Thread regarding Bank of America layoffs

Who has the final say on pay?

I’m hoping to negotiate an internal offer after posting for a promotion. I have a target salary in mind so trying to see who I would have to convince to get it approved?

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| 1391 views | | 6 replies (last June 26, 2022) | Reply
Post ID: @OP+1hjkzKpu

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Compensation team is involved in roles B4 and up. They ensure compensation is within range of those in the same job code. Recruiters hold the strings for all other roles, with ranges provided by compensation. Compensation completes market surveys and job matching with other companies each year to ensure salaries are in line with the market. Pay equity reviews also occur frequently and adjustments occur as needed.

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Post ID: @7vba+1hjkzKpu

Make sure it’s a real position you’re applying for through HR… Not some BS “promotion” where they shift you into another role and backfill your position with a nod and a wink. Then, there’s no negotiation, and when you beg for more pay, they will work out an “off-cycle” pay bump of 3-5% (if you’re lucky), and no raise at the end of the year due to said off-cycle pay increase, negating the value of that raise entirely. Ultimately, you end up with more responsibility, working 25% more hours, all for the same money, and question your life choices. You start to have weird daydreams of stopping in the emergency lane on some random, rainy Tuesday evening, while commuting home 1 hour one way thanks to RTO, and face planting into the asphalt in front of an 18-wheeler going 80 mph off of an overpass on I-77. Back to reality, you persevere and you keep telling yourself to think happy thoughts and pick up the fight for one more day. Your soul is lost, but Moneyhands is happy. Anywho, hope your promotion doesn’t turn out like mine. 🍻

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Post ID: @3cwu+1hjkzKpu

You do! If you can’t come to an agreement, get a job elsewhere and tell this place to pound sand.

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Post ID: @2gog+1hjkzKpu

Each role has a range.

If you are below or within that range, then the hiring manager can decide.

If you are above the range, then hiring manager needs to go to HR partner, who would likely need to escalate for approval to any exception.

If they bring you in over the top of the range, then you will need to change jobs/depts or get promoted to secure any increase. Else they will chip away at your bonus or keep you flat forever until they can bring the rest of the team upwards.

Good luck!

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Post ID: @1pgx+1hjkzKpu

I believe HR has a compensation team that puts together comp ranges...if outside range I think comp team is brought in

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Post ID: @cbo+1hjkzKpu

If you are going through a recruiter, it would be the hiring manager / HR. One thing to note is that all roles are assigned a defined salary range as one of the first steps in the process, with the recruiter being your liaison and coordinating both an initial offer and any counters.

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Post ID: @tgr+1hjkzKpu

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