (the premier banker job midpoint is about 5k higher and there’s more bonus opportunity based on production).
On the WBS side, there’s a ton of Financial Advisors that make more than their managers, and top producers likely make more than managers 3 levels above them.
Yes...at least there used to be. I was an IC tier 4 and had higher comp than a manager tier 3. A friend suggested I apply for the manager role, but for the extra headache and a pay cut? No, thanks.
HR and leadership ways like to say they review compensation and adjust accordingly but I don't believe it. I know people make much less then peers at the same level and skills even accounting for area differential and they do nothing about it even when brought to their attention. unless you are a good performed who they want to retain they will do nothing until you submit your resignation and they try to retain you.
lolz, this guy's got jokes.
When I had a team of people, many of them did get paid more than the managers with their monthly bonuses included. It’s life. They did the hard work, they got compensated.
Yes it can happen. Management is a different job family and requires different skills.
Manager positions though generally have larger bonuses. Though WF eliminated bonus targets.
I am a manager in IT, this happens less often than people think. It does happen though… some ICs are super valuable, niche skills etc. high quality managers are about 20% of the total manager pool and are underpaid, they deliver 80% of work. Average and poor managers are 80% of the manager pool, they deliver 20% of work, they are overpaid. Same goes with ICs, top 20% do 80% of work and should be paid more than average managers…
Depends on the staff. I have noticed a lot of IT managers have never actually done the job, so it is not surprising there.
Not all that uncommon in the IT area. Skilled professionals cost money.
Not sure how frequent, but yes it does. As a Lead Software Engineer, I make more than my Software Engineering Associate Manager.
Of course it's true. You can compare a low level manager to a high level business execution consultant. A low manager may be $80k min? A high BEC could be $120k min for a senior lead
If they pursue this action, it will be an ill-planned bumbling effort doomed to fail...
More 'good' people will jump ship
Attrition inspired. What it is costing for replacements.
If it makes sense, they won’t do it. It’s not the Wells Fargo way.
Staff should make more than their managers. We aren’t living in 1980. Get with it
Could be be due to location?