For a typical exempt role at WF, what is the highest percent increase one can be given without a virtual act of Congress?
The closest I've found in the handbook is that if your salary is already less than 10% from the new job's midpoint, then you probably don't qualify for an increase unless the new manager makes an exception.
But I don't see anything about maximum percent increase. Anyone know?
Multiple factors these days. Where are you relative to mrp? Are you over 150? Otherwise typically it's 20% without executive approval and then it's 30%
In the old days people who were more than 10% from the new mid point were either discouraged from applying or often just outright rejected despite being qualified. Some people came in at the bottom level of the job from existing careers before due to the lack of "outside" postings WF used to do. Then they'd get stuck as a phone banker despite having engineering experience or managerial because the pay range was so much higher. It took "knowing" someone who was willing to put in the extra work to get all the necessary approvals. Best raise I ever got was just under 20%, but I was at like 63% midpoint before the promotion and I was also due my merit increase for the prior year.
I wouldn’t know. Upper management kept ki----g my manager’s recommendation for promotion. I guess they figured I can keep doing the job of one level above for the same money and save them a buck.
That’s why I left that bunch.
I’ve been promoted twice in the past 2-3 years and my raises we’re roughly 22% and 15%. Both times I ended up at about 95% of midpoint for the new role.
i got 100k raise
The rule in WFA has been you cannot ask for salary of a new position that is more than 80% of the new midpoint. Anything above that needs high level approval (which never happens).
Increase? I've been here 3 years and haven't received an increase once. Each year my bonus has been less than the year before despite good reviews "oh it was a bad year", "oh we're still under regulatory restrictions" etc etc... at this rate if I stay, I'll be paying Wells Fargo, not the other way around.
there's an HR transaction matrix which has your answer, if you need over a 20%, it goes up to 1-down from an OC member for approval I believe so many will not go higher than that.
Also, if the minimum would put you over 20% total comp increase, you probably can't be promoted without opening a req
Without applying, it can't be over 20% all in total comp. The only way it can be more is if a req is opened and you go through the interview process. In which, reqs need OC approval right now.
Last year I got a promotion and it was about 44%
Right now there are virtually no increases in base. Anything above 5% has to be approved by OC.
Right now there are virtually no increases in base. Anything above 5% has to be approved by OC.
HR is going to claim 10% is tops, and if you leave they’ll pay someone else 20% or more to do your job. Saw this many many times. That’s provided they replace you.
20% is always the number i’ve heard, that may have changed with the new regime tho.
A recruiter once told me can’t go above 19%!
Why do you bother with internal roles? Move out for 20% jump, came back in a yr for a 25% jump on that and a double promotion.
If you're not making midpoint, the optimal way without an act of Congress to get a raise is to do your same job at a competitor.