Don't take the bait on promotions

Not sure how it is in other banks or large companies, but at BNYM, promotions can actually be a trap. In late 2020, my manager and I got promoted. I would manage the team I'm on and he would manage the other teams that worked along side us (I would still report to him though).

Despite not having any managerial experience, my new management responsibilities began within the next month or so. Because of the timing, though, I couldn't see a raise until 9 months later. And it was only about 10K. I don't blame my manager or his manager, but it just speaks to how BNYM will really try to milk you for everything you're worth.

My manager got a really raw deal. He had to wait OVER a year for the new pay and title to kick in, but by that point, our reporting structure changed and we were moved to a different division. He even got a new manager so it was like there was a good chance he might not have gotten the raise at all. And his responsibilities really expanded - until office politics phased him out because this new manager brought in a bunch of expensive duds.

Meanwhile, individual contributors were getting promoted to my grade despite not having any managerial duties.

If I was smart enough to realize the carrot BNYM dangled in front of me wasn't a great prize, I could've left earlier and seen a bigger pay raise immediately, one I never would've seen at BNYM.

I realize things are bad across the company all around (I still have many good friends here), but even if things are working a little better for you and you are offered a promotion, I believe you can do better elsewhere.

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12 replies (most recent on top)

@cria

Of course HR reps feel that this is abnormal. But HR Reps view themselves as overly deserving and are the most highly overpaid clerks and admins.

It is sickening.

@cria

Excellent… party on Garth Party on Wayne!!!

@OP+1oExw5hn

Dude, you need to take a deep breath and try to determine whether this happened to you or what happened to your manager and what happened to the others. If you reread your post it reads “a lot of things happened to us my manager his coworkers and his uncle twice removed from uncle Todd’s side”.

Try again and good luck.

https://youtube.com/shorts/gpT7vUKGDhg?si=N6lZ2ZGYDG0pSvet

Turn down promotions. Complain about free RSUs. Whine about the normalcy of returning to work. COVID WFH destroyed our culture and our work ethic, which dropped off greatly. What would you do if you were Robin and had to deal with this?

Promotions are okay if you love the job, people, and you have a good supportive management network, but if you're miserable, a promotion can make things a lot worse, despite a small increase in pay.

Seen these sad stories over the years Never accept a new role or additional work without a written agreement on the compensation increase and timing. Don’t assume they’ll do the right thing- they won’t and you’ll get a load of excuses. Plus sweat equity is a dead concept. Only way to hold them accountable.

@1qey

Actually this is totally normal in Financial institutions. I’ve worked at 5 banks, an S&L and worked as a consultant to other banks. I have never once seen a promotion that came with a salary increase. 40 years of this has taught me well.

Networking and Jumping Institutions is the way to get a raise always.

I used to tell a friend, who was an HR exec at another org, about how they kept giving me the responsibilities of departed colleagues (who either left or whose positions were eliminated) without any immediate comp change. It was always implied it would be reflected in my bonus, but often it just meant my bonus wouldn’t be cut (because they kept reducing bonuses in our area). That was the BNYM way.

Friend said none of that is normal.

In a functional org, major changes in responsibilities should be accompanied by comp changes. Fairly immediately.

Finally, when they dumped a huge new area under me, I said I needed much more money. I received a nice salary bump. Great right? Well, they backed it out of my next bonus! (And they told me I was excelling with the new responsibilities.) So I got nothing.

I kid you not. Not normal.

I feel this. Promoted from L to M - got about 10k and have not heard a peep about any incentive pay changes so I’m assuming that remains the same… waste of time…

Before I even got promoted to a higher mgmt level I was a supervisor who did both tasks for many months because the mgr left. So I did the work of both positions for a while on the lower pay before they finally offered me the higher smh

Sadly this happened to me, too. The little money that eventually comes is never worth it.

Thread regarding Bank of New York Mellon Corp. layoffs

Don't take the bait on promotions

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