If you received a merit increase, does it equal the cut that was taken from your cash incentive? Making your 2023 compensation equal to 2022’s compensation.
24 replies (most recent on top)
@3kga+1qLqXSIo You're hilarious, and misguided. Arm your manager with concrete exceeds accomplishments does NOTHING for you except create work that will never be recognized, appreciated, or rewarded. Learn to network, get buddy buddy with SLT and you don't have to do sht to get promoted. I heard a guy in IRM was on leave for 6 months, came back and got promoted to B4. That was on top of being given a title promotion right before he left. How the hll do you promote someone that literally didn't do a second of work for the company since they weren't even there? Networking, my friend, not hard work.
@5aeb+1qLqXSIo - this is so true! Hadn't thought of it this way, but you are totally right. My former team were all promoted to SVP (but B4, so not "real" SVP, which is B3) by my successor in the year after I went to FLU. They thought they'd make more $$$, but nope. Just the title thrown at them to stop their yapping. They were decent, but no Exceeds. Years later they are still SVPs, but not making much more, if any.
Totally inflated titles.
Banking has changed over the years. Back in the day, a branch manager had authority to approve loans and make financial decisions. Today, the local branch manager is no more than a customer service rep.
And everyone knows that titles at the bank are inflated. A VP is really a low level manager at any other company. That’s why VPs at the bank don’t get paid much.
It’s always funny when someone makes VP and they think that they are an executive. It’s probably why people feel that salaries are so low. People think they are more senior than they really are and that they deserve more than they are getting.
It’s like the entry level employee who is insulted at making $20 an hour, thinking they deserve $50 an hour for all their hard work. Everyone thinks they work hard, everyone thinks they deserve more. In reality, people don’t work, they are on this site every day, they complain which is noticed by their managers (hence the low raises)… but they still insist they are deserving.
@5xuv+1qLqXSIo - this ain't political. It's just plain sh---y management behavior.
Same cr-p happens every year regardless of whose in the White House, Congress or Treasury.
Banking career as we knew it is dead. No surprise no one wants to work here anymore.
This is how we know that Bidenomics is working! Thank you for your tangible contribution to wealth redistribution objectives.
- Your overlords
Raises don’t come with title promotions. They only come with band promotions.
If your last promotion was a title jump, you’re next promotion will be a band increase (same title) with money.
If your last promotion was a band jump, you’re next promotion with be a title increase with no money.
@3ous+1qLqXSIo - higher title does NOT always result in more $$$.
Unless it is a real promotion.
True example: I explained so-and-so was pressing for a raise, and that we needed to do something to hold onto him/her. HR told me, "No, no money. Throw a title at them." I explained the person was about to bolt. HR continued, "Never give the title and the money at the same time. You don't want to shoot your full wad in one go. If they want the title, give it to them. That doesn't cost anything."
I was SHOCKED!!!
So, be very clear about what you want. (money, status, or both)
Best advice to get more money is to:
- Arm your manager with concrete exceed accomplishments/contributions that merit promotion (just doing your job, even very well, is not enough)
- Volunteer for every special project to get notice by higher ups
- Schooze your manager AND THEIR PEERS, so when your name comes up in Talent Planning mtgs among managers, everyone on your manager's team has good things to say about you and how you've contributed.
- Get a concrete counter offer for a job that you'd actually be willing to take.
As a manager, we have to build an entire case (and campaign) to get anyone promoted. It's even harder in periods like now when company expenses are running high.
Thank you for explaining! Do you know if VP or SVP added to your title bring money? Some people say they got a raise but others say “no”.
@3gss+1qLqXSIo - there is a designated range in the HR system for Salary and Total Comp (salary + bonus).
The overall range for is determined by:
- Division
- Geography (broad generalization -- A = Major metro: NY, BOS, LA, SFO, London, Paris. B=Smaller metro: CLT, Chicago, St Louis, C = suburban/rural, emerging market)
- Band
- Role within band
I've been at the "top of the salary range for your role" since I swtiched from one CAO division to another. Always been in Major Metro (NY).
It's a whole ugly drama for a manager to battle HR to get someone paid salary above the "range for the role", (I know, I used to be a manager. No thanks. I don't want to go any higher in the org. Just ALOT more work for not much more pay, if any, since the ranges overlap. Expenses are up, so they'd look for any excuse to not pay more.)
As for the Bonus portion, that too has a range. In my experience, my performance has never impacted my bonus. It's a simple equation of HR guidance "take your group down X%" or "you can take your group up X%" in a rare exceptional year)
The crummy thing is Bonus used to be all Cash, but a few years ago they split it into Cash/RSUs. I hate RSUs, they always go down.
