Get rid of the fat cats that don't do anything, get paid the big bucks and take all the credit. once they're gone, we might get an increase.
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@nbx+17dktjGv Trolls gotta troll. Perhaps it's just jealousy.
as soon as you leave the company
If you get a raise or bonus it will happen in February.
Yep I got a 40k increase to go to a competitor a few years back; after being with the bank (wf)10+ years and being under market paid. Then came back to wf and got a 20k increase so you can certainly get more by going external and coming back in.
OP Not sure why people are downvoting your post. I enjoy the irony of your question.
This was about 5 years back , but a friend of mine had kind of a cool boss. He told her she would make the greatest leap in salary if she left for a couple years and came back. And it worked! Not sure that I can explain the theory behind it, but I’ve heard it more than once. Wells values experience more from outside the company than it does experience from within the company. If that’s the case, it doesn’t say much for Wells’ training and mentoring. Or they assume “they’ve got you by the short hairs” once your here.
@hzf+17dktjGv My MRP went up 10% with the job family update.
The bigger the raise you get, the more money you can spend on Mountain Dew and lottery tickets.
@oob, I'm with you. I find it tolerable here and don't want to leave. I'm not of retirement age, yet but I don't want to go looking for another job. Grass isn't always greener.
the 4th of never.
When you go to JPM and come back.
The best i’ve gotten over the last 10 years or so during review period is 2.4%
Any audit on this new compensation process won’t be done until next year at the earliest. And we all know it’ll be different then.
You guys can't be serious. 1.5%. I've never seen anything under 3.5% and that's just a cost of living adjustment. To be fair, I used to change jobs every 8-15 months because that's how, unfortunately, the only way now to get salary bumps. I hope Wells is my last stop because I really do love it here. I love my team and especially my manager.
IS THERE an audit to justify every rating and raise given? I've never heard of it as standard practice.
@ahk It's so depressing to do the math and realize that, if you are lucky, you can go to a decent dinner and maaaaybe a movie each month on your annual 1.75% raise. But then, a week or two later you'll get an email from your gym saying membership dues are increasing 5%, or your car needs an unexpected repair, and you are actually in the red.
@ahk - Not explain to the team member what everyone got for a raise. Explain to the the Group auditing every 365 written and raise given.
Raises? Never rely on them, they are arbitrary and minimal.
The path to true financial freedom is PRODUCTION and keeping a percentage of that production. It can be sales or business ownership, either way you are in control of your worth. Let your comp vary a bit quarter to quarter and you'll see how much more you can earn. There will be UPS and downs but those ups are really worth it. What are you going to do with 2%?! You need 15-20% annually for a few years to really make a difference in your future lifestyle. Don't rely on an arbitrary system to earn a little bit more, take charge and earn a percentage of you make the company.
Just my $0.02
Why would any manager communicate what someone else got?
Communication last week of Jan. Starting the evaluation process Now. Anyone else get the feeling It’s gonna be h*ll for managers having to explain why one person is getting 1.5% and another 1.75% which is a difference of $200 on a 75k salary, or $7.70 gross per paycheck?
Things may have changed under Charlie (i.e. gotten worse) but in my experience you generally need to get promoted to get anything above 2%. (Yes, yes I'm sure someone reading this knows of someone who got more w/o promotion. I'm talking GENERALLY.)
In my last role I was told at my first full annual review that I'd get no raise because I was above the MRP. (Strictness on this varies, or used to anyway, based on division.) Was told the only way I could get a raise in future years was to get promoted.
When I asked how to get there:
- Was told the only path to promotion was to manager, and given span of control issues even then wasn't going to happen.
- Pointed out that there was one level above me before manager, and was informed that it was "rarely used". Um, WTF? Why have it if you don't use it? Figure if I'd been friends with someone really important, they would have dusted it off and used it quick enough.
It was demoralizing. I had worked hard and exceeded expectations, just to discover that I'd see no financial reward that year, or in future years. Super hard to stay motivated. Needless to say, I moved on.
Sorry, that experience made me a real pessimist regarding raises etc.
When you earn it.
Job titles and classification changes were part of the 'natural attrition' process to create turnover. Employees that have been with WF for several years were informed the title for their role has changed, and look-e here, you are now 15% over midpoint. Sorry, we can't give you a raise and your bonus will come from a continually shrinking pool of funds.
I've been here since 2017 and never received a raise, even when I applied for and accepted another role, if you want a raise here you have to leave unless you are a friend of Chainsaws.
When you switch jobs
When pigs fly!
new comp will be as of 1/31 if you get anything
According to the year end evaluation roadmap HR sent out to everyone, compensation decisions will be communicated January 27-29, 2021. Document doesn’t say when new rates will then take effect, but I recall reading somewhere the pay changes will take effect in February versus how they used to take effect in early March.
2022 if we are lucky