Is it true that it takes five months for the raise to become effective?
11 replies (most recent on top)
I’ve never had a raise with any promotion. That’s just not how it works in banking.
Been that way ever since the financial crisis, not when BK bought Mellon.
Yes - you get told in Feb what your raise in July will be. Been that way ever since the merger
YEP
What raise ???
BNYM is a horribly run firm. When you have no vision or strategy it’s hard to make money.
They have to look at every angle to squeeze a dime out of employees. What better way to sc--w someone that’s actually done a good job and is due a pay raise.
The only thing that managements are thinking is Greed. Everyday more Greed; when the top managements are sleeping, they are dreaming of Greed every night. When they are going to bathroom, they see Greed in the toilet bowl. When they are reading the Bible, they only see Greed. Amen
Much like the propaganda reasoning for increasing our work hours last year to 40 hours without any additional compensation.
Reason is greed at the top & just another way to scr*w the people actually doing the work.
Raises and promotions can only be processed quarterly, so if you got a new role on January 20 that pays more, you’ll do that new job until March 31 on your old salary. Same with incremental raises. 5!9/3 typically go into effect in July or December.
Can anyone give us some insight into why this is the case? Employees that get a new role at the bank between cycles and are told they need to work that new job for a few months without their new pay rate, but new joiners to the bank are obviously processed on the day they start (mid cycle or otherwise) to be paid the rate that was agreed in their negotiation. Clearly it’s possible to process pay at any time within a quarter cycle, but they won’t do this for an employee that already works here? This just seems so counterintuitive to employee morale and satisfaction, I can only assume there must be a good reason why this is done. Anyone have insight?
Yes, for this year. It is changing from next year - the effective date will be Apr 1.