I came into work today and was told that the company has re-evaluated the pay and I will be receiving $1.35 more an hour. Has anyone else had a similar situation?
26 replies (most recent on top)
Heh, 14 years ago I got laid off in February and still received an increase during my 60 days.
Good Times.....
Cheers!
mda+1tYBPDOh that's not always true. I was laid off and got a raise a couple months prior.
lyu+1tYBPDOh
We're in an environment where people getting a big promotion get 0% raise and have to wait until merit the following year to have any hope of getting anything. They are also downsizing over a thousand people a month. The job market is horrible.
None of us should turn our noses up at an extra $2800, at midyear no less. I'd be stoked in this environment.
Wage theft is rampant and this Company! Hoping I get compensated after 28 years!
Yes, one year before they tossed me (2020), I got a raise of 11% because I was being paid tot according to the scale (too low).
Knocked me over.
Cheers!
Salaried employee and my manager also told me I was getting a pay increase that would be effective today. It’s about a 2.45% increase.
This does not shock me one bit
I wouldn’t say anyone is safe around here. On my team a lady was set to retire, filed all the paperwork months earlier, all in order. Two days before her retirement date she was laid off. Got an extra 60 days paid + 5 months of severance. Instead of paying for two days, they paid for seven months. BRILLIANT!
Never try to apply logic to this place.
Congrats .
Off cycle raise a few years ago about 10k, but was likely underpaid.
Congrats and you’re still under paid by market standards/peers
Yup, I received a mid-year increase several years ago. It bumped me up just above a benefits level that meant I would receive less benefits. That mid year pay increase decreased my total compensation that year.
Interesting that they are doing this mid year. Wonder if union has anything to do with this. If this affected you please let us know if you work in a branch or on a phone team please.
A few years ago one of my staff earned x% merit but HR told me to give them an additional y% raise for equity adjustment but was done at comp time so early in the year.
But conflicting messaging is what WF does best.
Don't spend it all in one place.
It’s due to pay equity assessments done yearly with a vendor and then reviewed internally by HR in conduction with your LOB leaders. If they find in the equity analysis you are paid below others in your same title/area, they will recommend an increase. If the LOB agrees, it will occur. Also, congrats because that means you are not currently on a layoff list because if you were, HR would not recommend and the LOB would not agree to the increase, since giving the increase and then laying off sends conflicting messages.
$1.35 per hour x 2,000 hours in an average work year = $2,700 annually or at 2,080 hours in year = $2,808.00. Either example is a terrible raise.
Time to leave banking, look at government jobs.
Yes in like 2019. It wasn’t just for me but everyone in my group with my job title.
Your pay for upped by 3.43 an hour. What’s your position, and what were you making?
I’m a personal banker.
Same here, but mine is 3.43/hr.
Salaried are not paid at hourly-rate. Now if they upped your annual pay by $2,808 then it would be about $1.35 more per hour (AnnualPay/2,080 or (AnnualPay/26)/40) = per hour equivalent.
What will you do with this windfall?
OP, what is your title/position?
No, I am salaried.
My first thought was that had to be a phishing attempt. 😂
Congrats!