Did anyone get a merit increase at their year end review?
19 replies (most recent on top)
@s1 - EXACTLY!! this is their strategy. To make us all so miserable, we leave on our own, so they don't have to pay for any LAYOFF.
These days, TheLayoff.com is such a fossil.
@1nfp same here, got 0% with E-E most of the pool money went to B3 & B4's
I work my a-s off and got 0% increase......
I'm a band 4....
Currently interviewing with two offer on hands......
I'm not optimistic. I had an exceeds/meets last year and ended up making less money than the year prior.
Here's the jig. This started to really gain steam as a corporate practice in 2019. Cash bonus replaced with hinky stock options that you had to hold for years. Ridiculous.
Then they started whittling down the year-end bonus to near zero. Some of the jobs are highly leveraged, meaning you cannot justify staying for the base salary alone if you don't get the nice incentive compensation at year-end. It's that simple. No bonus, and no opportunity for promotion, means most employees figure it's time to find the exit door.
Yes. 5% but I no longer work at BAC.
If a new employee started at BOFA last year at minimal $23.00/hour, what would be the salary for this same employee next month after the year end reviews? Considering the minimal wage increased to $24.00/hour last fall which is about 4.3% (or $2080/year increase). Meanwhile there are employees with 20+ years who are given scraps as raises to be more than the minimal wage to avoid public nuisance. I would like the HR folks explain the funny math employed at BOFA to make benefits seem more attractive. What happens next year when the final minimal wage installment of $25.00/hour is declared at BOFA this fall?
I just had my year-end review this week. Raise discussions come later for us. However, I was told in no uncertain terms "not to expect more than 1% as a high meets/meets." Meanwhile, BM will tell us today how great the firm performed. We will watch as people in the room struggle to read pre-prepared softball questions instead of asking him to justify great year-end results while giving minimal raises, if any at all.
Merit/bonus conversation usually happens in the last week of January.
No and anyone who says they did is a liar.
Don't hold your breaths, sukkahs!
Although, I truly hope you have the good fortune to be the exception that proves the rule.
Good luck, everyone!
Zero. Nada. Bupkus.
Audacity to pour salt and lemon juice into the wound by stating that I am "overpaid" in my role/band, even though no Merit increase for 5+ years (b/c the bank's expenses are "too high")
Total disregard that with Inflation, my salary is worth -20% than it was 5 years ago when I joined this farce of any org.
I'll take my paltry Feb payout and leave.
You won, BofA. Good on you. This high performer (who refuses to kizz your azz) already has my next gig lined up. How on earth do they get away with this???
We work out butts off and they don't pay us, while they stuff their own pockets every year.
You receive an insulting raise of 3% (if that) if you slave away your life at this place while ensuring your incompetent manager takes all the credit. And yes, you must be a yes-man, as someone else noted.
exactly you only get pay raise if you are a
Sycophant, Brown-noser, Toady, Yes-man, Kiss-up or Flatterer
It is going to be flat 1-2% across all organizations. I am not getting anything this year. Manager's friend get the most
Good luck to you!
Official merit increase discussions always come later in Q1, after YE reviews have already been completed.
our merits are discussed at year end reviews so it could vary depending on department. I haven't had my review yet but im not holding my breath it's gonna be good
They usually give the merit increases at the same time they give the bonus. I have never seen it done at year end review.