2020 was my first year at Wells Fargo. I can’t find the answer to my question in Teamworks. When do I have an opportunity to negotiate my raise in a typical year? My manager is making it sound like it’s dictated to me in a few weeks but that can’t be right.
If I am a high performer (Consistently exceeding) making below 90% comps-ratio, I don’t want a 3% raise. If I get a 3% raise in this example, what’s the process for revising it?
How do I renegotiate my 3% raise when I’m likely to get a 2.1% raise? I’ve worked hard for my entire first five months out of school after my Associates degree and 3% is absolutely unacceptable.
Sheesh... some people’s kids...
This question cracks me up. Consistently high performing for 1 review in a row. Yes, headed straight to Hudson Yard after that
This is a joke post, right?
I would say "take this job and shove it! I ain't working here no more" -Author Red Neck singer
Yup, no negotiation allowed beyond a.) Take it, or b.) Leave. As a 6-year degreed and certified TPM5 FTE with consistent 4 and 5 reviews, multiple Gold Coin, Top Achiever; and, Team Excellence awards, paid below midrange salary, the raises were 1.2%-1.9%. Bonuses at around 9-10%. A male counterpart, starting at the same time has more than doubled his salary and bonuses by consistently going after jobs in other areas, out of Tech.
I did join the army, but I joined a different army
Lol this has to be a troll
You don't want 3%?! Neither do rest of us! You'll be lucky to get 2.2%. You have much to learn. They don't care that you think you deserve 6% even if you do. You should listen to Huey Lewis' song Workin For a Livin. I'm takin what they're givin cuz I'm workin for a livin. Which will be far less than 3%.
Hopefully you and your manager have had conversations about salary and increases before the raise time. If you are not pleased with your salary, as others have said, the best thing to do is to find a different role. If you accept a different role at WF then you could be brought in at or close to MRP. Managers are generally given a 2% budget for the team so if you got a 3% increase the extra one percent came from other people on your team. If you have a lot of high performing people on your team it is hard to justify everyone getting a higher rate. What is happening now is the lower performers are being weeded out so while they were able to take some from of the increase from others this year eventually you might be the person that isn't performing as high as others.
You sound like an entitled AA hire
You're kidding right?
Yes, I disagree every year - to my wife. Your best bet is to quit and start the process all over again.
There is no negotiation. You are told your raise. Basic on a department allocation & divided up. And 3% is very ambitious. Firm guidelines is 2% or less. To make more salary you have to move jobs. Hate to burst your bubble. Welcome to the financial industry.
To echo many of the previous posters and to add a personal element to this discussion I’ll share my experience as someone who just started at a new firm after more than 12 years at Wells. I was consistently rated as a 4 on scale of 5 which was considered really good and my highest raises were 2%. As others mentioned your direct manager is very limited in what they can do for you as the raise amounts are dictated from above. I learned about 6 years into my tenure that if I wanted to make a decent living as an internal I would need to level up once every 2 years at max. I used Quality Assurance as a path into Risk and when I got to Risk is when I saw a very substantial increase in pay. (35%) Moral of the story- don’t rely on merit increases for getting the pay you want or you’ll be sorely disappointed.
Someone who has worked at a struggling bank for one year tops, and threatens to quit over a 3% raise (which I seriously doubt you'll get) should think very carefully. You may be exceeding expectations, but WF leadership have their collective fingers crossed for attrition. No one is irreplaceable.
I worked at WF for more than a decade and only got more than 3% early on, when both the bank and I were crushing it... or I got promoted.
I just joined a different bank that has a much better handle on costs, and it was just announced that no one from middle-management up will get a performance-based raise for 2020. Not sure how employees are reacting, since I'm very new and we're all remote. But I get the sense it's not the first time comp has been restricted, and there's less of a feeling of entitlement if the bank doesn't hit its targets.
laughable that the OP thinks they're a "consistent top performer" when they just started in 2020. News flash OP - you're not a consistenly exceeds employee because you got that one time at mid year review. When anyone says "I've consistently been.." they're referring to over years. You must be young!
