Expecting an offer for internal lateral move. Should I be concerned about the move in 4Q? Thanks.
11 replies (most recent on top)
I almost made a lateral move because a hiring manager from a different team wanted to recruit me. I had a couple of interviews and he almost gave me an offer. I waited for a week but received no communications. Then one of their team members notified me that their manager and a couple of Sr. members were suddenly let go. So that was that. You never know when the boogeyman will come and take you.
If you they hired you then you should be ok re: layoffs etc. (but you never can tell).
You could get screwed on your merit/bonus though depending on what you renew boss is like. If you're basically gonna get a 3 (meets) anyway then it won't matter.
I would wait until Jan to move, I moved in September and the old jobs manager got back at me. He only gave me a $500 bonus when I got thousands before. I took it as a learning lesson and a blessing that I got the F away from that horrible manager and department!!
@csz+1pgSLuoE. There is no rule dictating bonus % being tied to rating. Bonuses are 100% arbitrary. There are guidelines established by comparing us to the other big players for ratings and salaries.
As far as raises go, You don’t forego merit increases because you moved teams. Only if your base increases because of the move by a certain percentage. That doesn’t mean a manager can’t feed you a line of BS saying they can’t give you a raise for some reason. But you don’t automatically lose raises because of a move.
I switched teams and got healthy bumps and stacks.
Just curious how quickly after final interview did you get an offer?
I am not the original poster but know someone going through the interview process. I did hear about if you start after a certain date you don’t get a raise next year, but I heard your bonus comes from your old team. Of course bonuses are subjective, but ratings are due in the system soon. Is there a requirement that if a person gets “meets” or “exceeds”’ in a group they have to get some set of percentage even if they are not on the team anymore and transferred internally. Couldn’t one open up a case for retaliation at a certain point if they got screwed for the bonus after moving internally.
Your budgeted merit for 2024 and any increases associated with the move should be given at effective date. Your annual should not be affected.
*shouldn’t
Current manager will stick it to you on bonus and comp
Op here. Thanks for the responses. Does it make sense to move the start date to 1Q of the new year?
With this highly unstable environment at Wells Fargo, your next job might be eliminated before you know it. That's what happened to one of my colleagues, and now he is out of work. I have done a lateral move in the past, but I regret it because I gained nothing by doing it. You do a lateral move only if it's absolutely necessary. If I were to make any move at Wells Fargo, I would look for a higher ranking job because I got nothing to lose in this shithole. We should focus on enhancing the marketability on our resume in case we get laid off.
If you start your job after some date in October (1st? 15? I don't know offhand but I think it's in the employee handbook) then you're NOT 'entitled' for a raise or bonus.
That doesn't mean you don't get it, but it's up to your new dept, their budget etc. Your annual review will still be given to you by your current manager.
I once took a role just after the deadline and still got a normal raise and bonus, but it's not guaranteed.
It's a squirrelly topic because depts likely don't know what kind of budget they're working with yet. It doesn't hurt to ask the recruiter or the hiring manager but don't be surprised if they won't commit to an answer.
I would say look at the situation big picture. It would stink to not a get a raise and bonus, but if you're miserable in your current role, it still might be worth making the move (especially since you still might get raise/bonus anyway).