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Pay is pretty pathetic. Annual 2% raise if you’re lucky. The 2 most fictitious words in the Wells Fargo world is Bonus and Top Pay. We’re told by HR that the mid point of your pay scale is “supposed” be the Industry Average???? When in reality, you start at rock bottom in hopes to get to the mid point after 25-30+ years. Really sad actually. I know people that has 30 years in their position and at not at 50% of the range.
Post ID: @sziw+1eFv65Pu
If you want to get ahead financially, you need to change companies. It's always been the same. Somewhere around 32 months used to be the right amount of time to learn all you can without looking like you're job hopping. Eventually, you hit that sweet spot where small raises each year compound and you hang around because it becomes counterproductive to move anymore.
Ok so wthey gave this raise in Feb $1. are they still going to give a another in March like normal because the amount will not even help Babies, a mortgage $1500, food which the cost is very high this year 2022 which don'tunderstandwalkingout a store with3 bags and paid $129.36, utilities, and etc. And on top of that I am the only one working in my household. But always try to come to work with a smile and helpful and respectful and patient to my customer over the phone. I don't think it will be fair for someone new to come in and make more than me. Especially if I been here over 5 years or 6 years (Which I didn't even get recognized for) I know it is a pandemic and all. But stiill make it a effort to say great jo you made it thru the 1st milestone keep going. Right now I feel like I am not going to make enough to cover my bills just to let you. Sorry everyone I needed vent 😪
Tell me why, with my raise and bump to make the new minimum wage and everything, I'm STILL making less than brand new hires?
The Raises at Wells Fargo reflect how much management values their employees. Which, apparently, is not much at all. They don't value you.
Remember, anything less than a 6.8% raise and you’re effectively being paid less in the coming year.
Our mgmt said best year in recent history!
6-8% inflation and 3% pool for “merit”
In what 1984 corporate BS world is a 3% pay cut considered a reward for merit?
useful information on midpoint and target... except that information is no longer readily available to us after the job profile changes of 1/1.
There should be at least one out of cycle raise and one out of cycle bonus for all of us.
This is just to catch up with what the competition (and the market overall) is doing.
Full stop...
I believe the stock split starts at 80/20 for >=50k bonus bit goes up from there. so if >100k then maybe 70/30 and so on.
I’m in CIBT, and as mentioned yes i am fortunate. But in reality the difference between 2/3/4% raise is negligible. Getting a full bonus is what is the goal, i feel bad for those that claim they only get 80% of target. That is pretty lame, especially if it’s consistently that amount. I got promoted about 4/5 years ago and was 120% of midpoint. I’m now around 95-97% of current midpoint (or what was published pre-Workday). With some luck i’ll get a promotion in the coming weeks.
I know of one person whose doing very good this year. My bosses administrative assisitant.
They just made her a Senior Software Engineer. Sounds like something that came with a healthy pay raise.
I better brush up on my Powerpoint skills. Maybe if I bleach my hair it'll help too.
smh
This year is better than expected by any measure. Sure, we'd all like bigger raises, gimme 8000%, but at least it's not yet another year of the 2% nonsense.
Hopefully we can start making progress on the profit sharing next. 0% going in there is meh.
I was told that the cash/stock split is 100% cash if bonus is < $50k. $50k or more is 80/20 cash/stock. Also, this year only, your cash portion will not be lower than last year.
@1rvv+1eFv65Pu good info, How does the cash / stock split work? Years past I would get 60-70k cash and 20-30k stock LTI. what does this look like with tvc and my same exceeds rating?
@1nxt+1eFv65Pu “ I remember certain years before 2010 when the target was 6%.” - you remember the good ole days before the failed Wachovia ruined everything
don't forget the budget pool also needs to be used for any promotions so thats means extra for those being promoted and less for those that aren't, also it is very much possible for a manager to go over ones budget it just needs to come out of somewhere else. it all rolls up to the au and managers havae alignment meetings to make sure everything ultimately stays within the pool. Also this year with the change to tvc they have indicated that if your rating is at least the same as last years then you will not receive less than last year. My org did not receive a given budget for bonuses and our guidance was to take last years bonus and then increase from there by a specified percent based on rating so if you are exceeds you can expect more than last year. Also, with the cash/stock split, this first year no one will receive less cash than last year even with the split.
“ Since when did merit pool go up to 3%? It North America, the merit ceiling has been a max of 2%. I've been here a decade. ….”
While it is true over the last decade the target has been 2% (with some people a little higher than 2% and others lower than 2), prior to that merit pool was higher. I remember certain years before 2010 when the target was 6%. Target merit used to fluctuate more than it has the last several years.
: @1kej+1eFv65Pu Chuck was good to us this year. Average pool is 3%. For us high performers, let’s get excited for having an extra few bucks from that additional average 1% to afford upgrading from a 2 topping pizza to a 3 on family pizza night each week. Enjoy.
@1frp+1eFv65Pu good info, thanks for sharing
Been here over two decades. The largest merit I ever received was 6%, the average has been 1-2%.
Do you get your bonus if you are on short term disability?
0-80%
What kind of a bonus percentage could you expect with an "inconsistently meets"?
Yes it's possible to get over 2% but it's not the norm. One factor that allows for this is the gap between your base salary and the midpoint for your job, relative to the same gap for other members of your team.
