I don't mean applying for a new higher level position. I'm talking about your manager(s) deciding to change your title to the next level up (ex: analyst to senior analyst).
In my area (reporting up through Santo), I can't recall a single time someone was promoted. Occasionally people switch roles and move up that way, but never is there a spontaneous promotion when their manager moves them up a level.
@1nva+1kXQ0WSp "some" is key word in your post....the reorg when HR changed titles--the issue being some no longer bonus eligible. It takes a mgr with a backbone to submit for next level promotion and take care of their team....unfortunately my mgr is spineless
I’ve been with the bank for -15 years. I received my 4th promotion a couple weeks ago.
It's almost unheard of. The only time I've seen it in 18 years was when a guy got promoted from hourly to salary. When he was hourly he was the highest paid guy on the team (100 hour work weeks - Eight is Great!), and management had a royal fit about that because he was really a junior level guy. Promoting him to a salary position got him a fancy title but it didn't change his job one bit, and it cut his pay in half. He's gone now.
What’s a promotion? I’ve never seen one on my team or heard of one discussed.
Tech and I&P are where the bulk of promotions come from in the bank.
Agree with the previous poster. I saw a lot of promotions in my team as well. Am in Technology. Lot of them are Principal engineers. But most of them are one or two years old. Did not see a lot of old timers getting promotions though. Only couple of them.
In technology there were some sweeping promotions in my department to correct re-org related HR title issues. Never heard of anyone getting a real promotion in my 18 years of service.
Different LOBs work differently then I suppose.
In my area it’s about as likely as one of the c-suite d-bags giving a truthful reason for RTO.
WIMT had 109 promotions this season.
It would depend on the group/program. If you’re part of such a program with auto-promotion you already know. For most of them you come in as an “associate” whatever and then after a year get auto-promoted to the same title with “associate” removed, assuming you performed well. Or go from an entry level position to “senior” something. I obviously can’t speak for the entire bank and I’m not in HR. That’s just what I know from the business I’m in and what I’ve heard about some other LOBs.
while not common it happens more often than you think. they just don't go around advertising it or celebrating those who were promoted. Ive been promoted within the same or many times I er the years and have gotten many of my employees promoted. it take both a manager and employee pushing for it and then making the case to senior management. while off cycle promos are possible they tend to do them during the perf cycle which I hate because the salary increase comes out of merit budget so everyone else gets less. take a look at emails for your fellow team mates next week and see if anyone has a title change.
@gdb+1kXQ0WSp what level is that?
It’s quite literally not permitted for a lot of roles. In certain cases promotion up to a certain level without applying for a new opening is part of a progression plan (for instance, in some training or early-talent programs there are built-in progressions of promotion). But beyond a certain point, you have to apply for an open role. To get promoted on the same team, you need someone more senior to leave and then to apply for the role, or a new position with that title to be approved for hire on the team. In either case, the hiring manager still has to go through the entire hiring process and interview external candidates, even if they end up promoting someone internal. That person’s old pre-promotion position would then be open and the hiring manager would hire to fill it as well.
Finance is very top heavy - those at the top make a ton (including LOB CFOs) - but one or two down low pay and no growth unless you take initiative
Last year they were going to have me apply to my own team for a promotion. I said no and went to a new team entirely.
What a waste of time.