I am 602. I didn't negotiate salary when I joined and I am being paid much lower than my peers even though I am go to person in my project.
If I apply for 603 position, would it increase salary and how much?
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Depends on what kind of manager you have whether it’s East Asian or not. East Asians usually give good rating to their own ethnicity, best of luck
@1nt Mind your business! Don't worry about chase.
@OP That was your stupidity! Now you need to figure it out.
Sux off Rachel you sad sack of ...
Connections alone will not get you that far. In fact, I would not hire people with connections. I prefer those without the baggage.
not true You need to make contacts within the bank and develop relationships outside your team. You get promoted mostly through these relationships.
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@11n I have never heard of counter offer to a promotion other than if you are a consultant. What does your department do?
How much are you under paid??
Depends on location and function. I can give personal experience and better understanding of HR process. When I was promoted to a 602, I started at the low end, 25% range, as HR does want to give room for growth in salary based on performance. I made my way to the 90th percentile and when I was promoted to 603, I was originally offered ~4% increase, which was sh-t imo. I did counter at 13% increase and hiring manager came back at 10%, which I accepted. Yearly bonus doubled, which was another huge positive.
Another change that happened 3 years ago is HR took over the merit increases, so it is based solely on performance ratings and where you are in pay range in the role (ex. If you are in the 20% pay range with SSS rating, much larger merit increases than if you were in 90% percentile). Pros and cons to this as managers are not the ones handing out raises based on favoratism, but still can be done indirectly via ratings.
Last thing- merit increases have decreased significantly the last 3 years. The job market has slowed down and my department went from 4% average for department (80people) to 2.6% last year. Pretty frustrating when we get those emails about record profits….. that’s for another days post
In my opinion just stay until you get laid off or get an external offer. Internal offer isn't worth it.
Uh no just stay and do the best u can!!
This late in the year. Two things are at stake. One is your bonus the other is your performance review. If you had a bad relationship with your manager regardless, if you did good work, you performance review will suffer. This will be a permanent mark on your HR record and makes it difficult for an internal move. I think promotions and raises will be limited for the near future as they are not required to give since they have control due to market conditions.
Am in the same position with low 602 salary. Most relies here are having hefty salaries so they don’t really care.