Anyone else have experience with receiving a Meets/Meets but not getting a raise? My coworker told me she received a Meets/Meets but didn't get a raise so she complained to HR and then received one. Does that happen?
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She didnt say how much of a raise she got but implied it was still not great. She said reached out to the HR rep explaining that she has been meeting expectations per her review but did not receive any comp increase. HR took information and met with her later and said they re-evaluated and that she would be getting a raise.
meet/meet at same salary in the last 3 years.
So - if you are at the top of the range - HR is stopping the raise? In that case - will you get promoted auto if a top performer?
OP: how did she complain to HR? Just call the HR rep? How much did she end up getting? Was she required to provide any documentation of some sort to justify her raise?
@ewx+1rui3k2e -the person gets the same speech from your every year ("you're already at the top, sorry there is nothing I can do. HR won't let me.") until you get promoted, change roles, leave the bank or die.
that said, if your comp has Discretionary portion (e.g., bonus), that is flexible and can go up (or down) depending how the company does.
So Total Comp can increase even if Salary remains flat.
What happens when a person starts making over the pay range based on a job code?
I experienced the same last year. Left and have never been happier.
Those who didn't receive a raise or got a puny one were likely absorbed by high-level execs. Good for 'em sobs.
Bank of America Corp. disclosed pay increases of more than 10% for two of its highest-ranking executives a month after reporting that Chief Executive Officer Brian Moynihan’s compensation was cut for 2023.
Chief Financial Officer Alastair Borthwick’s total compensation climbed 14% to $12 million last year, while Jim DeMare, head of the bank’s global-markets division, saw his pay rise 11% to $21 million, according to BofA’s latest proxy, distributed Monday. DeMare’s compensation was second only to Moynihan’s $29 million, which was down 3% from the previous year.
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https://www.bloomberg.com/news/articles/2024-03-11/bofa-executives-get-pay-bump-even-after-ceo-s-compensation-cut
If she is making over the pay range based on her job code, she is unlikely to receive a raise at M/M. I haven't seen HR overturn such a decision unless the employee is under a protected class.
correct, this is pretty standard practice at this sh*t bank. Only shoelickers get the pay raise.
Is a cost of living increase considered a raise?
Yes it does. The allocations for paying trades are handled by management and the favorites get a large chunk of that.