I was just told by my recruiter there are no longer salary increases when staying in the same job level. They said there is no exception to it either. It is a new policy they are rolling out. We were always able to negotiate some money before.
That su-ks!!!
Post ID: @11s+1jkv2nvm7
Exactly. The only way to get a Salary increase and move Laterally via Title/C-Level VP to VP, SVP To SVP, Director to Director etc. is to QUIT AND LEAVE $hitibank !
A promotion or salary increase delayed (false promises of getting salary increase off cycle) is a Salary increase Denied!!! It will NEVER happen!
$hitibank "Genius" @ "Work": "We would rather see good or excellent employees Quit than give them a Salary increase to transfer internally at the same Title Level. But we'll pay External New Hires @least 20% more than what their current salary is."
This does Not happen @ GS or JP cause they're profitable, can afford salary increases and are NOT Dysfunctional Chaotic Freak Shows like $hitibank ! LMFAO!
: @mp+1jkv2nvm7 Very rare cases and if the person was so grossly underpaid. Recruiter would have to fight for it and hard. I lost an internal over a lateral. Compensation team does not apply the rules uniformally. And when bought to their attention they don’t correct. Instead say management can give an off cycle. And we all know how hard those are to get.
Post ID: @mp+1jkv2nvm7
That may have happened at $hittibank back in 2022 and prior years, but Not anymore.
The mandate has been zero salary increases for lateral transfers.
So, $hittibank would rather lose and see employees with institutional knowledge and memory quit than pay them more money and at the same rate as External new hires for the same exact job !
These are the employees who can help $hittibank get out from under the Mount Everest pile of $hit Consent Orders and MRIAs it's always and forever under.
But $hittibank would rather sh00t itself in the foot ! Typical $hittibank "Genius" at "work".
People have gotten raises for lateral moves. Especially if you move from operations to technology or finance
Post ID: @d8+1jkv2nvm7 You're right ! $hittibank would rather lose institutional knowledge and memory than pay employees a higher salary to either stay in their current roles or get promoted. $hittibank is always Sh-00ting itself in the foot.
These are some of the reasons why $hittibank can Not get out of the Fvcked Up Data Architecture dumpster fire and Regulatory problems it's in. There has Never been a time when $hittibank was Not under a Consent Order(s), MRIAs, MRAs, etc..
Post ID: @b0+1jkv2nvm7
But that is the new social contract man for the past 30y+ :D Have you been hibernating. Why are now people changing jobs at least 5-6 times during their career compared to spending 40y in the same place like 50y ago? Companies stopped paying you for doing the job years ago - shareholders is what matters. And with a very well developed globalized jobs market they can afford to lose you...
Post ID: @a2+1jkv2nvm7
Lateral means moving Sideways or even Backwards if You're an Internal employee.
But an External New Hire will be paid more for the same exact job even if they're hired at the Same Title or C-Level at their previous employer (VP to VP, SVP to SVP, etc.).
These $hittibank practices do NOT make sense and are illogical because the practices discourage internal employees from staying in $hittibank.
They're either Stuck in their current role (because it doesn't make sense to transfer internally to learn a new job that's at the same Title/C-Level AND SALARY), OR they MUST QUIT $hittibank.
Post ID: @at+1jkv2nvm7
A New External Hire whether or not they were hired Laterally (VP to VP, SVP to SVP, Director to Director, etc.), will Also Need to do catch up because as you said in your post, "they will need to do catch-up, they are not yet fluent in the new role".
However, the New External Hire will be paid more (at least 20%+) for the same job than an Internal employee who transfers internally.
In fact, External Hires have a higher and steeper learning curve because in addition to learning the new role and department quirks and nuances, they need to learn how to navigate, get and find information in the New company.
The reasons that the Insouciant, Oblivious, Out-of-Touch Br@!n De@d MD gave during a Townhall Meeting about paying External Hires more money but Not increasing salaries for Internal Lateral Transfers for the Same Exact Job, are Full of Holes and Bull$hit !
This partly explains why CEO Insane Jane, her minions, MDs and Directors are Br@!n De@d. Their Heads are Full of Holes and Bull$hit !!!
Why would anyone give you a raise for the same responsibility / level? On top of that usually lateral move means you will need to do catch-up as you are not fluent in the new role... A bit arrogant.
This is not new. There was a HR townhall a few years ago where this came up. MD speaking said “do a good job and you’ll get rewarded”. Was asked why new hires would get paid more than a lateral move. Response was “we have to entice them to come here”. Not making this up unfortunately. MDs overall thought this compensation townhall was GREAT!
Been here over a decade and plenty of lateral moves. Never had a salary increase. It's always been presented that way up front. I find it hard to believe this is new. Lateral by definition is moving sideways.