I'm in my first year at Wells and plan on applying to other roles once my year is up in 2021.
I am making the MRP in my current role, which I've noticed has one of the highest MRPs in the area. If I apply to jobs that have an MRP $10 to $20k below, will I likely have to take a pay cut?
Obviously this is a more specific any example, but if anyone has experience with moving internally and would be willing to share how the salary discussion has went, that'd be appreciated.
WF MRP is a joke. They make it sound like you’ve hit the lottery if they’re paying you MRP. In the old days, the bonus usually made up for the fact that the bank base pay was so poor. These days, they’re going to have a hard time competing with other banks. Without exaggeration, I moved to a smaller bank and into a comparable role (not in a profit making or Tech LOB), and got a $50k raise...
I applied for a job where the max pay was about $3000 above my current salary. The recruiter advised what management had budgeted for the position which was about $10,000 less than my current pay. I chose to withdraw myself from consideration.
However, I have heard of others moving to positions and being able to keep their pay but getting smaller raises.
I wish you luck. When I attempted to make a lateral move, I was told by HR during a screening interview that I 'make pretty good money' for my position...which at the time was exactly at threshold. I was shocked to hear that considering I had to make an HR case to be brought up to minimum threshold. I'm sure we're all over the place regarding MRP depending on your LOB, but before the manager cuts I had a great manager and received excellent yearly reviews; yet only receive 65% of my compa. I would say if receiving MRP is important to you, ensure any move you make is in writing.
Typically, no but it’s up to the hiring manager.
no you do not have to take a pay cut as long as your current salary is within the range of the new position... however, being above MRP for the next job will make any future increases a smaller % than if you are at or below MRP.
That said, if you are very high in range for the new position (like if you are close to the maximum, or about 20%+ over the MRP) some managers may hesitate to hire because they know they won't be able to give you significant increases for the forseeable future and will be concerned about keeping you happy.
Maybe. Really depends what the manager is willing to do and what HR allows.
Yes, you would need to take the cut as that's what the budget is for that manager unless they have the money to match.
To put it another way, if for the role you are moving to, you're still within the max but above MRP, are you able to keep your pay?