How many were told when given their new job title earlier this year “Compensation will not be affected”? Turns out that was a lie. My current salary was not impacted however the salary range was. The min, mid and max for the new job title is significantly less than my old job title. My future earning potential has been diminished greatly. No one knew this happened. None of my coworkers are even aware yet. Anyone else experience something similar???
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I just found my new salary range today and the max for my new job title doing same exact work decreased by $8,000!!!! I’m now $700 from the max which means I will basically never get an increase ever again. Am I understanding that correctly? What in the actual heck is going on? This was NEVER explained to me or the 10 other coworkers I discussed this with. How can they do this???
The midpoint was removed. In past years if you were under the midpoint you were eligible for bigger pay raises until you reached the midpoint. With the change, pretty much everyone now gets the 1%-2% pay raise on average.
where are the pay ranges posted for the new job titles?
If you believe there is no mid-level then you are naive. A recruiter can pull up all people in x title and see exactly what everyone in that title makes. They have bands for each major area and pay within a major job range is adjusted for local cost of living. They say they do have mid point salaries anymore but they are just calling it something else. If there was no midpoint salary or "average" how do you think they would be able to offer you a salary? Why do you think salary compensation specialists exist in this world? It amazes me how we have people working at this bank that have not a clue how this stuff works.
Bottom line is you need to prepare yourself to leave the Bank for another Bank. Wells will NOT be taking care of you with respect to your pay and inflation. Best time to move 1Q23 or 1Q24 - inflation is Not going to slow down anytime soon. Charlie got 20% this year - rail road guys just got 24% - and you got what? 2.5%! Leadership here does not care about you or your family. They tell you no $ - but take some classes on Pluralsite lol just Fing sad...
new job title change made my role no longer bonus eligible. that stung!
My mgr asks, how's the new job tilte working out? I say, well, other than no longer receiving a bonus? He says, oh right... I tell him--until WF touches YOUR pay, you have no idea how this feels. I could go on, but don't want this tough audience to rip me apart.
So uninformed… so uneducated… take responsibility for yourself and your career and stop blaming the world because you don’t like your job or how much you are paid. You are free to change that. Find somewhere else to work where you get paid more than you are now for doing the same work. Good luck!
You realize that being slotted into the lower role just means you have an extra opportunity to move up a level and get an actual meaningful pay raise, right?
Your current salary wasn’t impacted, but if you were on the edge of two roles and they put you in the lower one, apply for a job at the higher one, get a ready made 20% raise for a job you are clearly qualified for instead of doing that higher level job for free.
My job title went from Worker Bee to Worker Bee Specialist practically overnight. Yep, I had to bring donuts in the next day for everyone with an advancement like that!
midpoints dont exist anymore, fake news
I was max’ed before the job title change. I’ll need to check to see if my max moved higher…
In my experiences, new job titles usually mean American are axed.
Because H1-B applications in process, you are not supposed to layoff American with the same title as H1-B applicants.
It is just another way to get around the system.
Would you really expect anything different from this shitshow of a bank?
I think everyone knew about this or everyone but you.
This happened to me and I talked to my managers about it, they worked with HR, and then I was given the higher level role. I did address this as soon as titles changed over, however. Not sure if it’s too late for you to address this now? Best of luck!
Yes this happened to me also. I don’t know that there is anything we can do other than class action lawsuit like the 401k issue. Did they really think they could mislead over 200,000 employees and not one would notice? Did Charlie’s new job title have a much higher or lower range. I bet much much higher after that 20% increase.
Forced attrition...