If leadership cares about BNY Mellon maintaining a good reputation, then I believe it is high time they considered how they can offer better pay and better benefits to their employees. I have compared pay and benefits with competitors and now I am surprised that there are still talented people here who could have been much better compensated elsewhere. Unfortunately, I think the leadership will react when it's too late?
8 replies (most recent on top)
Dude, Wut?
BNY is cheep. I was working for a long time so didn't want to lose my severance. At the end I was layoffed. Now I have much higher salary than had in BNY. One of my coworkers decided to change his job. He got multiple offers including BNY, but when we talked about it he said "BNY is the funniest one"
That mirrors my experience through the 2007-2015 era with one difference. In my case I was above the midpoint and was told for many years that as I was above the midpoint the best raise possible was 1% or less. Finally got wise and learned that you need to network to get around HR for a better position and a raise. Nobody J or above should ever apply for a job unless you know for sure that you already have it. You really do need to work around HR to have a career.
Here's my story with trying to get a raise at BNYM:
I'm not sure why, but in 2008 my department head told me the pay range in my region for my salary grade, which was J. The range was 94k to 121k. I was shocked to realize that at 96k, I was near the bottom of the range. I knew I was a very good employee and all of my reviews bore this out. If anyone remembers the old rating system, I got all 2's and several 1's, and 1's were not just handed out to anyone in my department...you had to go above and beyond to get a 1 rating.
I asked my direct manager why I was not at least in the middle of the salary range, if not near the top. never failing to be an ah*, she laughed and said that if I didn't like it, I could leave. Lots of people were losing their jobs at BNYM and the external job market for my profession IT, was terrible, so I couldn't do anything about it.
I decided to work even harder, in the hope that I could at least get up to the middle of my pay grade thru higher than average yearly increases. From 2008 to 2015, I generally got an increase of slightly over 2%, whith the best being 2.3%. I think this was higher than average, but probably only lifted me a little off the bottom. Also, every few years, my bonus was upped a little and topped out at $3,500.
So eventually the ah* retires and I get a new manger. First yearly review meeting with my new manager: I'm paraised for the work that I do for the better part of the meeting. New manger then asks if I have any concerns. I tell him about my concern about being underpaid in my region and why I think that, could he get me the current range to see. New manger is concerned and is going to look into this and get back to me. Never hear back from him about this.
Second yearly review meeting with new manager: I get praised for the whole meeting. Then new manager asks if I have any concerns. ths was sort of sureal: I mentioned that felt I was underpaid in my region and why I thought that. Could he provide me with the salary range for my grade, so that I could confirm this.
Again I heard nothing for a few months, so I decided to test the job market as things had improved considerably since 2008, and I ended up getting another job a few months after that. I have a lot less stress now, and I make a lot more money, with greater benefits.
So young. So naiive. So lacking in work ethic. So clueless that they don’t realize that all that they need do is to demonstrate a strong work ethic and back it up with solid deliverables.
Children, there are no participation trophies now… those were simply ego boosters from helicopter parents.
Just grow up and kick bu-t in your projects. Younwill stand out.
They're hoping you will quit in the near future so the budget can now go towards 5 people who can do the needful.
Is Todd related to Klaus Schwab? Both look alike.
News flash...they don't care. You can't rely on these WEF globalist jerks for your job security. Strike out on your own and leave behind the corporate fascist system.