With the unemployment rate being insanely low right now, it makes no sense why they think they can provide us with a 1% pay increase when inflation is off the rails. If they don't provide a proper COLA adjustment for inflation its time to move on, there's jobs out there, and even more so with RTO.
14 replies (most recent on top)
The company you work for has no obligation to raise your pay to synch with inflation. This Inflation is a direct result of government policies. You get what you vote for.
You will take your 1% and you will like it. Maybe, just maybe, if you're good next year, you can get 1.5%. Didn't you know this already?
1% raise encouraged me to work less....end result 25% increase in what I make per hour.
Went to midsize bank. 66% raise on base. Total comp apples to apples ~50% raise. Sales.
Considering tye pull was about 3%, sounds like you have other issues going on
@qlh+1g2JMTR2 - Yes, it's true. While the level of influence varies from LOB to LOB within WF, team managers have always had some level of input into what their team members received compensation-wise.
That is why the WF time-honored strategy to getting promoted and financial renumeration has been to tell your managers what they want to hear, NOT what they need to hear.
Who would it be if not the direct manager? They are given a pot of money to divide. Don't be fooled.
It disturbs me if it's true---I've heard it's your direct manager who makes the decision what/if percentage of merit increase, bonus amount (if eligible) and any promotion.
Can anyone speak to that?
Great question, OP. I believe the answer is WF senior management knows that many who still remain at WF (despite their best efforts to encourage them to leave) are here because 1) they are unable to find a great job elsewhere; or 2) they are unwilling to find a great job elsewhere for their own personal reasons.
In any event, WF senior management knows that they do not need to provide those who still remain at WF a financial incentive to stay. They are going to stay for one reason or another until WF displaces them.
There is why so many senior leaders (DG, SG, SM, etc.) in HR left WF already. From their vantage point, it was much easier for them to see that one's future career prospects at WF are limited at best.
One good raise in years really means you were taken advantage of and abused. Keep up the good work.
I lucked out this year and got the biggest raise of my entire WF career. Not bragging. Raises under 3% absolutely suck, and I endured that treatment for YEARS.
Some of us in HR and the C-Suite got well over 1% increase.
Some of us got well over a 1% increase
The Exodus has already started. Look for stupid management moves to correct without real meaningful solutions.