Annual Salary Increases - What % does your company give?

[mrsklamc]

ACLOV, I am in Indiana too and work for a company with that pay scale. I wonder if you just quit working where I work. Everyone else is....

 

[RichNKatHolly]

I could leave here and probably make $50k more a year but that would mean moving or changing my job. Changing jobs locally would mean I would have to commute-- no. I like being 10 minutes from home, my daughter goes to daycare here on campus, I am a 3 minute walk-- if I changed she would have to change daycares which I don't want to happen. The work daycare is one of the top ones in the state; she is thriving and learning so much there I can't see the benefit in leaving. Yet, she won't be little forever and that is when the move will happen.

And that, you cannot put a pricetag on! You are so lucky to have daycare on site.

 

[mamalle]

I just got a .65 cent raise at one job. I also get a christmas bonus and summer bonus depending on the hours I work during the year. Nothing from the other job but we are union and they are "working on the contract". the 4 years prior I got at total of 17% divided over the 4 years. dh gets about 11% each year but 1% goes into the retiree's health insurance fund.. Not sure about the years to come due to local property tax cuts and his pay comes directly from our taxes.. oh well..

 

[brettb]

After reading this thread, I can see why various polls show that people's overall sentiment on the economy is generally poor even as the Dow Jones Industrial Average (and CEO pay) hits new highs....

 

[tedhowe]

A lot of organizations (all 4 that I have worked for professionally in the last 15 years) use a "Matrix" type of salary management process.

Each job has a salary range.
Each person has an annual overall performance rating (typicall on a 1 to 4 or 1 to 5 scale).

Matrix salary management usually works like this: The midpoint of the salary range (in $) is a major determinant of what percentage you are in. The overall performance rating is the other. There's a matrix that has overall ratings across the top (1, 2, 3, 4, 5) and percentage ranges of the Midpoint down the side (70% of midpoint, 80% of midpoint, 100% of midpoint - meaning you are right at the midpoint, 110% of midpoint - meaning you are getting toward the top of the salary range for the job.

Based on where you are in the current salary range and what your performance is like you get a set percentage of increase. If you are below the midpoint, and a top performer you will get the highest percent raise. If you are above the midpoint and a top performer, you'll still get a decent raise, but you won't get a huge increase. If you are above the midpoint and a poor performer, you'll get very little.

The theory behind this is that, if it is applied fairly, people in the lower portion of their salary range are newer in the job, so relatively lower performance is expected in the first year or two. If you've been in the job long enough to be at the upper end of the salary range, then you need to perform at a very high level in order to keep the salary growing.

This method also encourages people to start to look for opportunities for promotion - take on additional responsibilities and improve your skills in exchange for the opportunity to have higher salary increases again. If you are content to just sit in your current position and stagnate, then you'll get approximately the same money.

I find this whole setup to be very motivating for me personally and it has led me to keep developing my skills over the year. Some people don' like this system at all.

Ted

 

[If U Had Wings]

Hmmmm...I'm wondering if you are working in my office! Mid-town Manhattan? We just got quite a few people here who are commuting from CT.

Yes, I am in mid-town Manhattan for a large firm. I was in Stamford until the end of last year for a different large firm that also has a large office in NYC. Alot of our staff was transfered to that office at that time, but unfortunately my position was eliminated. So far I'm liking my new job, but I'll have to see how much I like it after review time. Maybe we do work for the same place!

 

[Cindy B]

4.33% is very generous. For a long time, my DH company was only giving partial percentages or non at all. (yes .5 or .2%), if you did excellently you got a half of one percent and average or poorly no raise or .20 of one percent! (less than half of one percent)

 

[RichNKatHolly]

Yes, I am in mid-town Manhattan for a large firm. I was in Stamford until the end of last year for a different large firm that also has a large office in NYC. Alot of our staff was transfered to that office at that time, but unfortunately my position was eliminated. So far I'm liking my new job, but I'll have to see how much I like it after review time. Maybe we do work for the same place!

LOL - I work for your old firm (PH?). Alot of the Stamford people came here, but some either chose not to commute from CT or were laid off (from what I've heard, but I have only been here 1 year).

 

[uratoon]

All I can say is dont move to arkansas!! The norm around here is 30,000 a year!! try to live on that!


Hy husband has been at his job for 7 years and their raise is a terrible 1% of their gross!

They do have a bonus that they call a safety bonus and it is around 150.00 that's it, no perks not even a pat on the back! If it were not for family I would love to move out of this state!

 

[mrsklamc]

Uratoon-

Can you use twiced in a sentence for me since I'm not from the south?

 

[roadtripper]

DH and I are both educators. DH got a 2.5% raise this year, which was promptly swallowed up (and then some) by increases in health care premiums. I got 3%, but took a 20% pay cut by working 80% instead of full time. So we are in the negative column for this year. Still, it's summer, so it's all good!

