I am currently on a J grade in Manchester, UK. Pay is not great.
If I apply for a K/L grade and am successful, can your current manager make a counter offer to try persuade you to stay? I am wondering if this a good strategy to improve pay.
I know we can offer counter offers when people try leave externally, but not sure for internal moves. Also, bit concerned would be at higher risk of redundancy if cuts in the future.
Best way to progress your salary is to leave.
BNY is immensely tight and will happily pay bottom dollar rather than fair market knowing staff feel there are not many other options out there in the manchester site.
This is wrong, there's so much opportunity if you look.
If you're poorly paid for a J, you'll be even more poorly paid for a K after the capped increase (which is negotiable beyond the standard 10% line that's trotted out)
Best bet is go external.
I left for 5 years and came back on more than 3x the salary. Left again after moving from a K to an L and seeing wage stagnation set in.
Fair market for whats expected lf a K is about 65/70k.
I was an L on just over 70 and was aware of us offering 100+ for Ls in the market who weren't as experienced.
Can only match, cannot increase the offer.
I was under the impression at BNY Mellon that any upgrade in role regardless of the salary offered the best an internal transfer can expect is 10%.
Don’t transfer until after you receive your incentive payout. Otherwise, your former manager will sc--w you over.
I quit and walked once after they reneged on a huge raise.
They called nonstop the next day and I came back to that huge raise.
You have to be willing to walk out. It’s a powerful we-pon if you’re valuable and very good.
No counter for internal movers
Tbh with EOY reviews around the corner, I wouldn’t bother with this strategy unless you’re 100% confident you will get ‘exceeds expectations’ (which will be even less likely this year).
Also if you do go ahead with applying for another role, I would strongly suggest you apply to a function / area which has no current ties to your current line manager. Managers will casually talk to each other about you if they already know each other. It’s less likely if they don’t run in the same circles (telling you from my colleague’s experience failing to keep an internal move on the DL haha)
I’ve never seen an internal counter offer. I’ve only seen promises of “we’re going to try and get you more money.” It benefits the company if you take an internal role at a higher grade. They can slide you into it for less than they will pay someone externally. You get more money in a new area and they save money. No need for them to entertain or approve a counter.
There would be no counter on an internal move
OP,
Why would you even want to entertain this? Once you move, you stay gone. You would definitely be ‘marked’ for future cost cutting opportunities for Poland and India. You are not in the driver’s seat here. Not ever.