Let me give you some good advice:
you're not owed anything.
You need to work hard and own your own career.
Don't expect anything from anyone.
If you feel you're not being paid fairly, go find a position and company that will.
You're not entitled to anything more than what you were offered when you took this position.
To expect a certain percent raise, particularly in our current environment of billions required in expense reductions coupled with mass layoffs just proves you haven't been paying attention and need to reevaluate things.
"My manager is making it sound like it’s dictated to me in a few weeks but that can’t be right."
Serious question: why can't it be correct, specifically? In most cases your manager only has minimal influence on your raise. They recommend things and those above them adjust those recommendations as they see fit and as the budget allows. Those decisions are made in Nov/Dec. What happens in late January is just notification.
Only way I have ever negotiated a higher raise at Wells is to say I am leaving or transferring to new position. Have to be prepared to leave. Sometimes you'll be offered what you're worth, but not always.
Yea, or I just say why are you so cheap, goodness sake this is a bank
Ill definitely get down ticked for this but there are so many whiners about the bonus thing. Everyone knows what it is, so why not work somewhere else? Cause they are paying the same if paying anything, Face it we can do our jobs bad, good or great but we're not that valuable we can all be replaced. Michael Jordan was replaced.
Want fat bonuses? Go into sales or learn to hit the curve.
Negotiate? Haha hahahahahahah
Brace yourself for being TOLD in two weeks that you’re getting 1% LOL. The only thing that exists as a shining light is the ability to get over 100% of target bonus. Not the same as a base salary increase but better than nothing. I’ve been here a handful of years and every year has been 2-3% raise with 102-108% of my target bonus. My expectations have been adjusted for this round however despite specifically being told I would be happy with the numbers.
The only times I’ve ever received more than a 2-3% raise was when I threatened to quit. Both times I received over 10% increases. I matched your description, high performing in sales. This was back during sales goals. I doubt it would work now.
Moral of the story, find a new job and then you will see how much (if at all) your contributions are valued.
There's no negotiating. We get what's dictated. Compa matrix means absolutely nothing. 'The bank didn't have a good year' always trumps the matrix. Unless you make below threshold, not even HR can help.
There’s no negotiation in so called annual merit increases. Your only power is to get a new role and negotiate through that.
3% ROFLMAO
Keep in mind - as reported by Bloomberg and communicated by managers - there will not be a raise for folks making $150k plus. https://www.bloomberg.com/news/articles/2020-11-05/wells-fargo-to-freeze-raises-for-high-earners-as-it-limits-costs
I am guessing this is your first job out of school. There is no negotiation after you accept your starting salary....any where. Your employer will let you when, if, and how much of a raise you will get. As others have said, get your mind wrapped around 2%. If you want more, skill up and move to a higher level paying job. You will have 'some' ability to negotiate that pay but look at a max of 20% of your current salary and that is best case scenario.
This is the same process at Ally as well, where i spent many years before moving to Wells Fargo. It is not unique.
Pathetic raises and no internal transfers at the experienced level.
Negotiation? There is no negotiating your raise or your bonus at WF. It is set across the board based on your job class. The way you get ahead is by moving into a different higher paying position every 18 months.
Go to Teamworks > Manager Center > year end compensation and job changes
Click the Make Annual Base Pay Recommendations. There are some PDF links on right side. Work through those, there is one that will tell you the percentages that you will be able to attain based on your % to Market Rate and also your year end rating. It's not negotiable.
Raises are decided in Oct/Nov with comp planning. Historically corp. gave managers a pool of 2% per managed head to dole out. If you receive more than a 2% raise, a colleague didn't earn their full 2%. To negotiate a higher salary, manager would need to request for an off cycle increase on your behalf or you post to another position. Its one of the most bass-ackwards process seen at fortune 500...
There is no chance you will get a 3% raise. It can't be negotiated.
I've been with Wells Fargo ~18 years. My raise has always been dictated to me. For years and years, raises have generally been in the 1-2% range. The decision is made generally months before it's communicated to you, has been vetted, revised, etc. multiple times. I've never heard of anyone negotiating it or getting a change.