With inflation taking place, and if one is to get a raise in the coming months. Any chance there is something in the aspect of the raise where Wells would consider extra monies to help employees cover current inflationary expenses. I don't believe it would be named COLA per se, but it would have that implication and the definite dollar(s) bump.
27 replies (most recent on top)
COLA's are for people on social security, basically fixed income, not in private employment.
Companies don't make money by giving it away and all companies care about is making money.
They don't care if you can't afford groceries.
CBP was frozen in 2009 IIRC, it still earns tiny interest, but they don't contribute to it anymore. Definitely lame. Profit sharing was the bone thrown to us in exchange and for a few years it was 2%, but at 0% it's hard to call it much of a benefit.
Where is the laughing emoji?
@lat I've been an exceed every year until last year when they redid everything.
It's been at least 6 years since I've seen a 2% or higher raise.
A few years back when I started working here I received a cost of living raise. At that time, I was in a role that was one of the lowest paid in the company. It wasn't much of a raise. I believe it was $.50 more per hour. I have since changed roles and haven't had a COLA since. I have received raises for other reasons though.
Oh, and they ended the Cash Balance plan, so there's another hit. And raises more typically are like 1.5%.
@lat+1dKnLJFI, fair enough. But one might think that after 10 years an employee should be worth more than relatively the same wage as when hired. Plus, figure in the higher costs of benefits and the fact that Wells no longer offers the long term care plan, so I have to pay that 100% out of pocket.
No COLA, but at 333 market in SF they have 7-UP.
merits budgets should be higher this year than previous years and while you may get more than 2% on average it won't be more than current inflation. managers will know what their budgets are next week when comp opens. also, >150k are eligible this year although highly encourage to funnel the money down to lower paid staff. additionally, with job architecture changes mrps are going away in lieu of a range so no more comp ratios after this year.
2% every year for 10 years certainly gets you close to 23%, no? Ever got more than 2? Probably are ahead then.
Prices have increased 23% since my hire date a little over 10 years ago. Do you think my compensation has kept up? Given the piddly merit increases, I actually probably make comparatively less.
COLA doesn’t exist here. You get a “merit” increase and, possibly, a bonus which s non-formulaic.
Post ID: @blt+1dKnLJFI
When the wealthy and big corporations got a tax cut and given a license to steal from the other 99%, what did you think was going to happen.
But you still keep voting faints your interests because your talking heads and the internet tells you to.
Wake up.
Dumping money into the mix is how we got here in the first place. Adding more won't help, it will make it worse. Think a gallon of milk is expensive now? Wait until the guy sweeping the floor makes $100/hr.
Definitely not pepsi or coke but Walmart house brand (Sam's Cola), if you are lucky enough to be in Hudson NY corporate office.
Not sure why the OP is getting so many down arrows. I think it's a legit question. The inflation we're experiencing is not like anything we've seen since the 1970s. It would be reasonable to expect some kind of salary adjustment for the sky-high inflation. Realistically, I don't think it's going to happen. We can toss this onto the growing pile of ways the Bank is pushing voluntary employee attrition.
If recent experience is anything to go on, they aren't giving any kind of adjustment to base salary, only bonus.
@gyd+1dKnLJFI Mentioned no raises again this year if you make >$150K. Has this been confirmed? Hoping they wouldn’t do that two years in a row.
They're called market rate adjustments and they only happen when Wells determines it's paying way below market for your job title.
no they don't give cost of living increases; they call them "merit" increases which certainly are not that either.. expect a very low amount, if anything. if you make over 150k you won't get anything at all.
LMAO no we get 2%, increase benefits by 5% and like it......yes Sir may I have another....
I just sp-t out my coffee reading this post haha :)
.....and no, my name is not SvB....
You must be new here.
@qtp+1dKnLJFI one of the reasons people did so well in the 70s was because taxes were to high. Keep up.
Cost of living has never been a factor in pay increases. In spite of that, people keep thinking that it is, inventing the idea that it's a thing.
Inflation is the price of runaway spending, printing of money, and the dumping of cash onto the citizenry by those that like to buy votes with other people's money. Remember all that "free government money" you got the last couple years and the zillions of dollars of deficit spending? Well, here's the "bill". There is no such thing as a free lunch. Never has been, and never will be.
Good luck. You could try asking for one.
Typically what I see is WF will raise the midpoint for your position so they can hire new people at a higher rate (to remain competitive). Then your percentage to MRP goes down and your manager passes it off as a good thing because there's more room for you to grow toward MRP.
You can expect a 1-2% raise for a meets rating if you're below MRP and a 0% raise if you're above MRP. Neither percentage will keep up with inflation. Considering only 15% of employees can get above a meets rating, that's what you're likely stuck with.
Last time they raised the MRP for my position, my yearly raise wasn't even enough to keep me even with MRP. (I went from something like 85% to mid to 83% to mid after the raise and the boosted MRP were both calculated.)
No