How big was your annual raise? Curious if companies adjusted for inflation this year.
- 0% <= x < 2%
- 2% <= x < 4%
- 4% <= x < 6%
- 6% <= x < 8%
- 8% <= x < 10%
- x >=10%
- 42%
0 voters
I’ll let you know on Tuesday…
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[management]
We’re not immune to inflationary pressure either. We just don’t have the budget for that.
[/management]
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No idea yet. But I know our larger department’s budget, including promotions, is less than 4% this year, so no…nothing to roll in inflation, same as last year.
It’s funny, because in years of low inflation, they give lower raises, but don’t give higher raises in years of very high inflation. I get it, it would be crazy expensive to do that.
I personally got a market adjustment of around 15% last year, but that was because I was significantly underpaid for my experience and responsibilities as an actuary and they were trying to avoid having people like me leave. But now, it’s starting to feel like I’m slipping back into quite underpaid territory. It’s certainly frustrating, especially when the messaging/spin is that the last two years have been some of our company’s best.
2 Likes
We’re told that we don’t adjust for the recent spike in inflation. Long-term view.
Last year I got a +3.4% salary increase and a +36.2% bonus/stock/options increase for an +8.4% total compensation increase. The concern though is, is that the new normal for bonus/stock/options? My boss didn’t have a great answer for me. It will be interesting to see the total number this year (should know in 2-3 weeks). The product manager next door to me is in the same pay band and it sounds like our increases are aligned and he has the same concerns so we’ll see what happens. I have the basic info stored on my phone so when he sends that pdf with the numbers it will take me no time at all to determine the total % Increase. I also don’t appreciate having to wait for a higher % of my compensation to vest…
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I see no reason for my employer to tie my raises to inflation given that my income is already fairly insulated from most inflationary pressures.
Sure, I might not be able to take all of those exotic vacations now, but my basic needs are still met (even without a raise).
Now, if they want to keep me on their payroll . . . that’s a different question . . . and one that is not tied to (consumer) inflation.
Management: In keeping with inflationary trends, we’re going to increase your pay by -2.3% because last year’s inflation was -1.8%; so we’re doing half-percent better for you!
Yes but in theory increasing our compensation by inflation says we want you to have the exact same earning power, but your additional year of experience and responsibility and company knowledge isn’t worth anything more to us. And that might be true for a number of employees, depending on how replaceable they are.
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To be fair, in the 1~2% inflation years we were also getting 3%
If your employer started paying you the same salary but in $CAD would you feel the same? Inflation is arguably the same concept, just a devaluation.
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I would expect that the monetary conversion to be applied.
E.g., if my salary is $100,000 and the conversion rate is $1 US = $1.10 CAN; then I would expect such a change to be reflected as my new salary to be $110,000.
And I do not see this as being “similar” to inflation as the primary drivers are usually a bit different than “cost of living”.
If not, reference the other part of my post regarding retaining my services.
Not sure if merit raises are that great for retention purposes.
I thought that’s what bonuses are for, since it’s performance based.
I think my employer is taking advantage of inflation to lower everyone’s salary.
4 Likes
My savings account is paying 3.75% now, does that count?
I’d rather bigger raises and smaller bonuses than small raises and bigger bonuses. Largely because bonuses are one and done whereas salary lasts forever.
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that’s how I feel too. but now my role is outside traditional actuarial now (sales) and so the culture leans on the bonus more. but i like the no risk and salary related benefit impacts.
last year, they responded at regular review season with most of my performance incr in the bonus. but in june they addressed salary alone off cycle owing to the concerns about inflation and others leaving by a noticeable amount.
this year’s review, i expect to see it all more in typical company range for someone on a team that is doing well. i suspect company average is 2-3% this year, so i predict being above that by some amount.
I find out 2/27 but from what my boss has hinted; merit raises will be in the 2-3% range for those who meets expectations, as per usual
I’d argue they’re two manifestations of the same thing, supply of currency, but if you switched to being paid in Canadian then it would be notable and the FX rate is very public while being devalued by inflation in the same currency is more subtle and the appropriate rate debatable.
Won’t know my raise until the end of next month, but I have heard from one employee that says they’re going to WALK if they don’t give them an adequate raise that accounts for inflation.
It was an interesting conversation to have with somebody that hasn’t done any work and once referred to my boss as one who “plays favorites”.
I’m the favorite.
1 Like