Anyone know how to find out what the pay range is for each area differential? Salary ranges are starting to show up in new postings in Workday along with the possible locations, but the salary range for those cities is no longer broken up. The ranges that are visible are pretty wide. I don’t think any pay information will be in the job code details which is meh….so much for transparency and embracing candor.
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The new thing they are looking at to treat people as a competitive advantage is to recalculate the area differentials for each city. For example, Charlotte should remain an 02 but Concord could be an 03 and Rock Hill 04. They are really getting ready to tighten the screws!!!
It's more than just area differential now, although that's the biggest piece of the pie.
Also of consideration for certain team members are retention bonuses. These are rare, but for the right people they are substantial. People identified as "Key Players", or those in "Key Roles", as well as satisfaction of certain DE&I related retention goals are the greatest examples of that.
There are a lot of financial details that most people don't see.
I hate when they hide things in plain sight!
You get the “actually provided relevant comments” award!
areadifferential.wellsfargo.net
We used to be able to access the area differential ratings for each city. There was a look-up tool. I haven't been able to find it since we moved to Workday. The only available link is to a useless high-level explanation of the concept of pay differentials.
It seems like the bank is still using area differentials to adjust salaries, but the information is now hidden from employees.
Recent DE&I mandates have also resulted in an increase in the numner lower cost people.
I think you meant to type “hire”, not “higher”.
The high level plan is to higher lower "cost" people. The new pay structure supports that plan. Additionally plan is to hire more people in India and the Philippines. Once again new pay structure allow them the opportunity to sc--w you - if they want so you leave. This whole structure is designed to keep costs low - which will work in the short term (over a few years) - but the longer term consequences could spell trouble. But short term results are really all that is needed to get those executive stock options pumped up.
not readily available as of yet, bit hopefully by end of month.
The pay ranges are so wide it’s absurd. Most these I wouldn't even take if the top end was 2X. They have zero chance of finding good headcount with these dollars.