Thread regarding Bank of New York Mellon Corp. layoffs

No incentive to transfer internally.

You will get no bump if you take a new job with the same grade. If you were at the minimum already, that doesn’t even matter. We all know if they took someone off the street for that same job, they’d get it at higher pay. Same with taking a higher grade level from within. You will most likely be promoted to the minimum band for that range and the bump won’t take place until a few weeks. Plus even that modest pay bump can be used against you for bonus and merit increases. Their logic is that you already got a big bump so you will stay near flat for the next cycle. Lastly, promotions within your team are overrated. Expect the responsibilities to begin many months before you see the bump in your pay. If your group goes through a significant reorganization, it’s possible you’ll be waiting even longer, let alone if they decide NO in the end.

I was here for about 10 years and naive to think if I stuck around I can keep getting promoted and they’ll make the right adjustment to my salary. I’ve gone up in many grades but once I started applying outside, it was so jarring how much I’d been underpaid here.

Lesson learned. The grass might not be greener on the other side but there’s a lot more of it.

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| 35033 views | | 8 replies (last December 21, 2022) | Reply
Post ID: @OP+1jRMRMCx

8 replies (most recent on top)

Some groups are better than others. I made a lateral move last year and while it wasn’t a pay increase, I was only working 40 hours instead of 50. Plus my new management was far less toxic.

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Post ID: @rrmk+1jRMRMCx

Yes. I increased my pay by 15% by moving up one letter grade to a different department… Supposedly my bonus will be double what it is now but we will see.

Apply and hold out for more is my advice- That being said, I’m still looking to leave

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Post ID: @5jve+1jRMRMCx

Do people get an increase if they move department to higher grade position?
Or is leaving only way to get payrise?

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Post ID: @5rdj+1jRMRMCx

@1gro+1jRMRMCx

You’re my hero… I’ve never once got an increase based upon moving to a new job grade. I think that’s pretty rare… congratulations!

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Post ID: @3gsi+1jRMRMCx

BNYM will also want people to leave on their own so they don’t have to pay severance, but they will still make it hard for people who do. The 30/60 day notice is outrageous. HR legit tries to enforce it to a tee.

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Post ID: @2vyp+1jRMRMCx

The same concerns have frustrated all of us for 30 years. You have to produce major highly visible projects which impact the bottom line to have a career here.

I did, but It’s a lot harder than it sounds and if I had it over again I’d move more often for money. I encourage all to prep for a job search and feel out your network over the holidays. Then hit the ground running in the new year. It’s a pain but you’ll be fat better off in a few months.

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Post ID: @1hfj+1jRMRMCx

I got a 15% raise when I transferred departments & moved a grade higher. Still hate the company & plan to leave when the time is right but you be can get somewhat of a bump in pay.

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Post ID: @1gro+1jRMRMCx

I got a grade bump last year and received 5%! That's less than inflation. And they expected 30% more work via new responsibilities.

I recently left and received a 15% base raise and an increase in bonus potential plus sign-on and stock options.

I actually didn't dislike it at BNY and miss it a bit but I feel like for a global bank that wants to implement a high performance culture they're just not getting the comp side right. Too cheap. Very shortsighted.

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Post ID: @nrq+1jRMRMCx

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