Any managers want to spill on about what we can expect for “meets” merit increases this year?
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Yay! Sub-inflationary raises are so motivating! Nothing like being downwardly mobile.
Charlie here. You have to understand that I am severely underpaid compared to my peers in Wall Street. The only way I can compete with them is by cutting the costs here. Thanks for your understanding.
When I used to work at Goldman Sachs, I always got a 10% increase each year. I am not kidding. Since I came to Wells Fargo, I am getting less than a 5% increase each year. Wells Fargo is cheap. When the job market improves, I will be getting a new job elsewhere.
My bonus has been the exact same dollar amount each of the last 3 years. Therefore as a percentage of my salary, it has been decreasing. I find it to be very odd that it doesn't change since the bonus should be how well our area has performed and how well WF has performed. It has basically just become a part of my salary instead of a bonus. I’m curious to see what it will be this year.
I have only received "Meets" or "Exceeds" (well, once) since I've been here. I'm generally online working more than 8 hours per day and work after hours quarterly supporting production releases or BCP events (as a sysadmin). Anything less than "Meets" would be a slap in my face and they can expect my 2-week notice immediately.
For a meets it’s 2-3%. You’ve done the acceptable level of work. To get above 3% you have to have an exceeds and then the stacked rankings come into play where they limit the number of exceeds allowed. Been that way for years. Highly doubt it will change.
Are these numbers LOB specific or does anyone know the general company wide percentage increase we can expect? In recent years, it was about 2%. Of course, there are always people who will get more.
The same as it always is. Why is this even a question? No offense
Budgeted for 2.5% or so.
Bonus is keep your job and a box of hand sanitizer for your workspace
My office was 3%, I was told.
Hi, this is Charlie. You will all get a raise but eventually lose your jobs
Close to 2% for “meets” while the few I had for “exceeds” were closer to 5%. Bonus flat this year. Manager in CIB.
The only way for me to give some of my employees enough merit to keep up with inflation was to give someone none. They gave us our merit pool numbers before calibration and the number made it obvious they were going to force me to change my ratings and rate some people below meets, which was exactly what I was eventually ordered to do.
It seems to be centralized this year. Which means it is harder to adjust up or down. Good news and bad news. Likely do to unionization if I had to guess.
I just assume 2% for us common folks and 18% for Uncle Charlie.