Reminder that any raise below 5-6% is actually a pay cut due to inflation
It’s simply amazing that they call a 2% or less a “merit increase” when it doesn’t even keep pace with inflation
And given how cheap they are for even level 3, 4 employees, I’d expect sub 2%
Then either your manager or their management chain is extremely lazy. That is not how it’s required to work.
One more data point here. My manager said he has to rate "all of us on a curve". There must be somebody who is rated as "needs" for every person who is rated "exceeds".
My manager expressed frustration over this, and said that he didn't agree with it. He said that everyone on the team was a good performer, and it rubbed him the wrong way having to downgrade somebody for no concrete reason.
'...also indicated that they MUST give one person on the team a rating lower than "Meets".'
This is not true.
@kjv+1cTYuCWv our little team is waiting for 401k match and bonus. We have a shared Google drive where we help one another work on our resumes, log research on companies we feel our skills would work for and posts they have. We've gone on interviews just to collect data about companies like salary ranges, management styles and interview formats.
We've even considered building an app for some of what we've figured out with our research methods. We protect each other because we like one another and work well together. When we finally get on with our lives our comraderie will probably be the best thing we get out of this circus.
Management knows how many hours we're working - it's all there in STAMP. Do they care we log 60-80 hour weeks for months on end? Clearly not. Instead we're advised in midyears that we should have more Pluralsight time logged. Sure thing, boss, as soon as I find out how to work while I sleep.
@qfr you really shouldn't be trying to protect other people. If your group doesn't hit those milestones you should all still go through with it. The fact your team is that at-risk should be exposed rather than covered up.
Yes, it would suck for those who stay, but that is what needs to happen so that leadership can see the dumpster fire they're riding thinking everything is fine. Let the wheels come off so meaningful change can happen.
My group is similar. I fill a vital role on my team, covering a shift nobody else is willing to work (they can't even get contractors to take it), and do more of our bread and butter work than almost all my peers save for the one who is more senior than me. I won't waste one second thinking about staying despite how it would sc--w over the people I work with.
Management needs to see it can fall apart in order to respect that it can happen. Plus, if the anecdotes here are at all true they might call you back and you can negotiate for more money.
The OP is correct. Go to multpl.com
Current: 5.37%
US Inflation Rate for Jul 2021 — reported Aug 20, 2021
I have my own guage for inflation. I look at the gas pump. Virtually NOTHING gets brought in without a truck, which uses fuel. I have seen increases in just about everything that I buy over the last 6 months or so. Or the packaging gets smaller while the price stays the same.
Keep in mind also the new metrics for employee ratings. My manager indicated it is incredibly difficult to give someone an consistent exceeds rating or a occasionally exceeds. Most will be "Meets" and manager also indicated that they MUST give one person on the team a rating lower than "Meets".
Someone mentioned that Wells made money this year, what would their reasoning be for being stingy on raises? I have no insider info on this, but a couple things would be:
I am not bonus eligible, so I'm not expecting much at year end for increased compensation. My taxes on the house are increasing so any increase will be wiped out from that alone. Obviously, that's not Wells Fargo's problem, but it is just reality that we'll have less money to work with after required expenses are taken care of.
goodness. I cannot remember a raise above 1% in the last 6 years.
"Since WF is getting rid of incentive (bonus) compensation, replacing it with stock compensation"
100% false. I've seen the bonus/incentive plan changes. there will be LESS stock, not more.
where are you getting info on raises and bonuses? Wells made money this year, what would be their reasoning?
I, and many on my team (in IT) have worked harder than ever this year. Project after project after project. Nights, weekends, 16-18 hour days for MONTHS - we're like zombies.
If they pull raises like they did last year or monkey with bonuses we are all going to leave as fast as we can. Make no mistake, we're all working on leaving anyway but we have a sort of pact to hold together to get over some of the bigger milestones so we don't sc--w who's left with even more work. We're spread all over the country so we're not in direct competition with each other for jobs and share resumes, postings, and strategies for getting OUT.
Our goal is to all get out in short succession of one another. We will be shifting into overdrive in our job searches come January in any case but if comp gets tweaked we will disappear like David Copperfield.
OH. MY. GOD.
Is this really how entitled Wells Fargo employees are?
The sense of entitlement is here is unmatched
Except for retention raises, of course.
Since WF is getting rid of incentive (bonus) compensation, replacing it with stock compensation, I wonder how previous commenter will feel now. WF has always said annual $$$ is in the incentives not raises. What say you now, WF?
Lol you fool, inflation is about 1-2.5% each year going back a decade. But that is not always the case as you can have negative inflation rates. So how are you getting this raise of 5-6% is a pay cut? Your math is wrong.