So I am in digital products for over eight years, and I have seen no growth in my pay except the 2-3 percent annual. I just 'woke' up and am worried. Can others please chime in with how much they grew in pay or position level? I just stayed here, since I think the ride is smooth. I don't even know how much am worth and am in tech products. Won't I be valued much more if I were to move to pure tech companies?
8 replies (most recent on top)
Either you have a manager who doesn’t fight for his people(been there and got out) or you are a poor performer.
I worked at the same bank for a while, got promoted every year and a half, was considered a star employee. I moved to another bank and got a 50% salary increase because that's how much I was underpaid despite the constant promotions due to the internal raise cap of like 10-15% and all the BS that comes with it (e.g. since you got promoted, you aren't eligible for a raise this cycle, etc). They couldn't believe it when I left since I was "so valued." It's a game. You play it or you lose, even if your company pretends you're winning.
Staying in the same position will not help you in terms of your salary, and unless you are consistently getting new assignments that grow your knowledge, there isn't any benefit to staying in the same job. Wells also caps salary when moving to a new position, so unless you move to a position where the hiring manager fights for a higher increase, you will be capped there as well.
I remember there was a job I applied for after getting my master's degree. I met the qualifications, and the hiring manager wanted to give me the job, but couldn't because he couldn't get approval to jump my salary to meet the minimum salary range of the position. Eventually I was able to get a different job, where the hiring manager did get an exception, but it's not always easy to do.
I can relate to being comfortable in a position, and it can be hard to start the job search process all over again. Maybe ask yourself what you want to be doing in 5-10 years, and if you are on the path to get there. You might not know the answer, but it might be a good time to see what else is out there, and if there are job postings that sound interesting, is there anything you can do to build skill in those areas.
The first commenter has the strategy right. WF doesn’t really incent you to stay in the same role. Annual increase typically 2-3% and that’s it. You have to switch roles and move up to get a real raise. The other strategy that works is leaving the company and coming back a few years later. They always seem to pay the new people more…loyalty is not rewarded.
Self promote. Pester my manager every chance I get about that I need to do to get promoted then do it. I also change roles every 2-3 years. In the 10 years I’ve been here I’ve tripled my salary and increased my bonus 7 fold.
If you truly just "woke up" and realized that your career has been stagnating over the past 8 years at WF, then you wouldn't last a minute at a tech company. Your powers of observation and realization of self-worth are woefully lacking.
If you don't believe me, send your resume to those tech companies and see how well you do in interviews (assuming you can even get a first round interview).
"Pure tech" companies? You mean, like Google that just laid off 15,000 people last week? Why don't you stop coasting and focus on building your skills and determining what you want career-wise, the money will follow.
Are there any professional associations you can join to get these answers?