Interviewed for and was offered a higher internal position with Wells. But because my current salary is within the salary band, there will be NO raise. Not even a negotiation. What the he-l is this? Every other time in the past, they thru a 5-10% raise for the new position. Now I am pondering why would I take on more responsibility with no corresponding raise. Why accept? Makes no sense.
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Yes. It is stupid to assume.
Promotion=more responsibilities
Performance impacted=lower performance rater
Bonus “discretionary” but based on prior year amount.
Low performance rater= lower bonus
Lather, rinse, repeat
Stupid to assume your bonus would be higher ?
The only way people are taking no pay promotions is if they REALLY care about their employer, the vision, the team etc. Unfortunately, since Shart came along hardly anyone does, and your high performing team mates are being downsized for no reason left and right. It's a disaster and it's only going to get worse.
They prob do this so they can reduce the applicant pool, say they can’t find anyone, have have an H1ber do the work.
@av+1jh0nwv46 Why not take the promotion? You don’t even have all the details. If the promo comes with new responsibilities then you take it and make it up on the back end. This mentality is the reason I didn’t hire most applicants for positions at my business. Come in with no proof, low experience but asking maximum pay. GTFO with that nonsense.
Worst case here is you take the promo, maximize the experience at the cost of Wells Fargo, then go in hard and high at your next employer
"More experience" is a bold assumption. What do you base that on? Right now we're in a place where you can offer an external much more money and it will never get questioned. Could be bad experience and no relevant skills, but they sail right through. Meanwhile a proven entity that actually has relevant experience and potentially more of it requires an approval from the OC for LESS money. GTFO with that horse S. No one here is talking about the top of the range. We're talking about not being at the absolute floor of the range, which frankly is where a lot of know nothing externals should probably be. How about we offer them the absolute minimum? If not, why not, specifically?
Same reason why I dipped out of my lead interview. No way I would work extra and do more paperwork for no bump in pay. Consider yourself having dodging a bullet.
Why continue working for this shady place?
But your salary is still within the market range for the new position.
So you’re taking a new role and already consider yourself qualified to be on the high end of the range, compared to people who have been in the role with more experience.
The sense of entitlement is ridiculous
Your 2nd place trophy is at the door.
Sounds like you just answered your own question. Why in the world would you take on additional work and responsibilty without a bump in compensation? WF is a joke. Apply outside of WF and move on with your life. I did last year and have zero regrets. Lots of other banks out there which don't have asset caps, consent orders, and mass layoff environments.
It’s not uncommon. Wells “promotes” you to give you more job responsibilities without raise.
Had a phone screen last fall for a M4 (I’m a M3). Was told right off that b/c of my current salary there would be no raise. Said no way. Told her this is the d-mbest thing ever and she agreed.
The bank is offering no new consideration for the role. They extended a take it or leave it offer. It’s up to you to determine if the role offers additional value to you. Consideration does not need to be monetary based. The bank is playing games. But once you sign the new contract you need to live with your decision and not complain about it. Look up contract consideration and at will employment.
"I also heard that you can get a raise with the promotion if it's at least P5 or M3 and above. I haven't witnessed that part yet though"
^This is not true. I was trying to go from a P4 to a P5 and they made it clear there would be no raise.
Welcome to Wells Fargo! Executives and Sr. managers will get a big raise and big bonus. If you are not an executive or Sr. manager, you will get nothing. This is a sweatshop plantation baby!
The company knows is no incentive for them to give you a raise in this horrible job market. You aren’t going to be able to leave and go somewhere else for more money.
They want us to work for free. lol.
Wells Fargo is NOT a place to grow your career at. This is just another example of this.
It's not about saving money, the external will almost always be paid more money. Shart hates employees more then he likes saving money, clearly.
If you take a promotion in responsibility with no pay increase, you will likely get a lower performance rating based on the new responsibilities (expectations increased). Bonus would be reduced, which would hit you YOY. It is an all-around bad move.
A recruiter explained this to me when I applied for a lateral role. Was told only if a salary was below the 25th percentile would I get a raise. I promptly withdrew. Applied for a higher level role and it was placed on hold. Long story short this company is broken. Internals should be treated well and given equal opportunity vs externals. But, this is about money savings opportunity. I feel like we are the Irish or Chinese who built the railroads. Abused with low wages. It’s just modern day hypocrisy where we have the illusion of better living. I would take country living over my McMansion and horrible neighbors, traffic and dissonance any day.
LMAO
This has been circulating a bit, but not widely known. This is one of the d-mbest policies to date.
I also heard that you can get a raise with the promotion if it's at least P5 or M3 and above. I haven't witnessed that part yet though
Yes, this is how executives say "F you, I want you to leave the company".
It's discrimination against employees, pure and simple. Meanwhile, the anti Union team tries to convince us that WF is super competitive on comp. Sorry, a 0% increase with a big jump in responsibilities isn't competitive at all. It's actively and intentionally anti-employee.
yep its a policy from about a year ago. raises for same-comp-band lateral moves are allowed but require OC+1 approval which most hiring managers and comp analysts are terrified to ask for (because our culture has been intentionally broken). I would evaluate both roles based on the quality of the manager, the criticality and security of the role, and what knowledge/skills/abilities each are offering to add to your resume. which one is a better stepping stone to a real promotion, either externally or internally