Does anyone have it? Also, do salary bands differ for division? I know a very old copy I have shows everything the same except IM.
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It's a good thing. Salary is guaranteed, and won't go down. Bonus varies year to year.
@Perplexed, This is separate from the annual merit increase and bonus compensation. This was just something that they sent out of the blue that is going to be effective January 1st. I will still get my Merit increase in April and my bonus in February. No idea where this came from or why, but it's very odd to me. And honestly, with as much stress and chaos as there's been lately, I would not be sad if I were laid off and got to spend a year getting my life together and finding a much better place to work!!
I'm not clear whether it's just going to be a single hit in 2024 to my bonus or if it'll be every year thereafter. Also not clear whether it's across the company or only certain job grades or certain salaries that are being targeted... Either way, like I said, I'm sure it'll benefit them some way. They will at least get more money out of me in 401K contribution since it's based on salary percentage, etc. I also find it amusing that they make it sound like it's "normal" for them to do market compensation comparisons and adjust employees' pay as needed. Lol This is the verbiage on the e-doc that came from HR:
"At BNY Mellon, our employees are our greatest asset. We conduct regular market compensation benchmarking to ensure that we continue to offer competitive compensation to all of our employees. We have undertaken a market review of your total annual compensation and your current mix of Annual Salary and Variable Pay/Incentive. As a result of this, we are pleased to inform you that we are moving a portion of your Variable Pay/Incentive opportunity into your Annual Salary to deliver a better market aligned mix for your total annual compensation level.
Therefore, from 1 January 2023 your Annual Salary Rate is as shown below. Any 2023 Variable Pay/Incentive award opportunity (payable in early 2024, if any) will be reduced by this market increase amount."
Don't do it bro, you will be too expensive and then they'll lay you off next year.
I’m almost positive that’s the same value for the 2016 one I have. Probably no different than the 2022 one.
Is that reducing a big chunk of your bonus then going forward? Is that a specific division doing that? I haven’t heard anything like that in my area yet.
Comp info not shared as of yet.
Has the process for merit increase and bonuses changed ? In previous years, these conversations were not until mid-February.
The doc I have is from 2010, but I highly doubt that it's changed much over the years, if at all! Range: $86.3K min, $123K mid, $159.7K max. I'm an L and just got a "surprise raise" last week effective 1/1/23... 10.37% (and that is in addition to my annual merit increase plus bonus). It's supposedly due to industry salary benchmarking research they did to shore up salaries and make them competitive across the market... But, I don't buy that for a moment as BNYM salaries have NEVER been competitive with market/competitor rates. Plus, in reading the info in the doc they sent, they made a point to note that the difference in income as a result of this increase in 2023 will be deducted from my incentive bonus in 2024 in order to keep the salary in a competitive industry range and compensate me that way. :- So, I feel like this is another money-saving tactic for this next year... They'll get more investment from me and to the 401K, etc. (which we're not going to be matched on until EOQ1 2024 mind you), then they'll lower my bonus in 2024... So, they are really hitting 2023 hard with cost savings by screwing with our money all while trying to find sneaky ways to keep us there longer. They don't do anything without a benefit to them, so while I'm grateful, I'm leery that this has anything to do with me. Lol
Salary bands are for lesser employees. I know as one of them. Best to leave… but not before you give it your best chance for the January 9th lottery.
it's public info new if you search for new jobs.