Its getting exhausting year after year of very little raises. I'm a B4 and in the past 6 years, my salary has grown a total of 4%. I've been in an exceeds category for all but 1 of those years. What are other people experiencing?
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Hey @kkvh+1aCStTf8 - the ranges are all different by LOB (hierarchy) and role. The bands overlap. They are not posted officially. Become a manager and HR will advise you on the ranges to pay your people. If you hire someone from another LOB and they make more than the top end of the range for the job on your team, HR will make you give them haircuts to get them "aligned." I think it is pretty darn hard to give anyone a raise these days. It was a challenge before 2008, since then, nearly impossible, except for the measly 1-2% for the lowest compensated on your team.
Since they won’t tell us the ranges (some managers say there are no ranges), how do we find out where we are at??
I got laid off in April and for the past three years. I have only gotten a 1% raise. I found another position as a Paralegal at a different company and got a $20,000 raise. I guess it pays to get laid off.
I’ll assume as you have no input to the comp system? As a B4 you should. Here’s how it goes: HR sets the limits by band on what you can give on raises and bonuses - and that is approved at the CEO level. It requires strict adherence. Band 6s and low paid B5s are typically eligible for annual raises. B4s would have to be very low in base salary compared to peers in the same org to get any type of meaningful annual raise. If you are getting 1-2% it’s to keep you from complaining. At B4 and higher, it’s been predetermined that the annual bonus is the bone they are throwing you, and that money is based on a host of factors (profit/loss, cost savings initiatives, group performance, your performance, BOD comp approvals, shareholders demands/expectations, paying John Kerry 5 MILLION dollars in 2020...etc). If you’re looking for a 4% raise YOY, you’re at the wrong company.
if you are a B4 you should be senior enough to know that if you want to get paid you get another gig externally. Else enjoy your 2-4% year over year and stop whining.
@1uod+1aCStTf8, that is about the right number and we have to add another 20-40% on top of that for the hiring firm. That's why India comes in as very cheap at $25-$35/hr, or at least that was the rate a while ago. A lot of companies set up subsidiary divisions to control cost and quality there.
@1bxl+1aCStTf8 Sounds about right. In 2015, I came on as a contract software engineer at $65/hr. There’s better money to be made in the Charlotte market, but the Bank is pretty calm and feels more or less stable. In 2021 our budget has increased and we are growing. Seems the appetite for hiring offshore resources increased with the new political administration.
@1hxn+1aCStTf8, thanks for the input, also worth mentioning that some of the contractors in IT are making between $45-$100/hr, just ask the project manager for the burn rate on that project. Of course, off shore is a whole different issue.....
@1hxn+1aCStTf8, thanks for the input, also worth mentioning that some of the contractors are making between $45-$100/hr, just ask the project manager for the burn rate on that project. Of course, off shore is a whole different issue.....
B5, Software Engineer. I’ve been getting about 4k per year in bonus and 2.5% in salary increase for the last 4 years since I started with the bank. Once I got an off cycle increase of 10K. Ratings are always Exceeds/Meets or Meets/Exceeds, never both. In January, I received a promotion to lead a software dev team of 8. I haven’t received a raise or a title change yet.
Raise pool is 1 thing but when you know the numbers of some of the worthless people you carry and you stay flat or less it is demoralizing.
I would like to mention that Bands have a lower and upper limit, in terms of what you can make. Once you maxed out, you are pretty much stuck, raise wise. Also Bands are not created equal. A Band 4 in IT will have a higher min/max than a Band 4 in Customer Service. If you're chasing the dollars, once you reached the upper limit, you gotta advance in your position (aim for management positions) or move out....just my 2 cents
As a manager, we get a total amount, which has gone thru many rounds of cuts before it is pushed to us. I do think that for the past 5-10 yrs, the total comp pool has been shrinking, at least in our area, so not sure it is apples-to-apples to compare to prior decades. For the past 2-3 yrs, we've only been able to give actual increases of 1-2% to those with the smallest base salary, mostly B7s, some B6s. Am only aware of a handful of B4s that have received any increase. I was told to say the Yearend Sharing our Success Award is instead of any salary increase (i.e., not permanent. but neither is salary level for that matter). Mostly, I see managers giving new titles without any $$$ increases to reward employees. That's pretty much all we have to work with. Oh, and we can give out more work when people leave and are not replaced. I'd be curious is this is just this bank or all banks. New hires seem to get paid more. We are not rewarded to stay here, even when we are Exceeds/Exceeds.
I'm not keeping up with the inflation.
Management has to chime in on this but a pool of $$$$ is allocated to each manager for the annual raises (based on company performance, revenue generation, personal contributions...etc). It was the up to the big guy to decide who gets what, based on the annual review.
Average STATED (and I don't mean REAL) inflation is between 1.5-2.5 and I emphasize on the stated part. Real inflation is more than that. Do a simple calculation in excel for the last 6 years and just discount your annual salary by 2% annually (average inflation) and then add the 4% raise during the years it occurred (I assume it was a 1% for the first 4 years). The purchase power of your salary has been declining between 0.5-2.5 every year, your salary didn't keep up with the inflation.