 

[mm_ja]

Uratoon-

Can you use twiced in a sentence for me since I'm not from the south?

Please allow a fellow southerner. "Onced, me and my cousin (whose also my nephew on account of that thing tween my sister and uncle) wuz workin on the mustang and I got burnt twiced on the engine block." I will keep my opinions on Arkansas to myself in order to not offend anyone. Proud to be from Alabama, our motto is at least we arent Mississippi or Arkansas.

Oh yeah, I average 2% or 3% but heath insurance and the other increases in the costs of living seem to be outpacing that.

 

[bookgirl]

We usually get 3% but this year they gave us 4%. It's a county library system.

Oh and we also can get a merit raise after our evaluation, I think it is nearly the same, or just a little less for the top increse.

 

[jodeeluvsdisney]

I work for local county govt, and a non-profit! I've been there almost ten years and in a union. I am at the very top of the pay scale, so I will never make a dime more and hour. We maybe get a 1% increase in pay per year if our union negotiates well! I also get $50 per year for every year past 5 years that I've been there on my anniversary date which will be $450 (minus taxes) this month...whoo hoo! But there are no good jobs in MI, so I am stuck, or I can take a position that pays much less. So much for having a college degree

 

[Grumpy's Gal]

I would advise all of you to find out what the going rate is for your job AT OTHER COMPANIES.

DH had not gotten a raise for years at his old employer...not even cost of living.......eventhough his reviews were all outstanding. So he decided to investigate and found out he was underpaid by quite a little bit.

So , he applied for a few jobs and got an offer for a lot more than he was making.

So, if you're not too excited about your current salary, it never hurts to investigate what the going rate is. Then either ask for a raise where you are or start looking around.

 

[Linda Bell]

.

I'm not asking for your salary info, just curious as to what goes on in the world of increases.

TIA!

I work for a very large company in computing. Our annual pool of money is 3-4%. We are rated against peers (same job code and level) and use customer surveys to rate performance. So depending on where you are your actual increase, or lack thereof, varies wildly. Payscales are based on geographic location. We do not get COLAs.

Our HR department is also good about rating us against the industry and adjust the pay scales as needed.

We also get bonuses based on stock performance which was a little over $5000 per employee last year.

The mouse, of course, reaps all spare cash.

I think they are as fair as they can be.

Linda

 

[jodeeluvsdisney]

I would advise all of you to find out what the going rate is for your job AT OTHER COMPANIES.

DH had not gotten a raise for years at his old employer...not even cost of living.......eventhough his reviews were all outstanding. So he decided to investigate and found out he was underpaid by quite a little bit.

So , he applied for a few jobs and got an offer for a lot more than he was making.

So, if you're not too excited about your current salary, it never hurts to investigate what the going rate is. Then either ask for a raise where you are or start looking around.

That is good advice for people who work in the for-profit sector, and who do not live in MI! I could do all the research I want and present my boss with the report of what others in my field with my experience are making, and they would laugh, as there is only a set amount of $$ in the budget, and unions can make any pay raises difficult! There is no such thing in my company as getting a raise! We're lucky to get a 1% increase each year!

And believe me, I look for jobs on a daily basis...there is nothing in MI. Hope to move as soon as we can sell 2 of the three houses we own...did I mention how horrible the market is right now for selling a home in MI??

 

[cccm]

DH and I were both up at the same company at the same time this year. We are making within about $200 of each other. He has been there a year and a half longer, I am a supervisor.

We both got the same $$, 2% of our salary. Our company has set $ amount for raises. So everyone (not sure out VPs and such) get one of these three dollar amounts.

We are both a little bitter this year. We love the company, work hard and more than 40 hours per week (# of hours doesn't change our $). We both could easily double our salary if we left. UGH!!!

 

[IDoDis]

DH and I are both teachers. Our state implemented a 3-tier licensure system a few years ago. We both have the top license for teaching so we've been getting a 5K raise each year for the past few years. We'll both get another 5K raise this year, but then we'll be maxed out. Raises after that will depend on the legislature which usually ends up being nothig to maybe 5%. Still, can't complain since our salaries have gone up 35% in the past 3 years.

Also, whatever increase we get is times two. We do take bad hits each year though on insurance. I think we are paying almost $400 a month for health insurance for a family of four (not including vision & dental).

 

[Chris]

Just went through my review and increase process. I was given one of the highest reviews for my dept so I'm assuming what I got was one of the highest percentage increase.

Well, it's a bit less noticeable than I would have liked.

Mine was 4.33%. My father works in education and averages 4.5%.

I'm not asking for your salary info, just curious as to what goes on in the world of increases.

TIA!

Our highest is 4%