Is it possible/feasible to ask for a salary / bonus review? The external market seems to be paying more than I am getting. Would like to stay at BOA, but something needs to happen, salary / bonus wise. Or is that career su----e, especially if I chat with skip level managers.
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If you’re so happy then why the he-l are you spending time on this site? One would think you would move on…
If they thought you were worth it and su-ked up enough to SLT, you would have already been given raises and promotions without having to ask. The fact you're asking here means you're not that person and no amount of "asking" for it will make you that person. I left the bank for a raise, 15% bonuses, less stressful environment, full time wfh, and couldn't be happier now, my suggestion is pursue that market, you'd be surprise how easy it is to find better than BAC.
As a ex-employee I can tell you smaller banks pay much better than BAC . I doubled my salary after I left BAC in 3 years .
Do ask now. Timing is right. Other times of year are more challenging.
Start with your manager. Get them to be an advocate. Flatter them, tell them how much you enjoy being on their team and that you hope he/she/they will support you.
Make friends with the HR person for your team. Flatter them, too.
DON'T just make it about he external market though. (we laughed when someone tried that on our team. She brought in a letter from a recruiter stating that she was underpaid. We told her to have the recruiter get her one of those "higher paying" jobs. She was good, but fine with us if she left. which she eventually did, but several years later to pursue an entirely different, and less lucrative, career.)
DO emphasize your contributions to the team and the company, your dedication, more flattery, etc. If they can't give you hard $$$ when the new pay cycle begins in 2024, then ask about extra vacation, more flexible hours, or things your manager can control. We actually have very little say in comp as it is driven by the numbers HR gives us.
Now, if you came in with a real offer from another company and said you were approached (not actively looking and want to stay), THAT is a different conversation. If you are valued, that gives you manager real ammunition to take to HR and fight to keep you.
They will do pay adjustments for the right people. I would not skip your manager. Talk to them first. The downside is any increases come from total comp pool at year end.
It can be done. But ask now. Ratings are submitted in August. So a) waiting much longer and you will be told year end process has started already and b) get on their radar for what you are looking for so worst case they can give you exceeds for a decent year end adjustment. I went through this 2 years ago. Good luck.
It's possible, but timing in key. Hard to think that right now is the right time unless you bring something truly critical to the table which your group cannot do without.
If you ask for a salary review, you will get a song and dance about pay ranges and told to increase your level of performance to earn more bonus. Don’t expect anything this year, as your mid year review pretty much locked in your bonus range for the year. Unless you were just told you were a superstar, expect under 5k for a “bonus”