Was going for an internal - higher position and during the interview process the recruiter told me that there would be no raise. Since my current salary is already within range of the new position, there would be no increase. Only increase would be to the minimum if you are below. Why would anyone accept a "promotion" and take on more responsibility with no pay raise????????????
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I got hired from a p4 into a p5 and was offered 10% increase.I counter offered through the recruiter 15% they increased the offer to 14.8%. It was close enough.
Nope. I know someone who tried to go from a p4 to p5 and said the recruiter said no raise. Maybe true if you go to an m3 since it’s a people manager role
Gee, I wonder if this awesome new policy applies to executive roles. Yeah, that's what I thought.
Every single action taken by HY is internationally designed to eliminate the domestic workforce. All of them.
yep. 2.9% target annual raise pool included all in-role promotions. so folks not getting promoted should be thrilled to be north of 2%. And if you take on a new job make sure it is (1) a move from i individual to manager or (2) has a different comp code band. otherwise any promo increase requires OC+1 approval - ie for former Chase employees only
I have heard from a reliable source that roles at P5, M3 and above are excluded from this policy. Not sure how accurate that is though.
Yes. They recently changed this policy, and a coworker of mine was able to negotiate a 15% raise earlier in the year before the change took effect. I was trying to make a similar move to them and was told no raise. I ended up leaving the firm due to it. What a blow to internal employees.
What’s the bad part is they increased the range on both ends no so no would get an increase. That’s the truly evil part.
Chuckles the Clown…working his magic to completely demoralize his staff.
Both. If you move laterally, or get promoted, or apply for a higher position, there is no more money for you if you are already in the pay band.
Is this for a move within the same pay grade? Or increasing from say P1 to a P2? I have heard they won’t give raises until the next pay cycle (ie feb) if you move mid year. It’s ridiculous
The first thing an internal recruiter asked me is if I would like to withdraw my application because I was going down in pay. I wanted to keep a job instead of being without a job. I thought a lower paying job would be better than no paying job. I could do this lower paying job for a year & then start posting out.
Shart believes that every single employee that started before him is tainted with scandal and a part of a company culture that he wants to completely eradicate. He doesn't want to even try to attract people and motivate them to buy in to his vision (helpful, because he doesn't have one), he just wants us all to quit or, barring that, get downsized. This "no raise for promotion" policy is one of many strategies to chase people away from the company and motivate them to leave. Slap enough people in the face, and many will do just that. It's pi-s poor 'leadership' any way you look at it, and is rock solid evidence that all this "we care about our employees and their career paths" stuff is a complete fabrication. It's also unlikely to work, because what ends up happening is that only low confidence dead enders that have few prospects elsewhere actually except. Sure, you get them cheap, but these are not the high performers you should want to advance. He probably figures he'll just be able to term them for performance down the road. Anyway, it's a garbage policy and whenever came up with it should be fired. They have actually formed "comp committees" who's only job it is to create BS justifications for not allowing the LOBS to pay people 'too much'. So even if your LOB exec approves a good raise, these committee A holes have the authority to shoot it down completely or reduce the amount significantly. It's a complete joke, and again, all of THEM should be fired immediately.
Yeah, this is a head scratcher. You could make sense of a lot of other hot topics like RTO and layoffs, but promoting without promoting just doesn't make sense. Plus the bands a re so large now, it's almost unavoidable.
yes, this was implemented mid year. we'll pay up to the top of the salary band to get someone from outside the firm to join, but if someone comes internally and they are at the very bottom, as long as they are over the minimum end of the range - no raise.
Dude...this is not the bank to be expecting raises from, CS thinks you are very lucky to even have a job.
Yep. They told us managers that we can make a pay adjustment as part of the annual merit except they never give us enough money to actually make any large adjustments to salary.
Of all the stupid and demotivating policies these guys have implemented, this is one of the worst.
Unsurprising.