E.g. your base is $80k and it's significantly lower than your midpoint of $100k. Other people in your team (with the same job title) may have a much smaller gap to the midpoint and be much closer to $100k. Your manager has the discretion to recommend over 2% for you due to your performance AND the bigger gap that you have from your midpoint. The others (with the same performance rating) will get less because they're closer to midpoint.
Managers get a pool to work with, then they have to fudge the numbers for their team to make it work within that pool. It's one reason why (but not the only reason) people get different amounts within a team.
Then you have managers ranging from good to bad, on factors such as skills, experience, ethics, professionalism, cronyism, etc. What kind of manager you end up with is like roulette. The better the relationship you have with your manager, the better the chance they'll fudge the numbers in your favor. Fair or unfair, it is what it is.
To the person claiming to have never gotten lower than 4%, consider yourself fortunate. It's most definitely not the norm.
merit raise is definitely higher than 2% even in 2020 when COVID hit people whose salary was under 150k got 2% -3% raise. Before COVID was even higher.
Wow! What area of the bank?
Guess i’ve always been fortunate. Never lower than 4% raise and always 95-110% of bonus target
Post from TheLayoff.com
Also, bonus is typically paid out at between 80% and 90% of your bonus target, based on various factors and shenanigans. So if the bonus target is 10% (of your base salary), then you typically end up getting 8% to 9% in reality.
Since when did merit pool go up to 3%? It North America, the merit ceiling has been a max of 2%. I've been here a decade. It was even documented and searchable somewhere on TeamWorks at one point. I've seen it with my own eyes, but not sure if it can still be found. If 3% is indeed true then it must be very new, but I don't believe it. It's historically been a max 2% possible in North America, with most people getting anywhere between 1% and 2%, depending on performance and other shenanigans.
What is there to talk about. Merit pool is 3% and bonus payout is around 90%
Nice job posting responses from 2020 and Jan 2021. 🤣🤣🤣🤣🤣
80% of what was received last year?!?!
That's garbage! That's going in the WRONG direction. I hope that's not bank-wide.
Sure wish we would be told bonus amount now. There's no reason to wait until the last minute.
Discussed already:
- Bonus Percentages?
Explain the new compensation scheme. Used to be you would earn 10, 15, 20, 30, 40% (or more) bonus depending on position. Word is that is partially going away?
September 22 2021 by Anonymous | 4031 views | 4 reactions (+2/-2) | 32 replies (last September 27)
Post ID: @OP+1cXqiylo
- No Merit
On the compensation call. Anyone making $150k base pay or more, no merit increase.
November 4, 2020 by Anonymous | 5148 views | 10 reactions (+8/-2) | 31 replies (last November 5, 2020)
Post ID: @OP+17L1ZrnL
- Bonus percent
Our group is receiving 80% of what we received last year.
January 26 2021 by Some HR guy. | 5229 views | 5 reactions (+5/-0) | 25 replies (last January 29)
Post ID: @OP+196pO19z
- Wells Fargo Lifts Hiring Bonuses for Advisors Hitting Asset-Transfer Targets
November 3, 2020 by Anonymous | 1476 views | 3 reactions (+2/-1) | 5 replies (last November 4, 2020)
Post ID: @OP+17L3LqGt
- Wells Fargo Lifts Hiring Bonuses for Advisors Hitting Asset-Transfer Targets
November 3, 2020 by Anonymous | 1476 views | 3 reactions (+2/-1) | 5 replies (last November 4, 2020)
Post ID: @OP+17L3LqGt
- 2021 ICP/Annual Bonus
Has anyone heard about changes to annual bonus/ICP that will be effective for this upcoming performance review period? Rumors are that things are changing and not for the better? If this was talked about before, just let me know and I'll go review that thread.
September 29 2021 by Anonymous | 4585 views | 5 reactions (+4/-1) | 40 replies (last October 17)
Post ID: @OP+1d4onnVv
- Inflation raise
So I am expecting a raise in salary. Is it possible to get 5%+ increase in salary because of the high inflation this year?
December 1 by Anonymous | 2425 views | 20 reactions (+2/-18) | 31 replies (last December 3)
Post ID: @OP+1e6CLGBq
- Giving notice/bonus payout question
At what point prior to bonus payment (February 5) can a team member give notice and still receive the 2020 bonus?
December 13, 2020 by Anonymous | 3614 views | 5 reactions (+4/-1) | 19 replies (last December 17, 2020)
Post ID: @OP+18pCSGd0
- What if you disagree with raise?
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.
January 14 2021 by Anonymous | 3802 views | 20 reactions (+1/-19) | 35 replies (last January 19)
Post ID: @OP+18UKWW7K
- Sales back and possible raises
Just received noticed the sales are back. Bankers will have loan volume and tellers and leads will need to have 5 people a week sit with a banker for products a customer won't need a banker for. Also looks like our bonuses will be a joke.
April 8, 2018 by Anonymous | 1103 views | no reactions | 4 replies (last May 14, 2018)
Post ID: @OP+SBW2OGl
- I don't care about a bonus or raise.
I just want to keep my job. It's scary out there. Dry.
December 2, 2020 by Anonymous | 3043 views | 15 reactions (+4/-11) | 15 replies (last December 4, 2020)
Post ID: @OP+18dPGmsp