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BNY Mellon technology specific questions -
#0 How much max salary for grade K ?
#1 How long does it take to promote in bny from grade K to L ?
#2 Any specific criteria for promotion? Expr , certification etc...?
#3 How much % hike to expect post promotion ?
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Community Builder
On my VO contracts usage renewal is usually defined, 110% of original usage fees.
If you go over a year and they do notice it, you’re open to litigation and if I were the talent, I’d sue you.
Community Builder
No. The “+20%” is to cover the agent fee generally.
The fees for VO are divided into session fees and usage fees, and to renew you’d pay 110% of the usage. An example:
In this case a session fee is $500 and usage in this case is $2000/one year. And it’s all plus 20%. So in total one year session plus usage plus 20% is $3000.
The renewal is contractually stipulated at 110%.
If the renewal if exercised it’s just usage so would be $2200 plus 20%, so $2640.
But that’s just in my VO world. And if you want to renew and it’s not already specified in the initial contract, the renewal is up for negotiation.
As I understand it.
Producers please chime in I’m getting out of my depth here 🤣
We always offer the same rate + 10% for year 2 or 3. Agent fees would be applicable on top of that. And that is horrible to suggest not paying models their usage!
I wasn’t suggesting that. I was asking in terms of how much of a buffer I have. The usage doesn’t renew until the spring.
Editor 1 is correct.
We typically try to pre-negotiate for potential use renewal upfront so client can budget for it in their next fiscal year. We try for either 110% or 120% depending on what the use is. And agent 20% is on top of that.
Yes. You should expect to pay that to renew, plus a small bump. A good agent will ask for a 50% increase or double. It won’t stretch much behind that.