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Instead of merit raises, my dh gets a "bonus" which is for that year only. It doesn't carry through for following years, so its not a percentage accumulation, nor does retirement benefits reflect the one-time bonus. Well, better than nothing
That's what they did where my mom works. It ended up being $800. That's like getting a 35 cent raise
I do have a question for you all as well. Let's say you are disappointed with the raise you are getting, can you say somthing?. I guess let me explain.
I started out in the company and had two bosses. One boss was fired and the other quit. I absorbed both of their duties on top of mine. They decided not to rehire their positions and I would be responsible for those duties from now on. Never got an increase or anything, which was ok for the time being. I have exceeded and surprised many, including the CEO, on what I have done and able to handle it these new duties. One of my bosses was an exec making more than $100k (I make $40k). Basically I have three positions into one and I have worked my A$$ off! But all the execs have taken noticed and praised.
With that being, you can probably see why I woudl be a little disappointed if I only saw a 3% raise. However, my question is this. Let's say you are disappointed with your raise, is it ok to say "Thank you very much for this increase, however I do want to say I am a little disappointed as I would have expected it to be higher."
I am not asking them per say for a higher raise, merely just giving them an FYI that I am disappointed with it. Do you think that would be an ok thing to do?
I do have a question for you all as well. Let's say you are disappointed with the raise you are getting, can you say somthing?. I guess let me explain.
I started out in the company and had two bosses. One boss was fired and the other quit. I absorbed both of their duties on top of mine. They decided not to rehire their positions and I would be responsible for those duties from now on. Never got an increase or anything, which was ok for the time being. I have exceeded and surprised many, including the CEO, on what I have done and able to handle it these new duties. One of my bosses was an exec making more than $100k (I make $40k). Basically I have three positions into one and I have worked my A$$ off! But all the execs have taken noticed and praised.
With that being, you can probably see why I woudl be a little disappointed if I only saw a 3% raise. However, my question is this. Let's say you are disappointed with your raise, is it ok to say "Thank you very much for this increase, however I do want to say I am a little disappointed as I would have expected it to be higher."
I am not asking them per say for a higher raise, merely just giving them an FYI that I am disappointed with it. Do you think that would be an ok thing to do?
Sure you can. They can also tell you to stuff it
Without making any kind of threat, there is probably no harm in expressing your disappointment. The chances of actually getting a better raise are also lower when you don't threaten to leave for better money. I have never expressed disappointment in a raise, nor I have I threatened to leave. I don't believe in the bargaining game. If I feel I can earn a better pay rate, I search for a better paying job, find it, and turn in my notice. They usually counteroffer, but I have never accepted them. If I have to fight for my raise now, I know I will have to do the same thing next year.
The only disadvantage to my strategy is I am labelled as a job hopper. If you're going to play that game, you better make sure you have something above and beyond the average worker in your field. If not, many companies will see you as being a risky potential employee.
Yeah I guess that is my issue too. I have been given so much responsiblity, that I have learned so MUCH. More than I ever thought. The amount of experience I will get at this place is simply amazing. Which is even if disappointed I wouldn't start looking.....not yet. I love my team, love my job, love the company. It's just the pay I feel is not what it should be for the amount of duties I have been given and the great success I have had with it. If I was still doing for what I was hired to do, I think I wouldn't mind that much. But I have absorbed 2 positions and one of those being that of an exec.
If I get disappointed I would wait to see what happens in April of 2014. If then I see very little increase, I think then I would start to look at other places. Sometimes patience pays off, and if it doesn't happen this week maybe next year I will be very pleased.
Both Merit increases and Bonus is based on individual performance. Merit increase in today's economy is probably average between 3% and 4.5% based on industry. A poor performer can expect to get between 0% and 2% (at best), average performer around 3 or 3.5%, good--4.5% and outstanding between 5% -7%. Bonus is optional and in addition to individual performance is based on company profitability. Bonus eligibility is defined by the company and may exclude hourly workers and workers below a certain classification. Management Bonuses will normally start at about 10% and go to 30% or more.
Working hard is a typical reason, and misconception, that one says they are eligible for a Bonus or large Merit increase. That is not the way it works. Increases are awarded (should be in well run companies) based on meeting specific goals, and how well you met the pre-determined goals, not on how hard you worked, to for example--reach failure.
It normally takes someone at least 6 months to lean their job, and sometime after that they become fully productive.
If you are getting a merit increase lower than expected, first you better understand what the range and standard are for the company. The worse thing you can do for your career is ***** about what is considered by management as a good increase. That being said, if the increase is lower than you anticipated, nothing wrong with asking: what do I have to do to earn a greater increase next year. Many companies will define increase as 'average' if you are just doing what is in your Job Description. That represent about 60 to 70% of employees. Employees who are rated above average, receive greater increases and bonuses.