So that's what I meant by "topped out". Unless I want to push for a promotion to the role above me (no thanks, the manager 2 levels up is horrible!), I remain at the top of the Salary and Total Comp range for my position.
Explain “ I've topped out” please? So, let say, the next 20 years - no raise for you?!
@1ypf+1qLqXSIo - keeping people flat could be to induce attrition for some, but for those of us who've been here a while, not necessarily. They figure we're not going anywhere, so why throw any extra towards us.
That's why I quiet quit a few years ago,
I've topped out at a decent rate, though inflation def has taken a bit,
But it's not like anyone is going to get any juice for going all out. So why bother?
@1nky+1qLqXSIo - if you got "same bonus last few years", that's pretty good.
Anyone who's "been here a while" generally does not see increases without pitching a fit or bringing in another offer.
They figure we've been here, are comfortable, so not looking and no need to increase.
I f anything, my bonus has been chipped away at, even though I am very strong performer on our team. I just have OMY to go, so I don't really care so much anymore. Just want the insurance to bridge to retirement. I've definitely paid a price on the salary side with junior new joiners coming in much higher. Suxxs.
Yeah - in my organization G...n takes care only of his own. Hiring too. Where is HR?
You nailed it buddy. This is exactly what is happening. 💯 with you
Tech team here. Can’t figure out how the most technically inept people get promotions and money. Must be the level 3-4 incompetent people creating the absurd environment. What sense it makes managers to be only administrators in a tech team? Along with bunch of non-tech people called scrum masters, product owners, all kinds of *.project/delivery managers, etc. QA managers of QA manager for a single small project. So much money to deliver so little. In the end - no raises. Spending so much money on people with no concrete delivery product. Spending so much money for cronies with no skill.
"Is it to induce attrition?"
Has to be, right? It serves no other objectives. But proving just how inept they are, they are going to induce it primarily at the band 5 & 6 levels where they can least afford it operationally and get the least amount of savings. The band 3-4 levels though are so bloated, and at high salaries with people who do so little and provide little to no value to the bank.
No increase, same bonus - the last few years. Top performer - long time employee. Flying colors review. Is it to induce attrition?
@1dey+1qLqXSIo - I don't disagree with you. I originally took it as OP asking if they got a merit increase, would their cash incentive be reduced by same amount.
Absolutely possible for cash bonus to decrease by same amount as merit, but could also be down much more! It's not always by commensurate amounts.
Last year I received a 2.8% merit increase, but that incentive (cash + RSU) was down 15%. Manager hoped the merit increase would "soften the blow".
I'd just be surprised if the two were the exact same amount that's all.
I've seen plenty of scenario such as below:
Employee promoted from Band 5 to Band 4 mid year. At year end in order to bring the empolyee's bonus up to be more in line with their peers, the manager pulls $5k from a tenured Band 4 and adds it to the newly promoted Band 4. In this particular scenario bonus was funded at 100% of the previous year, so it definitely does happen.
It's extremely rare to be able to raise an employee's bonus without taking the money from another employee (or potentially from an employee who was employed when pools funded but retired or left the bank thereafter pior to end of year).
Let's not kid ourselves - there is a lot of favoritism going on and a redistribution of wealth that goes along with it.
@OP+1qLqXSIo - B3 manager here, while the numbers could appear to look like that, it generally does not work that way.
The dollars don't move across salary and bonus. Two entirely different sources of funds. Like two different pockets. Not interchangeable.
While I suppose some managers may look at it as, "oh, I got approval for 1.5% Merit (salary) increase for Mary, so I'll cut her bonus to keep her Flat overall (not a great feeling for the employee, so not sure why I would do that). Then, move that 1.5% from Mary's bonus over to Susie's bonus who worked her azz off this year and should get something,"
Usually we are given guidance like "you can take bonuses up 5% this year" or "You have to reduce bonuses by 10% this year" and it's across the board on the bonus portion.
Salary changes are an entirely different conversation with HR.
My 2022 total comp was lower than 2021, and 2023 total comp was lower than 2023. Both years had a small merit increase and a big bonus cut.
It's horrible, especially when factoring in inflation which others can called out previously.
I didnt even get 2%
There are no rules in this. It is all over the place based on multiple factors. Performance/stack ranking and where you are in the range and vs your peers, etc
US Inflation rate
2021 4.7%
2022 8.0%
2023 4.1%
2% BAC Salary Yearly Raise (adjusted for inflation)
2021 -2.7%
2022 -6.0%
2023 -2.1%
So making $100,000 in 2021 means making $89,200 today in terms of fair buying power.