We've had 10% inflation for over 2 years now and pathetic increases of 1-2%. This is getting real now. Its not just branch workers that need a cost of living adjustment. If they're not going to increase our wages to match inflation i would start spending my time learning new skills, fixing up your resume, and applying. You owe it to yourself not to have standard of living tank.
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What South American country do you live in where you’ve had 10% inflation for two years now? Life must be rough. Especially with that 1-2% merit increase. That’s what the mouth breathing shirt collar chewers in my team got and all they do is create drool spots on their keyboards.
Quit exaggerating so much to make yourself feel better.
@qmb+1lbjHcYJ Oh yes, it is the libs forcing companies to spend their revenue on stock buybacks to enrich the executives and shareholders at the expense of the employees. They also force other companies to raise the prices of the goods they make to maximize profit while wages stagnate because, well, gotta buy that stock back!!!
How did we not figure that out until your post!? 🙄
although inflation seems to only go up I'm guessing if we had negative inflation no one would be asking for a pay decrease. if you want to make more money don't rely on your employer, you need to be proactive, self promote within the company, learn new skills, take a job at another company. Crummy raises aren't just a WF thing, most companies do the same thing and those that stay within the same role/company year after year will only be disappointed
So you’re ok to formally tie your base salary to the fed rate? No matter where we are in the cycle? Come on…
Someone on a website where people who work at a bank actually said this...
"if salaries increased with inflation then inflation would never get better. We need people to stop spending, only then will inflation start to ease."
Reason 2,300,309 to never bank at WF.
The people who work there don't understand how money/economies/not being crooks works.
Best way to get an increase? Leave the company and come back a year later.
@pri - You’re not wrong, you’re just an a$$hole.
The merit pool was 3.8% this go around. If you only got 1-2%, that's on you.
@sva+1lbjHcYJ Lucky you!! not everyone received that %.....
Merit increases have always been historically 1-2%, but we just got 4-5%?
if salaries increased with inflation then inflation would never get better. We need people to stop spending, only then will inflation start to ease.
What a new thought.
So, if there is no, low inflation or disinflation, would you take no raise or a pay cut?
By referencing SVB, this means a tech role which is on the expense side of the balance sheet, not client facing and providing a service in a silo (you are a risk and guard rails are up for you to cause any severe impact) to keep a service running.
A incredibly high percentage of tech roles (including some managers) do not have a seat at the table. They aren't decision makers on important matters that measurably move the needle for the bank in one way or another.
In order to beat the piddly WF merit increases, specialize and separate oneself from the pack. There are only a limited # of positions available in that upper eschelon of whatever it is in tech that pays above norm.
The ironic thing is that if you are unique abilities/talent, WF or similar company would have to pay a penalty to keep/hire you (as they know they are competing against way more interesting companies you could be working at).
This penalty paid out to the few then limits the budget available for rest.
WF has been notorious for low merit increases--even more so in this economy.
don't blast me on this--but mgrs have their faves and will give bulk of % to them.
Also, SVB said in one of his AMAs awhile back-- something as: if you're making minimum wage-you're doing great. SVB is out of touch. SVB also says along with RTO you may find love in the parking lot. ---that's how mgmt at the Firm is taking care of us
If you are unhappy with your salary there are thousands of other companies you could go work at.