Thread regarding Wells Fargo & Co. layoffs

HR will say no raise for a lateral. If the hiring manager wants to fight it and maybe take it up to the OC it can happen. Depends how much better you are than other options.

I recently applied for a new position and was told by both the recruiter and a hiring manager that "midpoint" was eliminated with the last re-classification of job titles & families. Everyone's salaries are at the manager's discretion within a specific range. If you are making a lateral move, it is up to you and the hiring manager to negotiate your pay based on experience and responsibilities.

Default is no, not impossible though. Need a case for the change, unique role, limited qualified applicants, way underpaid currently, something out of the ordinary and then the hiring manager has to go to bat and get the right approvals pretty high up.

I am going through this right now in technology to get the h3ll out of Dodge. Both the recruiter and hiring manager stated immediately there is no increase for lateral moves. I don't care. Tens months of misery under the JPMC regime will soon be over.

Then I can stress about all the company wide antics you all write about.

Baby steps.

I have applied for a lateral position (greater responsibility, same job code) in my group with the understanding of comp increase from discussions w the hiring manager- the greater $ was the primary reason I applied. HR rep said in the first interview lateral positions do not receive comp changes. The manager said afterward the HR rep was not up to date. Still waiting to hear the outcome.

A lot of factors determine if it happens. It is possible. With the implementation of Workday, it was suppose to increase lateral transfers.

HR is ‘huge’ part of the reason this bank of failing with risk. Recruiting is awful. Zero clue.

We rarely hire the ‘best’ candidate. HD isn’t a partner at all. You just have to laugh.

It’s a slow death. I never fully appreciated HR until joining Wells Fargo. It’s quite the mess here.

@pggg me too and it was also totally worth it and led to other opportunities. That said, the point where one should be paid more for the risk of making a jump is valid and it’s infuriating this is not taken into consideration.

Remember when MN the old CCO said no one was allowed to transfer internally in compliance roles and then immediately senior execs were doing it regardless. Yeah whatever - we all see your nonsense people

We were literally just told in a meeting that our group is cracking down on this. That it had been happening in some instances and that it shouldn’t be. Not sure if that’s the approach other groups are taking or not.

I went from Worker Bee Title to a worker bee "Specialist" title. Yep, same salary and gee it was funny, I didn't feel as though I was contributing to anything more than my manager's desire to make someone feel better. It wasn't me, that's for sure.

Currently, there is no raise if you are making a lateral move.

Seen a few (mostly younger) people getting moved around laterally to avoid hiring a replacement for a position. Seems like about half of the people that get moved end up leaving the firm in short order. Turns out that employees generally don’t like getting moved to different managers/different functions and being treated as the low cost pawns.

I lateraled, same title, in 2021 and got a 10% raise that put me above mid point. In 2022 I got told as I was applying that anything at my level (P5) would be a lateral regardless of compensation grade which is insane because there are P5s with comp grade salary ranges that don’t overlap.

last time I checked, this is a layoff site

I moved laterally with no raise to get the bleep out of a toxic situation. I considered that benefit to be worth more than money.

Move to a position that allows more work/life balance. When you spend more time doing the things you love you become a more productive member of society.

I just helped interview some people for a role in Risk. If you are interviewing for a job with the same title, there is no salary increase. It doesn't matter where you are in relation to the midpoint. HR should be telling you that immediately in the first interview.

Not if you're anywhere near midpoint.

I would not take a new role internally without a raise. This lateral stuff is pure BeeEss. There is a lot if risk switching jobs - and you need to be compensated for it. No money? Hahaha - there is plenty of money - they just don't want to give it to you. What do you to get a raise? More experience? More Education? Nope - You need to find a hiring manager that will pay you more - not as easy as it sounds- but that's the path...

In 2021, I moved to a different area with a midpoint that was within 1-2% of my old midpoint, so I'd call that a lateral. I was already above both midpoints at the time. The recruiter told me I was not likely to get a bump because of that. When I got my offer letter, I got about a 1.5% bump so it is possible, or at least it was. In August 2022, who knows.

There is a better chance of an increase if the new role is larger or more complex even thought is is lateral. For example maybe the new job supports multiple business groups rather than one group in the former role or requires more complex presentations or analysis. The hiring manager would likely need to take a short business case to a compensation consultant supporting the reason for the increase

Not that it's relevant since this is a completely different management team but when I made a lateral move years ago I got nothing but a title change. Never again.

According to one recruiter, if my current salary is less than 85% of the midpoint for the new position, I would be eligible for a raise with a lateral move.