Inflation, "great resignation," and 2022 merit increases

Career Topics General
21

Jump again.

22

lost to the dustbin that is the AO. Someone was talking about not taking a 20% pay raise bc something about a bicycle. (that part is hard to recall)

I said ā€œa 20% increase is an axiomatic you are taking that job for most of us in the donkey pen.ā€ I would suffer through it for long enough and then switch again.

Who was the AO dude who swapped jobs every 8-15 months? Duke someone maybe?

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23

Iā€™ve read that swapping jobs every two years is the best for upwards mobility.
I also knew someone who did this. They moved every two years, ever increasing responsibilities and I assume pay. Unfortunately he was crooked and burned bridges at every job. Didnā€™t stop him from moving up until there wasnā€™t a place in the industry that would touch him.
I got a call last year from a friend who knew Iā€™d worked with that guy (and yes, I figure he screwed me out of some hundreds of thousands) . Needless to say, my friend passed word back to ā€˜avoidā€™.

Conversely, I still go out for lunch with the chief actuary, head of marketing, and my former supervisor (an actuary) from the last actuarial job I hadā€¦.over 20 years ago now.

Did I have a point there? I feel like I started with one.

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24

Idk but I just stopped by to offer you a 20% raise. :+1:

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25

good ole duke lampard

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26

Bump

Anyone had their annual comp discussions yet?

27

Mines in March. Expecting around 8% bonus but no clue what merit will be

28

How does 8% compare to your normal bonus? Or to target bonus if you have a target?

29

Target is 6%. Because of good combined ratio it will be 8% this year. If my individual rating is better than effective contributer , bonus could be even higher.

30

Had a preliminary discussion.

I am prepped for frustration. Told company global plans are like 5% overall (2-3% salary, 6-8% bonus). My team revenue had been climbing and climbing.

31

We were told our bonus pool will be above target in aggregate across the company, though not sure by how much. It is a good sign though because we have been modestly below target the whole time Iā€™ve worked here. Our bonuses are relatively large and a decent chunk of total comp.

Formal comp discussions are usually in late January for us so should know soon.

That isnā€™t directly inflation related nessarily since it is based in part on company performance. But even the fact that they communicated it to us formally several weeks ago says something about them trying to retain people, I think. There isnā€™t usually an advance communication about bonus funding.

32

Maybe it belongs in a different thread? New thread? Regardless, still noteworthy.

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33

And beer is much cheaper in Wisconsin!

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34

mine is 3%. should I resign

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35

How long since the last time you resigned?

36

<1 year LOL.

Literally jumped ship last year.

37

:laughing: well whatā€™s the 3% if you annualize!?

38

like 9%ā€¦but that ainā€™t gonna happen!!!

39

Forgot to give my own update. 3%, but significantly above average bonus. Seems like theyā€™re trying to keep us appeased this year and then next year will be another question

40

Well thatā€™s pretty solid. Having to consider annualized numbers isnā€™t fun but in theory the new salary contemplated some of the trend