Perfect Executive Director role for my background opened up
Lots more responsibility (currently VP) - but with pay increases either capped at 5% or on hold - with no guarantees - until next year.
Think I’ll pass on applying, I’ll get a 4% raise anyways at EOY with fewer responsibilities and hours
Is this really the behavior our HR executive team wants to incentivize? Or are they holding the actual substantial pay for Chase cronies?
The Executive Director title doesn't mean anything. They recently "promoted" everyone to ED with the sole purpose of creating uniformity for garden leave requirements. They made BBG bankers Executive Directors, the same as previous SVPs that worked in Middle Market or Mid-Corp (all now known as Commercial Banking). It's laughable.
It’s ridiculous that previous salary is a benchmark for what you get offered with a promotion. Salary should match work effort. I think the new practice is all about getting people to resign. If you can’t move up you will move out.
Take the role. Use it as a bridge to go somewhere else.
Yeah, HR is as much a victim as the rest of us. They make zero decisions. It's the hacks in Hudson Yards that have established the anti-employee policies. HR just implements them. Lots of downsizing in their group as well.
In any case OP, if you want to work way more in exchange for a 0% raise, go for it. Since you haven't applied, I presume you don't really want this job though and are here looking for validation.
Do you have Chase on your resume?
The way the firm does the job levels makes no sense. I’ve seen people with 4 years of job experience get a p4, meanwhile another guy on the same team with 15 years experience could also a p4. And then you’ll see some teams have a bunch of p5’s and then another team, which does similar work, barely have any.
You are forgetting incentive pay (Bonus) because most P6 -> M3+ get at least a 50% bonus whilst us peons are suppose to be thankful for the leftover slop of MAYBE 5%.
p5 or p6 max is dependent on title. I've seen p5 roles that top out at 250 and others that top out at 300. I also believe that from p5 and above there is no area differential.
"Is this really the behavior our HR executive team wants to incentivize? Or are they holding the actual substantial pay for Chase cronies?" ......it's hilarious you think this was a strategy developed by HR rather than HR being TOLD to implement it by the Chase cronies......whose pay, by the way isn't REMOTELY determined by HR, not even the head of HR herself. The board determines that. HR has zero recommendation or approval power in that.
P6 is equivalent to Dir/M4 which tops at $300,000
You're assuming you'd even be offered the job. If you're interested in it, apply and see what happens. If they can't offer you a salary you feel is fair (if you're offered the job) then say no thanks and move on.
Go for it. Take the better title. Stick around for a year or two, then take that title elsewhere.
What are salaries for these out of curiosity?
The BEST gig in the company, hands down, is the coveted P6. I interviewed for one earlier this year but wasn’t selected. Heard there are only like 100-150 in the company.
They keep hiring P5s, like 50+ on the job board
P5s are under the microscope for cuts. Highest paid individual contributors in the bank outside of the few P6s. Like shooting fish in a barrel.
Who says you'll get 4%? I'm thinking merit will be worse than last year
What percent?
P4 to P5 promotions had lower increase last year