Heard this through the grapevine today that the typical raise across the company will be 5% this year (historically 2%).
HR will hate that I revealed this, but it sounds like Bei Ling fought pretty hard for this and won a huge battle for all of us.
A lot of MPs will raise as well which may further impact raises as well.
Guys - I suggest you stay. Golden age for Wells Fargo and its employees is coming and it’s going to be far, far more lucrative than things even were for 90s Norwest employees.
That’s sort of true in the short term. But in the long term, any money you aren’t spending now is either being saved or invested for the purpose of having it available to spend when needed in the future. And since, long term, currency tends to inflate without ever deflating, high inflation now is technically still hurting the income you’re not spending now, because in the future when it’s needed it won’t have as much buying power as it would have had inflation remained low.
HR manager here - Director level.
Yes. If you’re exceeds I would expect around 7%, inconsistently meets will see 4 most likely.
I’ll believe it when I see it. We were told last week 2%.
"Mr. Roosevelt's going to save us all."
If I received a ‘Meets’ then can I expect a 5% raise?
Fine with me, so long as you aren't mooching off the hard work of others on the gov teet while you're not working. You know no one is stopping you from retiring, right?
Have you met people that don’t work for a living? They’re miserable.
@1vwi I dont understand your math of minus 10-15%
@txz I absolutely feel like nobody should be required to work unless they want to. The religious BS that says life is meaningless without being a slave to a master needs to go. Life is short, why spend it as a slave?
Average +5 percent base unless you’re greater than $200k, minus 10-15% on TVC unless you’re exceeds or consistently exceeds.
Well since politics is here until Monday morning...
Democrats have created more jobs while holding the presidency for less time than Republicans have.
Also, Conald and Shrubya both outspent democrats who had to spend to fix their economic disasters. Leave it to republicans to wreck the American system, then lose and blame democrats for all the mistakes republicans made.
Biggest crybabies on the planet.
Inflation then affects the very first dollar you spend. It is treacherous either way. I hope you are not a fan of inflation?
@jfh Annual US inflation for 2022 so far has clocked ~8.5%. With a 5% raise that's a 3.5% loss of income to inflation.
Math doesn't lie.
Inflation affects your SPENDING not your INCOME. If you are spending 100% of your income, then your math is correct. If you are spending $100k a year and earning $200k a year you only need a raise of 4.25% to break even.
It's possible. This also means that some will get 10% and some get 0%.
Save this post to laugh at later. In all the years I’ve been at WFA it has never been above a 2% target.
5% is pitiful.
aside from the fact that something "through the grapevine" isn't "confirmed"....
this company still has a huge expense problem, and we were just asked to cut back AGAIN on hiring....through 2023
so more than doubling the annual increase in payroll expense? no way.
@jfh Annual US inflation for 2022 so far has clocked ~8.5%. With a 5% raise that's a 3.5% loss of income to inflation.
Math doesn't lie.
MP was adjusted a year ago and no compensation adjustment. Put me further behind. Dont believe it.
It’s almost believable. Knowing that they changed the bonus policy last year, which happened to be the largest bonus in my career, this sounds probable. If senior executive leadership continues down this road to try and bolster morale, via our pocketbooks, then there’s hope for this company, yet?
15 years here and can confidently say this is so unlikely.
5% rise + 0% bonus = 100% true
Accounting for inflation that's a 3.5% pay cut.
Charlie will probably get a 25% raise for that.
Can confirm what OP is saying. I was on the conference call run by Bei Ling and Chuckie today. I can’t believe they pulled it off.
I wonder when/if it’ll be announced on teamworks?
100% not accurate
LOL, I'll believe it when I see it.
Ha haha, it doesn't come from hr
I don’t know why….but I believe this
Current Wells mgmt always seems to value current team members