Every year your pay rise is determined is determined by several factors. Until recently there were two main factors that influenced what you ended up receiving as a pay rise. In 2020 the bank removed your personal performance, as something that could impact your pay reviews. This now means that the major contributing factor that decides your pay rise is where you sit on your pay grade relative to the 'Market' zone.
Each grade comprises of 3 main 'zones', as well as 2 others. These zones directly affect the percentage you are offered as a pay rise - typically decreasing at each step.
When you look at each grade and the 'pay zone' it is heavily weighted towards market plus, meaning the majority of pay growth within the grade is often as much, if not more than market primary and market plus combined. You can see this in the example below:
This is one way in which the bank can suppress the wages and pay rises of staff. The other is how those pay zones move each year. This is typically termed as 'market movement'. Over the last 5 years this movement has been negligible to nothing.
In 2021 there was no market movement. This has meant that whilst your costs have gone up, your chance of a fair pay rise has gone down.
Since 2017 the average movement for each grade has been low. This means that the maximum of the grade is often only moving by a few hundred pound and has a direct effect on your pay rise.