Are YE Comp Statements negotiable? Expecting a minuscule raise (if any) per usual, but has anyone ever successfully tried for more?
If so, any tips?
12 replies (most recent on top)
You don't even need to be E in any way. My manager and I reserve the few E ratings we are allotted for those who we are trying to get promoted. So I am M/M each year but a solid producer and each time I've said I was going to step away or leave, I've had more $$ or more flexiblity (dpeending on the year) thrown at me.
If you can get an offer (for a role you'd actually be willng to take. in case it doesn't work), that will help give your manager the ammunition he/she needs to battle HR.
D@mn hard to squeeze out any juice here these days for anyone. BM upset expenses keep increasing.
You can’t negotiate during the comp discussion but you can bring back a verbal or written offer for a similar role at a competitor. If you have an E in your rating (E/E, E/M, M,E) or have had E’s in multiple prior years, your manager and LOB head may battle HR for a counter offer that matches or comes close to the other offer. Do this within 8 weeks of your comp discussion for optimal results. This is the “secret game” discussed in private across multiple LOBs.
"We must win. No excuses."
So cringy. It's vomit inducing.
Yeah sure let me give you a tip. How about.
We must win. No excuses.
Too late, and asking to negotiate it will mark you in the gaslighting management of your department as a malcontent who has a misaligned self-perception of performance.
Unless you are endearing yourself to your direct manager, at least two of their peers, and their boss, expect a mediocre year end outcome.
Your year end rating was determined in a round table conversation last July/August when your name was on a stack ranked grid of your peers. If your boss’s peers were not singing your praises in that meeting, your disappointing rating and comp were carved in stone.
Follow the other advice here, and give the round table something positive to talk about later this year.
@jnj+1qD8OVoo is right - you've left it far too late. Managers enter initial comp recommendations as early as September, then there is back and forth when we are asked to take our submitted numbers up/down by LOB, depending on HR guidance
Final figures entered in early December for senior management (group head/LOB head approval.
THEN , it goes to BAC Exec Comp Committee in mid January who have to vote on the aggregrate figure and discuss/approve other elements, like the Shared Success RSUs.
By the time your manager tells you, it is a done deal.
Btw, don't exert yourself early in the year. No one will remember by the time we enter initial rec's in the fall. Better to push (and su-k up) in summer/early Sept
That said, when the overall company is under expense pressure (like this year), your individual ability to move the dial in any meaningful way is drastically limited.
No way - total comp across the company is finalized by the BAC Executive Comp Committee and reported. Full stop.
You need to start your campaign in JULY!!! Before management conversations even start. Arm your manager with solid tangible RESULTS to enable them to make a case for you with HR and their own manager. At this point, your only recourse is to get another offer - THEN you can negotiate.
You don't just "ask" or "negotiate". Don't be naive. Sheesh, if it were that easy..
You have a better chance of meeting Jesus.
NOPE! But you can tell them you’re unhappy and looking around. Might get extra 2% next year. Best is to leave the company.
The only way to really negotiate pay in your current role-
- Be in a high demand position in a high volume time
- Give notice & hope they like you enough to offer you a counter
Note they will ask for an offer letter to see what the offers are
I agree no chance. This was decided at start of November.
Never heard of anyone getting it improved. The decisions were made months ago and fixed based on budget. Your performance had nothing to do with it.