I make what I thought was an ok salary for a 602 in HCL area, until inflation hit my pocket book really hard this year. I’m below the low end of the range advertised on similar jobs in the job portal. Commute ki-ls, but I love my work. I’m finding it really hard to afford much now. How is everyone coping. I know it’s not a JPM-specific question, but I’m wondering if they will ever adjust salaries to align with at least the lowest band. I feel ashamed to say sometimes I eat just once a day.
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Sorry we just dont believe you. The price of eggs has come down. Hope you dont plan to graze in central park as you can't afford that
@ap I cook at home. I can’t afford to eat out. Cost of groceries is through the roof. Basic milk is up, bread is up, cooking oil is up, haven’t eaten eggs in a few months. Sometimes I look at the grass growing outside and wonder if it will come to to that.
@1rk what do you mean 602 is god?!!
We do all the grunt work. Do you know even what COL is nowadays? Out of touch much, it’s easy to be so when someone else is doing all your work for you and getting paid peanuts.
Yes and the work from home time is sweet too. One of the main reasons I stay. Go Dimon Go Chase
@jk not at all trying to be negative but I’ve been at Chase 15+ years …gone are the monthly bonuses in mortgage operations…the year end pay raises aren’t much at all (if any) and even if you are a high valued employee or manager…they won’t raise a penny to keep you.
I’ve seen amazing talent leave year after year. Throw in terrible Manila now doing about 75% of ops…annnnnd now Bob Segnini is poaching whatever few decent ops we have in Manila…not good scenario at all.
Hey, at least we get a nice amount of vacation time🤣😑😑
What is your base? This sounds hard to believe as 602 is god
@jk Move for a higher salary. Take something, it may be a stepping stone in your career.
We are feeling it too. Same story as everyone before me. Thankfully I am WFH. The gas alone would put me out of budget.
The comments about outside your means is only partially valid. For us, I was making 20% bonus annually and my wife was working and we didn’t have a kid. Now my hoi has doubled, cost of groceries increased substantially, had a kid, and it’s cheaper for wife to stay home with the kid than paying daycare.
Without any variability in my pay and no raises while inflation continues to grow it’s just unsustainable. We are actually moving to a cheaper area and going to rent our house just to try to open some wiggle room. I understand a year with no raise or bonus but 4yrs with no growth is unhealthy.
Good news, rates are going to drop so hopefully that sparks some investment as well as rocket/cooper merge means chase mortgage will need to step up its game to continue to compete. Lastly, Wells Fargo acquired bob segnini who has been poaching Chase staff to build up their Manila group, so Chase may step in with some sort of retention for staff they want to keep… all hearsay
I wonder what the economists say about a recession. We white collar people are needed to reduce our spending which affects business profits. When business profits fall we see layoffs or they charge more for less; therefore they layoff people then a snowball gets created.
@dq must be mortgage like me. 4yrs with exceeds across the scorecard, no raise and no bonus. First quarterly bonus in 2 years was less than 1% of my salary
I’ve been with Chase for 9 years and my entire department has not received a pay raise since 2021. Yes - we have not received a pay raise in FOUR YEARS. We have not had a bonus for the past 2 years. Now we are finally getting a bonus next week, but it’s about 1.5% of our salary. So yes - I am also finding that my paycheck is getting smaller each year with inflation.
So basically the advice is do less with less. It’s easy for management to say. We don’t know the situation of this person, but if they are not even earning the Low end of an advertised salary, that’s not an employee problem, it’s a HR problem.
I know this is not what you want to hear, but have you thought about cutting down on eating out. I know society puts a burden on us that if we don't go out on Fri or Sat then we are weird. Buy a case of beer and hang out at your place or someone's else place. It is the same thing you do, but just a different setting.
This is one of the reasons why you negotiate your offer letter when coming in externally, because these 2-3% pay raises are not cutting it even though you can get 5% percent without upper management approval. Unfortunately, the only way for a substantial pay raise is leaving and coming back not even an internal move will help you. This late in the year I would wait for bonus then dip.
Just work a side gig during work hours. Keep it in the dl and they will never know.
In my anecdotal experience, 100% of the time it is a spending/budgeting issue, not to say its the same for you, but every time I help people in these situations I always find that their spend is usually 2-3x mine, or a reasonable expected spend. Its usually these 3: rent/mortgage, car payments, or a ridiculous spend on something not needed. If you are struggling and not working minimum wage or entry level jobs, then there is a near certain probability you are living beyond your means somewhere.
I have to update iOS on my iPhone but I am out of storage. It’s unaffordable. Why cannot they give us a phone for work.