So the new guidance from the EC is that if you are promoted to a level J OR you post for a J level job elsewhere in the company you will (a) not be promoted until December 1 of that year and (b) not receive the pay raise until the following July. Insanity.....
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2soq - hope you have it in writing because come July, you won't get that salary. You will be treated like all the rest of us, bait and switch. In July, you will be told there was a miscommunication or misunderstanding and that it is effective in 2020, but don't worry, keep working hard and they will do what they can to take care of you with the incentive instead, blah, blah. Lies!
I applied for and got a new job on a different team in Jan. Transfered in Feb. New job is a higher grade. I won't get the promotion increase until July. In my case since the merit from the old job was already entered, I was told I'd get both this year. Prior to this, I was at another FI. Bonuses were paid in mid-Jan and merit increases effective Feb. 1. Was shocked to hear merit didn't become effective till July here. Why do performance on a calendar year? Seems punitive to current employees.
Yea those name sake VPs who no one cares about haha
1ulz - when referring to a promotion here at BNY Mellon, we are actually speaking about applying and accepting a different position within the company which is posted at a different job level than the person is currently employed.
Example: employee is a job level I. Applies for and accepts a job with a completely different department/business line in the company that is a level J . The employee will need to do the job immediately, but will continue being paid their current salary. The employee will not be titled VP until December. The employee will not be paid the salary of the new job until one year later in July. They will not receive a merit increase because the merit increase will be considered part of the salary"level up".
Still seem fair play? Would you work a year without being compensated appropriately that work?
No other company gives pay hikes in July , tbese jokers are the only ones haha
To be honestl, promotions without raises are totally normal in banking except for clerical workers, first line supervisors, yes... and Senior Management. Outside of that promotions are generally title only. Generally up and coming stars are given options.
Hate not being a "team player", but this is all the more reason NOT to train or help anyone hired in from outside the company.
This is Charlie's way of keeping internal people stagnated. People are less likely to apply internally with the looming threat of layoffs and knowing you'll be doing a job without the adjusted compensation for a year so we stay put in our current jobs.
Meanwhile, people are hired from outside the company who don't have the customer knowledge, receive the immediate full compensation for the job, all the while making our jobs so much more difficult as we are expected to get them up to speed and take up their slack.
I'm sure charlie will defer his bonus until next year....NOT
Screwing people out of merit increases has been the norm for years at this place. That is how the id--tic July increases came about. Now we get to find out in February that we will be making an extra $20 starting in July.
If you are looking at your finances and wondering how you will ever get ahead, the only true answer is to leave BNYMellon.
Yes. I was promoted in 2018 with a slight raise. In February I was advised I am not getting a raise for 2019 and will have to wait u til 2020 for any increase.
And... no promotion with new job. I now manage 10+ and still have my old job. I think BNY wants us to hate working here, and leave voluntarily. Lose/lose for us, win/win for them.