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We recently had a 2% increase in all salary ranges. That's not raises, but simply raising the top of the ranges when employees hit the maximum.
All of our raises are based on performance. Our annual maximum is set each year. Last year it was 4.5%, this year it has been dropped to 3.5%,
and we also had our medical contribution increased. Many people might prefer a 2% raise to everyone over having to justify an outstanding performance every year to get 1-3.5%.
I like this way of thinking, especially if raises are going to be smaller. The way our company has been doing it last two years:
Overall Company Raises- Average 3%.
If you rank as a Meets Expectations... You Get between 2-3ish%
If you rank below expectations....you get nothing
If you rank Exceeds, the raise is 3.5
Outstanding can get you I believe from 3.5-5%
I am curious to see if companies are going to continue giving smaller raises even once the economy picks up. They see people accepting it now.. and have wondered to myself if they will try to continue this from now on.
Me personally, while happy to have a raise... I am not thrilled with how cheap my company has became despite our record revenue...as soon as I can bail I am going to.
I am curious to see if companies are going to continue giving smaller raises even once the economy picks up. They see people accepting it now.. and have wondered to myself if they will try to continue this from now on.
Me personally, while happy to have a raise... I am not thrilled with how cheap my company has became despite our record revenue...as soon as I can bail I am going to.
Everything works in cycles. Assuming that the job market improves at some point companies will be competing more for resources. That should lead to higher salaries.
I am curious to see if companies are going to continue giving smaller raises even once the economy picks up. They see people accepting it now.. and have wondered to myself if they will try to continue this from now on.
Me personally, while happy to have a raise... I am not thrilled with how cheap my company has became despite our record revenue...as soon as I can bail I am going to.
Record revenue, really, in this day and age? Well, even if so, could be expenses are up (God knows everything dealing with fuel is up, be it utilities, shipping costs, etc), so profit could be down, despite increased revenue. Being stingy if you will, on salary increases would in such conditions, be justified imo.
Our company did something like 7.8 billion in sales this year, which is the highest total ever. I believe the profit was at least a billion if I remember correctly.
Could be companies want to have a solid footing, for a period longer than just one year, before they start throwing money around.
Especially after the earthquake in Japan. There are quite a few industries that already anticipate being 6 months behind on manufacturing schedule because parts came from Japan. Even if a company doesn't rely on Japanese parts, all companies are going to feel the impact the earthquake has on our economy.
That raise is like $350/year after tax. I wouldn't really consider that a raise. That is just me though.
As an hourly employee I appreciate any increases I get (I got about a $1/hr this year which equated to about 1.4%) but they really don't mean that much to the bottom line. I would much rather be happy at my job, with an employer who appreciates what I do vs. a raise.
I would much rather be happy at my job, with an employer who appreciates what I do vs. a raise.
That's why I recommended finding other ways to improve employee morale.
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