I make around 122k at P3 level living in the midwest, thinking of moving up to p4 level internally, what is the max you can get in salary raise?
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“If you are moving from P3 - P4 in the same job family logically this should come with an increase though. What incentive would there be for anyone to ever move up”
Because if hiring managers are going to pay that much more for someone just moving up to a new level of responsibility, they could just go external and then they get to spin it as poaching talent from competitors. But if they uniformly sc--w over all the internal promotions, at least a few people who don’t like change will inevitably keep taking on more responsibility for hardly any more money. And that’s where they end up saving a ton of money. They view either option as better than simply paying more for people already here.
Even if it’s a meaninglessly small raise, I’d probably still take the promotion if I were you. Stay for maybe a year or however long it takes to get the same level job at another bank and then you’ll get your big raise.
I'm a P4 and am at 104k, so you're lucky.
Has anyone that noticed that literally every Fing time they talk about a "new model" or "new approach" regarding anything employee related, it means we're getting sc--wed? And if you don't like it you're "resistant to change". So much Fing horse S. These cute little rules the ivory tower Fs dream up at posh NYC dinner parties NEVER apply to the executives. They bring in their failed B team friends from other banks at crazy high pay, they'll get huge bonuses for being cr-p "leaders" and if promoted they'll sure as he-l get a raise.
Keep in mind you don't really know what job family people are in. P2 in a call center job would be a huge difference in pay for P2 as counsel. I am sure there are plenty of job families where P1 would be making more than P5 in others. If you are moving from P3 - P4 in the same job family logically this should come with an increase though. What incentive would there be for anyone to ever move up. Another brilliant move by WF.
Those commenting on the new policy/practice are correct. With one caveat. No increase until merit time UNLESS you are below the bottom of the range for the new position (which is highly unlikely in pretty much every case). Then, at merit time if there is enough budget, you will get a few additional percent if you're lucky. But that's the new way of the world, as they're trying to flatten out the pay structure since WF pays a good amount more than competitors (sure, there are going to be some of you that argue that because your particular case is different), but on average, the amount of money WF pays for each role and level of role when averaged out is substantially more than peers (HR comp does this comparison, so this is not an assumption or guess).
Most likely nothing when you start. That's the new policy--no raises outside of annual merit. So, by next February you might get 2% for merit and 0-4% for promotion for a combined increase of probably around 5%. That being said, $122K is high for P3 and probably in line with P4 (outside of area 0 locations). Your new manager might even have to fight hard for 5% increase given your current comp (your new manager's manager will be grilled on any increases above the likely 2-3% standard). You might do better on annual bonus but that is even more discretionary than in the past. I'm a manager with P2-P5's so I know the way the game is played,
Op here- i started at 108k in 2018 and has grown to 122k in the last 6 years, whats the point in moving to more senior level with more responsibilities if no raise. What a cr-ppy policy they have. I spoke with some of my colleagues in dmi and he was able to get 20% raise a level up.
Mgr here. Most every comment has truth to it. For the OP you can thank your lucky stars you are making that much for that level.
A recruiter told me they don't negotiate on salary or time off. I knew what my counterpart came in at and I came in at the base level. It's a joke.
When I was a P4 I made 172K. It was a 4% raise over what I made as a P3. I had to negotiate hard for it.
It recently changed. You likely won’t get a raise.
Negotiate, huh? 🤣
Op here- that is really messed up, OC sign off means operating committee? . 8% raise is still very low where you start from zero, sh-t is starting to get horrible, if not 15-20% , i would not move and doesn’t make sense to me but my strategy is to get offer and negotiate.
I’ve been told by a recruiter, recently, that the company is moving to a new “model” that changes the timing for raises, even for new roles that increase your level, to end of year. The recruiter knew that wouldn’t make people happy, but it’s an incoming change.
The new direction is no raise for promotions/moves. Tracy Kerrins confirmed this in her final AMA.
WTF...I'm a P4 and I make less than that....midwest area also....
Last I heard it was +20% or more that requires approval from OC . It’s not common, but does happen. Probably more likely if the person being promoted was already underpaid for their old role, to keep them from becoming even more underpaid after promotion.
Up a level, technically it’s some bogus number like 8%. But, if they have a backfill budgeted for a higher amount the hiring manager can get it lifted beyond 8%. There is a % where it requires OC sign off. I can’t remember it. The recruiter and hiring manager tends to shy away from that trigger.
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