Yeah I guess that is my issue too. I have been given so much responsiblity, that I have learned so MUCH. More than I ever thought. The amount of experience I will get at this place is simply amazing. Which is even if disappointed I wouldn't start looking.....not yet. I love my team, love my job, love the company. It's just the pay I feel is not what it should be for the amount of duties I have been given and the great success I have had with it. If I was still doing for what I was hired to do, I think I wouldn't mind that much. But I have absorbed 2 positions and one of those being that of an exec.
If I get disappointed I would wait to see what happens in April of 2014. If then I see very little increase, I think then I would start to look at other places. Sometimes patience pays off, and if it doesn't happen this week maybe next year I will be very pleased.
I guess nothing is perfect.
I know what you're talking about. Your workload increases 50% but your pay increases 10% or less. Not an uncommon situation. At many companies, workers who take on lead roles are often paid a wage/salary that is only slightly higher than that of the workers they are overseeing. And of course, the more you make, the more you pay in taxes. As they say, that's life...
What you've said is important though. You are learning. I would include that as part of the total compensation package. You can take that experience to another employer in the future for a better wage/salary. Consider it a raise in progress.
In many ways, you are doing quite well for yourself. There are likely many more at your company who aren't learning and aren't expanding their experience level or horizons. Some of them have probably put forth an effort that would have led to better opportunities in the past, but it's different these days. People are finding themselves stuck because there is less opportunity out there. People are delaying retirement, hesitant about leaving a job for better money, or there is no room for growth within their company. Essentially, they are stagnating until opportunities in the employment realm actually do start to open up.
Your situation kind of reminds me of a predicament I was facing some years back. The job I had was something of an entry level position in my field. I was given a choice. I could stick with the simple, entry level job with few responsibilities, or I could begin training for a much more challenging role within the company. The real bummer was I would not get a raise, the work and stress load would be quite a bit more intense, I would loose all opportunity for OT and I would be required to spend my off time studying and taking classes. While things would suck short term, I knew the smart thing to do was to suffer the short term pain for the long term gain. I think I made 29K that year, while I would have made about 40K had I stuck with the easy, stress/responsibility free path. In the long run though, the experience and skills learned more than paid off, both in the quality of future opportunities afforded, and my later income earning potential. Doors were opened that I would have never ha access to otherwise, but it came at a price.
So long as you feel that you can handle the responsibilities given, and the experience and learning will be beneficial to your career long term, I would take it in stride. Sounds like you are actually becoming something of the go-to guy within your company. That's the guy they can't do without. You're not there yet until you have a proven track record, but in time, that will be quite a bargaining chip when it comes time to issue annual reviews and raises. Those are also the employees who have little to worry about if and when the company decides to start issuing lay off notices. How much is job security worth these days? Many folks would gladly take a job that paid slightly less if it offered a high level of job security. That's why many choose to work for the government, even though they could traditionally earn more in the private sector.
Yeah I guess that is my issue too. I have been given so much responsiblity, that I have learned so MUCH. More than I ever thought. The amount of experience I will get at this place is simply amazing. Which is even if disappointed I wouldn't start looking.....not yet. I love my team, love my job, love the company. It's just the pay I feel is not what it should be for the amount of duties I have been given and the great success I have had with it. If I was still doing for what I was hired to do, I think I wouldn't mind that much. But I have absorbed 2 positions and one of those being that of an exec.
If I get disappointed I would wait to see what happens in April of 2014. If then I see very little increase, I think then I would start to look at other places. Sometimes patience pays off, and if it doesn't happen this week maybe next year I will be very pleased.
I guess nothing is perfect.
You know in advance they think highly of you, and you have almost your whole career in front of you. While hopefully the raise meets your expectations, relax..take a long-term approach. If the % is not to your likling, tactfully ask if it is above the company wide average percentage increase. Nationally, raises have been about 2.8%, so if your office is at a 3% clip, getting double that would no doubt place you in the top 10%.
I guess every company is different but Merit increases are routine every year and you get whatever raise is budgeted. I hope you get the promotion you should get more money as a result.
Quote:
Originally Posted by Chicagoist123
How many of you recieve raises based on merit?
My annual review is on Tuesday (was supposed to be last week but was rescheduled) and I was informed I will be getting a raise. But not told how much and that they will tell me in my review. I have actually far exceeded their expectations and the #2 person (president) in the company globally wants to take me out to lunch to discuss my future. A little more than week a go, the prez had told me that he wants me to help lead the creative communications for the company globally for the future and to become a stronghold of his team. They have now moved me to a new department as well.
With that being said, I was thinking there might be a promtion but not sure yet. But I am thinking at the very least I will get a merit increase, if I get no promotion.
My question. How much are merit increases usually? Do most employers give you a combined merit increase and COL increase?
It's just weird and I am little anxious because I keep getting these crazy postive praises from really high up peope and get a lot of little hints on my future, but have yet to know what kind of raise or even if a promotion is on it's way. My title and salary is exactly the same as a year ago when I started the company. So I am just wondering what I might expect to happen come Tuesday.
When I feel I'm doing very well at work, I give myself a merit raise by leaving and getting a job that pays 10% more.
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