Is it true, if you get a promotion (going from p2 to p3 let’s say) and your salary is already in the p3 band, you will not get a raise?
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Somewhat true. At the time of the actual promotion and you are within the next level's pay band? No, you will not receive one. However, you will be considered for more at merit/bonus time, given you were promoted. For example, if they would have given you 3% merit in your prior role, you may get 5% in your current role during merit because of your promotion. Bonus may or may not go up. The kicker in all of it is that in order to give one person more for a promotion, that means the others who didn't get promoted get less because it all comes out of the merit/bonus pool budget.
This kind of thing has been happening at WF for at least 15 years. Ask me how I know.
Retitling is different -- no raise there.
For a promotion "your salary is already in the p3 band, you will not get a raise" that is not policy - that is an excuse. A promotion ought to come with a 5-10% raise otherwise its just more responsibilities for the same level of compensation. And that is wrong.
Where is no promotion budget, so up to boss to find some money.
Its possible. Depends on what group you are in. If you are in a COE, its unlikely. If you are in a group like corp risk with tight budgets, very likely. This isn't new. When I was promoted the raise was minimal.
Everyone in my group got "promoted" (retitled) from Senior to Lead last year with zero raise in compensation.