You have to say YASSSS now
You also need a swash that buckles.
in my tale, they are also factoring in other local opportunities and your suitability for them along with your likelihood of moving away for something else.
my current company got surprised last year with someone taking a remote job leading a team. sounded sweet! if we had yet more of these, it would work in favor of us in the donkey pen.
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Yes, our raises were larger this year than last, despite inflation having moderated a bit. I think itās because remote work is catching on, and they realize itās easier for all those claims adjusters (and actuaries) to jump ship.
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Our raises were a couple % higher this year, and i think the same for last year, but not keeping up with inflation. On the other hand, inflation over the past decade has been lower on average than the annual budget.
Google says inflation has averaged around 2.5% over the last decade. I guess i canāt really complain if they are -3% against inflation for a year if they werenāt making any adjustments for the years inflation was near zero.
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Well I got a raise - and a promotion. It wasnāt small.
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no more low self esteem!!
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Congrats on the non-small promotion!
So, should we start calling you chief, now?
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Not quite - Prinicipal.
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3% raise for everyone unless they were a high or low performer
so 0%-5% overall?
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Seems like US companies are doing the same as UK companies this year.
Giving sub-inflation rises to bring down labour unit costs.
I am not sure this is a good long-term move.
Employees will start jumping ship next year for competitors for the +15% (or more) wage increases.
Just curious,
But how many of you folks have off-cycle (non-promotion) wage increases?
In the UK, this is normally not done (due to corporate HR systems), but its being talked about more and more now so could see it happening over the next 12 months.
Never heard of this in my career lifetime
I used to get raises twice a year in the Canadias, if thatās what weāre talking about.
Itās done but really only in special cases so is rare but not unheard of in my experience.
off-cycle is used to correct things that seemed out of whack. have received a couple in 20+ yrs working. one was a realization that the new hiring season was so competitive that people w 1-3 yrs experience would have rioted if they heard they were behind the newbies. So the company adjusted a bunch of us upwards. second was a year ago when i got a bump reflecting that they failed to properly value me just 4 months prior. each was ~10% of salary.
Off-cycle isnāt a place for another 2% IMO. itās for larger corrections. Those should be rare.
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That goes for wage increases (thanks for expanding on that)
But what about an off-cycle extra bonus payment due to cost of living increases?
We are basically facing 10% inflation in the UK with smaller (5% to 8%) salary increases. Bonuses seem to be the preferred way to ātop upā salary as they are not pensionable.
i have never seen off cycle bonuses. but understand how/why that might be better. doesnāt create legacy costs (salary increases are long term). most of us lack pensions and those w credentials often max out social security. if pension cost were a concern I see why rewarding someone with cash outside the system would be preferred.
the idea of cash raining from the sky via bonuses is something that would mess with people IMO. every time a person was aggrieved or extended themself, they might think there is a mechanism for addressing it NOW and not in 3-10 months time. maybe iām wrong and it is as reasonable a correction as salary alone.
only for people who stay.
otherwise, itās best to snatch the bonus, and then jump ship for bigger raises.
soā¦I guess yeah. Bigger raises are better for employee retention.
Non-promotion off-cycle raises are rare, but they happen. Iāve had it happen twice.
Once was not technically a promotion in that my title / job level did not change but I was taking on additional responsibility and my pay was adjusted (up) to reflect that.
Another was a market-level adjustment. There was widespread complaining that we were underpaid relative to the market and HR discovered we were right and a whole bunch of us got a raise to align our pay to market.