Is it possible to get a pay hike if I apply and move to a job with the same job title as my current job?
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Internal promotions never seem to amount to more than a 5% maybe 10% raise. This is dependent if it's a position higher or to another team. Typically the base pay will always be granted to outsiders applying to Wells Fargo.
If your goal is to make more money, always apply to external companies and do not move internally.
I did this and I got a tiny bump but internal employees are pretty much SOL vs external on that.
Not Corporate Risk, it was their policy according to my HR contact.
CSBB is no longer providing TVC targets to internal candidates - only base
@1bev+1l70vTCK You don’t seem to understand the reason the pay transparency laws were enacted. It was to stop companies from under paying people - all people, not just new people.
Just did this a month ago - lateral move - negotiated for a higher pay and was told that there is no more pay increase for lateral moves. I took the job cause I wanted to get out of the department I was in!!
There is a problem with that legal theory regarding internal hires. With the exception perhaps of moving from Wells Fargo Bank NA to Wells Fargo Securities or another legal entity (and even all the Wells Fargo legal entities sit under Wells Fargo and Company), you’re not starting a new job when you are hired internally. You are effectively being promoted - albeit through an application process. Additionally, Wells Fargo does give - both for internal hires as well as for internal promotions without application - significant raises. The narrative that you don’t get raises only applies if you are stuck in the same role with meets or inconsistently meets review and you don’t apply internally. Exceeds are on track for promotion and the needs improvement are let go.
I’m gonna post it here again. Someone needs to speak to a labor lawyer. I feel this practice for internal hires may violate the new laws about pay transparency.
Companies are no longer allowed to ask external candidates for their salary history - only their salary requirements. Internal candidates are at an inherent disadvantage as HR freely shares candidate current salary with hiring managers - and that plays into the offer decisions.
It clearly plays a role in salary decisions as everyone knows leaving and returning is the fastest and easiest way to get market adjusted pay increases. It would be incredibly simple analysis of pay for the same role comparing internal candidates and external hires.
I made a lateral move last year. 12% increase.
there is an actual matrix on teamwork’s that goes over this
anything is possible, just depends how much they want to fight for you and what your worth to them. I took a demotion a couple years back for a really good development opportunity and was able to get a slight raise. Also changed roles last year resulting in a promotion and asked for more after their original offer, made the case why I am worth it, and got it. It never hurts to ask, worst they will say is no at which point you need to decide to turn the offer down or accept as is.
It literally depends on the hiring manager. I had a screen with the recruiter for 2 lateral positions. One recruiter was adamant the manager would not approve an increase. The other recruiter did not mention that.
I once tried to get a job in tech that wasn't lateral and paid a bit more (%20-30 more). I was told WF caps how much of an increase in pay you can get no matter where you go internally. So, pay ranges aside, if you are making base $70k/year and apply for a job that is posted for base $100k, forget about it.
@zcy+1l70vTCK - It makes sense because there's a big pay range for the role.
@yha+1l70vTCK not in the last few years you haven't. I don't remember exactly when it changed but you can no longer get a pay increase for a lateral move.
Nope. Lateral move, same pay.
Not true. I have taken a few lateral moves with increases. It depends how far the hiring manager is willing to go to get you on his team.
I’m literally LOL. Why should you deserve a raise for the same title???
No, same title = same pay. I went through this last year, but I was fine with it because I hated my old job so badly. The recruiter made that clear pretty early on that lateral moves can't get raises.