- The conservative nature of the bank means that the work can be dull at times, especially if your work is project-based.
- Raise / promotion system is frustrating - here's why. The salary that you start at is essentially where you're going to stay. 3% raises are the norm if you get very good reviews - a 5% raise is almost unheard of. Promotions typically do NOT yield a raise. The bank defines, for every job grade, a minimum and maximum salary. If, when you are promoted, your salary falls below the minimum salary for your new job grade, your salary will be raised to that rate. If your salary falls within the range of your new job grade, you won't receive a raise. This is completely fair until you see how wide these ranges are. A position with a median income of 50k can have a range between 35k and 70k, for example. What this essentially means is that regardless of your performance or your promotions, your salary track is essentially limited to 3% on a yearly basis. This doesn't present an issue if you come into the bank at a rate you would be happy with in the long term, but if your expectations are to start off at a low rate / position, prove your position, and then reap the rewards, the system in place isn't conducive with this. Because of the scenario, at least in my department, a higher rate of turnover of younger people who started with the bank and gained experience but continued to be paid entry-level rates was easily observable.
