I just found out that after 10 years with the firm, and being the highest performer on my team, I’m at the lowest end of the salary. Most of my teammates are making more than me. I’ve received many accolades over the years, with exceeds ratings. Not sure how much longer I’ll be in my role. Has anyone had luck with salary increases lately?
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I’m in the same boat. Started around 5 years ago at a crazy low pay. Got a few promotions/raises along the way, but it’s still at the low end of my salary range for the position. New hires are making nominally less than me at 2 levels below what I’m at. I’ve also been a top performer every single year.
Unfortunately, the only way to significantly increase your pay is to switch companies. I’m in the process of that search now because 2-4% a year just isn’t cutting it. Get out while you can or you’ll be looking back in another decade with regret
Yeah I'm at 5 years here at Schwab and I feel the same. 2-3 % Raise every year and I've been asked to work for 2 remote teams and go into the office while all my team-mates are remote. No real promotion just a namesake title. Manager, Director and MDs are deaf when it comes to taking any action on critical feedback. Starting to interview now planning to leave after my sabbatical.
Accolades cannot be used to make mortgage payments. Thats really all you need to know. Get another job.
Fairly common. Walt contributed to the problem. What happens is you get 100 dollars. I give you 102 the following year for inflation and recognition. Someone hired the next year gets 105 because that's market. You get 104. Then I have a worker who has some reason for a raise beyond merit and I give them 110. That year you get 105. And so on.
Leave and get the higher salary train. If you don't you eventually fall behind and work for less.
The irony is that it will cost 80 to replace you and they'll pay a higher amount to do it.
@lfr+1vjOyiaV is right. The only way to fairly promote someone without unfairly penalizing others on the team is to get an out-of-band promotion....a promotion not tied to the merit cycle in Q1.
It's a bad system that needs to be corrected. If the new head of HR is reading this, please fix this.
This is the reason why non management are not provided access to salary data. If you try to access it as a non manager you will get told you do not have proper access.
Don't blame yourself don't blame your manager. This is a flaw with in Walts agenda to minimize salary growth.
For the past 10 years Schwab has allocated a standard cost of living increase to cover all pay raises and promotions. That means that any promotion or rewards for strong performance are at the expense for others cost of living. 1 promotion means 10 people get 1/2 the COL that they deserve for doing and average job. As a manager how do you do that! Great job this year strong performer, here's your 1.5% for frank can get a promo
Ok now some of that has changed in the last year but also now noone gets promos hah.
All in all, Schwab has a industry lagging approach to performance based compensation. Managers really have no tools to pay for performance.
This leads to new hires always coming in way above the rest of the peons that decided to stay due to work life balance. Also known as, working 30 hours a week.
If you want pay go elsewhere, if you want a life and can survive on your pay, stay. Luckily I knew this coming in with the advice from contacts to fight my a-s off on the offer letter with the expectation of limited future growth.
I had a similar experience within my analytics team. I wasn’t the most tenured but was producing way more on the analytics front than the rest of the team. I left Schwab about 4 months ago and increased my base pay by $40k. I will never stay at a position longer than 2 years again. Don’t stay and hope for them to make it right. They won’t. Just leave and get the money that reflects the value you bring.
You're only just now after 10 years realizing being loyal to a company gets you nothing but extra unpaid work? LMAO
If you do not currently hold a visa, please look outside.
accolades have no value apart from massaging ego.