I'm considering applying for a P5-level position, but I'm currently at a P3. If I get the job, would I automatically receive the P5 salary, or would I stay at my current pay level?
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@az "unless you are not paid even close to commensurate with others in the same level that are within the area/org you are moving to"
Even that's not the case. You won't get anything until mid-year/end-of-year based on what we have been told. If you're the band, that's it, even if if you're just $1 over the minimum and everyone else is paid 50% more. At those times, then they'll look at your pay and you "might" get a bump, but since everything is hidden now, you won't really know what you should get.
Sorry but you will not get the job. Internal bias.
@a1, must have been awhile since you've had an offer internally, as you are stating the "old" way promotions used to be done. They haven't been done that way in the last year. Under the new-ish model, if your current pay is within the range of the position you're moving into, you will not get an increase at all unless you are not paid even close to commensurate with others in the same level that are within the area/org you are moving to. If you are not paid commensurate with the others, you may get a small increase (there is literally no % as guidance anymore), but then you have to rely on merit time to make up the rest (the thought being you would get more each merit to bring you up to match others, but again, that's highly contingent on there being available funds to do so and the manager wants to give you more versus the others). If your current pay is below the minimum for the position you're moving into, they will give you the minimum, that's it......and then again, you need to continually wait for merits to make up the difference.
All that being said, it is INCREDIBLY rare for a manager to hire someone into a role that is 2 levels above where they are now. So while I wouldn't discourage you from applying, I would highly encourage you to not get your hopes up in the slightest.
You won’t get the job so it’s a waste of time considering salary.
Good luck with that.
It will be a challenge to go from P3 to P5. Has your skills increased materially since joining Wells Fargo (meaning beyond learning on the job) is you were way over qualified for your role. I am not certain but you may end up only being able to go up one level at a time however best of luck
Once they have you as an internal employee, the only way to stay at market pay is to leave. You will likely be insulted with the P5 internal offer. The raise may not even apply until end-of-year depending on where you are currently pay wise. Meanwhile, your expectations for performance are at P5. There are so many ways they can sc--w you over to keep your pay low once you have accepted their terms.
As others have said, there are exceptions, but I would jump to another company as soon as you can to get market pay.
this is 100% true
If you're within the range for P5, you probably won't get an increase at all, but as with all things at WF there are exceptions.
If you're within the range for P5, you probably won't get an increase at all, but as with all things at WF there are exceptions.
nothing to add just wanted to say good luck, this is hard to pull off
If you land the P5 role, you should expect a raise since the pay level is higher than P3. The increase might not be as large as you'd hope tho... Internal moves at WFB can sometimes come with conservative offers even when its a significant or semi-significant jump. raises typically fall in the range of 9 to 20 % for internal promos. Some managers have flexibility up to a certain point without needing additional approvals, but anything beyond that will liekly require justification and a signoff.
Now... if you're currently near the top of the P3 pay band its possible you could be placed low in the P5 band and see only a small increase tho most people still get at least some kind of a bump. This is also one of the few moments when salary negotiation is possible, so it's worth being prepared to ask for a competitive offer. At least, the window is open... Many people try to land somewhere around 75 to 80 % of the P5 midpoint as a starting point, especially if they feel they've been underpaid previously (I suspect many are in this boat).
So yes, the raise typically comes with the job, but the exact amount depends on your current comp & the hiring mgr's budget... and... how well you negotiate.