There are a lot of Legacy Job Grade 5 & 6 individual contributors who were hired to be SMEs. My experience is most of these employees don’t have the specialized expertise that they supposedly were hired for, and many are paid a lot more than their managers that have 8+ plus direct reports and have even more SME knowledge. Charlie should really look at this employee population- there is a lot of wood that can be chopped here.
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I've heard new hires are coming in off the streets at more than MRP, in some cases significantly more. This rather destroys the idea that grades 5 or 6 are overpaid. Maybe the external hires have knowledge the bank needs to grow?
A lot of the managers the previous tech risk exec, Dimi brought in fit under this criteria. 6’s who were just in it for the money and did nothing.
DO you consider $100k a high salary versus executive pay? Maybe you should see what the legacy workers are doing and try to do the same if you want a pay increase instead of complaining here or start doing training in your area to work towards being a better employee. I dont think people on this board can help you with getting better income.
If you brainiacs are all so smart then why aren’t you in leadership positions helping to make these decisions rather than griping?
I’m going to throw a wrench in the trend to encourage everyone here to consider being less critical of the older legacy workers. I’m going to take a wild guess here and say that someday you will be older too. And you will have to deal with a potentially overconfident younger employee who may not have a mature and diverse approach to various workplace issues. Yes, technology know - how is critical and Wells Fargo has fallen far behind. But soft skills such as the ability to prioritize, ability to work in teams, effective communication skills, work ethic, and integrity are critically necessary for a healthy organization too. Something you will learn as you spend more time in the world is that people who criticize others feel insecure about themselves.
Personally, I see hard working experienced legacy workers and hard working young respectful talented employees. I’m fortunate to work in a department where we all come together as a team to put out some excellent work.
There are job grade 5s making 10k more than their manager. The manager is busting their a**, has just as much experience and better skills. Meanwhile, the job grade 5 is coasting along, doing nothing and it is nearly impossible to manage him/her out.
I’ve never understand why a job grade 5 would get paid higher than a manager.
Wells Fargo used to use 1-6 after the job name, though you can’t see it in the directory. So Analytic Consultant 3 or Business Initiatives Consultant 2. A lot of job codes have moved from 5 or 6 levels down to 3, some never had that many. Every level has a salary range, and yes those that were 5 or 6 can make very good salaries and in some cases can report to a manager who is lower on the levels, and possibly less skilled and less experienced.
Plenty of long term people moved up levels without leaving their job and never improving their skills. But, times have changed and that’s not typical anymore, but it does mean a lot of people occupy jobs they wouldn’t qualify for if they tried to get it today.
Bands at BAC are different, B4 gets you an extra week of vacation. B3 gets you an executive title and an office, at least it used to. It doesn’t mean much else because the salary ranges are huge and secret. WF publishes their salary ranges for each job and level in the job families tool, but there is obvious overlap.
Most titles have a number after them. I am guessing that is what the OP is referring to.
If you use the Job Families Tool, you can see the list of job titles out there. For instance under Technology, you have Apps Programmer Analyst (1-3) and then Application Systems Engineer (4-6). I dont think there are hardly any 1-2 levels (i’ve never seen one), 3 is used a lot for junior positions, and a vast majority are 4-5.
What is a grade 5 or 6 employee at WFC? I know what they are at BoA, but we don’t use grades at WFC.
A job grade 5 at boa is a lot lower than a 5 or 6 at wfc and the job grade 5s get paid less than $100k per year on average
They really need to get rid of any one working in same job 20+ years or move them to a different skill and division. They are holding back the company from moving forward.
In my small group of 10, many are legacy team members making close to or more than 100k, for a job that would be compensated at about 50k at other banks. All are overpaid for what the work actually entails. Hope Scharf makes their easy money come to an end.
BoA employee here. Everyone is a 5. It’s virtually impossible to make it to 4 anymore. It’s known full well.
Yes, this level of employee no longer exists at the other banks who are ahead of their efficiency efforts. These individual contributor job grades were wiped out in 2008 & 2009 at the other banks. Shocked that they still exist at Wells Fargo. Interesting that the focus has been on cutting managers when there is plenty of fat to cut here with these individual contributors. They should eliminate these job grades to be in line with the other big banks.