Does anyone know if there truly is no increase if moving to a new job if your title is the same in the new group? For example, a compliance officer or control officer become a testing officer or vice versa. I've been told by some recruiters there is a cap on the inrease maybe up to 10%, other recruiters have said no increase at all due to being lateral, yet other recruiter said it is ultimately up to the hiring manager discretion. Is this an actual company policy and if so where is it outlined?
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Always ask for more. If the hiring manager likes you and think you'd be awesome for the role - do you think they are not will to pay you a few more $'s? Is the money coming out or their pocket? Increase if probably a rounding error in the total group budget. Think about this - do you think they gave you their "Best" offer the first go around? Probably not because they want to have a some more to give to the people that ask for more. If HR said the job came with no increase and I was selected and they made me an offer - I'd still go back to the hiring manager and ask for more. Don't let other people tell you there is no more money - find out for yourself.
Don't let HR or anyone else BS you on this. I'd avoid - IF AT ALL POSSIBLE - discussing comp with HR. One of HR's jobs is to keep your pay low. HR knows the process and deals with this stuff all day long. It's like going to buy a used car - who's got the advantage? You who buys a car every few years? or the sale guys that sells and negotiates with people all day long? There is always more money available - the hiring manager making the decision to give it to you is another story. Wait to you get an offer before you ask for more. ALWAYS ASK FOR MORE. I've changed jobs a few years back - was told by everyone I spoke to that times were tight and there was no way I was getting more money than I was offered. No worries - got offer - asked for 24 hours to think it over, discuss with signification other, ect. Waited till the next day - contact the hiring manager - 30 second conversation from me: "I spoke with HR yesterday and am excited about the offer - looking forward to joining the team - Know I can add tremendous value" slight pause - the only thing that was not so exciting was the offer - is there any room to increase it? - then SHUT UP. I used this and got $3K more in a tight market on an internal move. Not much - but it's better than nothing and only took a bit of strategy and 30 seconds. Last job I got the offer - moving from bank A to bank B - told HR I'd contact the hiring manager concerning the salary - HR asked me my concern and I said it was below my expectations - HR guy literately said that he was authorize to offer $10K more on the spot so to consider the higher amount the offer. I was prepared to ask for more - and got more. There is a chance they comeback with no additional money - but that's ok too - at least you asked - I was unemployed once and needed a job - offer was good - not great - asked for more and got nothing more - oh well - my leverage was low and I needed the job so I took it. If there is no additional $ offered you need to decide if the move is worth the risk or if you want to wait for another opportunity. This about this - If want to hire someone - and they asked for more money - would that be a negative? or would you think they think you were smart and savvy? I'd also mention - changing jobs - even internally involves risk to you - and you should be compensated for those risks. What if you new boss or peers are D*^kheads? What if they expect you to work 14 hour days? What if your new boss gets fired a week after you join? what if the business get sold off - or they really just want to hire people now since people left the team when they learned the majority of the groups job was going to India? Plus if you've been in the same position for years - you're probably underpaid vs. the market. HR and the hiring manager know this - and if they extend you and offer might be willing to offer you more - but you don't know if you don't ask. ALWAYS ASK FOR MORE - you've got nothing to lose by asking for more once they have said they want you and make you an offer.
I’ve screened for some lateral positions recently and was consistently told a raise is possible but anything more than 10% over current salary would have to be approved by the OC and that approval would be tough to get
Typically a lateral is no change in salary. But as you heard, the hiring manager can make the case and it'll depend on the MRP as well.
In this climate, if you're near the MRP, don't expect a change.
I think this is a recent change as I used to get a bit more for a lateral move but for all the screenings I’ve had lately I have been told no change at all in salary. So now I am only considering a level up.
I've had 2 laterals in the past 3 years with increased pay in both. The 1st was because I was under MRP. The 2nd was due to my work history, networking, and ability to onboard quicker than a hire from outside the group, however, that 2md increase did need an OC member to approve. I've also had previous coworkers make lateral moves with no pay increase at all.....it just depends on how badly a hiring manager wants you and what you're willing to settle for.
I've done a handful of laterals over the past few years. None have come with an increase in salary, the reason stated being "because it's a lateral".
The true value of a lateral is getting yourself out of a bad situation, or out from under a bad manager.
Also, we're seeing a lot of re-shuffling with these new P rankings. Within current positions there are (for example) P5's being moved to P3's/P4's, and P4's moving to P3's/P2's, etc. No changes in compensation, but the midpoints slide way off the scale on the top side. I believe this is a new way to encourage longer-tenured employees to leave, but nobody has actually said that.
Why should you get paid 10% more for the same level of job?
I think the new job architecture is another way for them to scam employees. If you are an individual producer your current title would be based on the job level like P3, P4, P5 etc. and if the new job is a P3, P4, P5 they will probably use that as grounds to call it a lateral move if the P level if the same within that "job family" even though the complexity could be quite a bit larger.
As the other person stated, lateral can come with an increase, but it requires approval of an OC member or their delegate.
like most things at wells your mileage will vary. sometimes you have to take one step back to move two steps forward. I've seen laterals with and without pay change. I have even seen where the change may have been seen as a demotion but the candidate got a slight bump. end of day, anything is possible with the right signatures and the right candidate.
With MRP going away, it's hard to say how it'll be approached in the new year. What I'd recommend is be honest with the recruiter what your pay expectations are sitting the screen. If the recruiter thinks it's possible, they'll move you along the interview process. And if not, they'll let you know and you can kindly withdraw.
Worst case scenario, if they get to the job offer portion, if the offered pay isn't within your expectation, you can try to negotiate, or decline and wait for something that better matches your skills and pay desires together.
I’ve been offered several laterals without a penny. I guess HR figures if you’re desperate enough….
An OC member has to approve any increase at all for a lateral.
And folks wonder why employees are leaving Wells in droves.
A recruiter told me recently during a screening that if I was offered a new position and the MRP for the new position was less than 10% higher than my current position, I would NOT received ANY increase. If the MRP for the new position is 10% or greater than the current position, then they would increase my pay.