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I don't want to come off as greedy given all the folk having a hard time right now, but I am curious about my financial future in 2011. My company typically lets us know about coming yearly raises in January that are to be implemented in March. I've been advised that I may be receiving a promotion at the beginning of the year. I'm thinking that I won't be able to double up on the yearly raise and promotion increase because of the timing.
I overheard something a couple of years ago about a colleague being promoted mid-year, which was good, because she would get a promotion increase and then the annual raise six months later.
Does anyone have any experience with this? I suppose it can vary depending on the co. This is my first promotion (my last big increase was from contractor to perm, but that's not really a promotion), so I'm pretty green.
I don't want to come off as greedy given all the folk having a hard time right now, but I am curious about my financial future in 2011. My company typically lets us know about coming yearly raises in January that are to be implemented in March. I've been advised that I may be receiving a promotion at the beginning of the year. I'm thinking that I won't be able to double up on the yearly raise and promotion increase because of the timing.
I overheard something a couple of years ago about a colleague being promoted mid-year, which was good, because she would get a promotion increase and then the annual raise six months later.
Does anyone have any experience with this? I suppose it can vary depending on the co. This is my first promotion (my last big increase was from contractor to perm, but that's not really a promotion), so I'm pretty green.
Thanks in advance.
Yes, it probably varies with the company. Where I work, your annual review date on which you would normally get a raise is the date of your last promotion (or the date of your hiring if you haven't been promoted yet). Therefore, if your previous review date was in February, and you got a raise, and you get a promotion in May, it works out nicely because you get an increase not long after another increase. But your new review date is now in May.
Doesn't matter where I work right now because we've already been told there will be no salary increases in 2010 or 2011.
Yes, it probably varies with the company. Where I work, your annual review date on which you would normally get a raise is the date of your last promotion (or the date of your hiring if you haven't been promoted yet). Therefore, if your previous review date was in February, and you got a raise, and you get a promotion in May, it works out nicely because you get an increase not long after another increase. But your new review date is now in May.
That sounds similar to how it works here. We got raises last year, but they were very small (1.5% across the board). I guess it was enough to keep up with cost of living, but it felt like I lost a year career-wise. I was also told by another colleague that promotion raises aren't that good. Our co just doesn't give good raises compared to other co's in the area. That's why I'm a bit concerned about losing out the extra increase...providing I get the promotion. Hopefully, the big bosses won't be resistant.
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Doesn't matter where I work right now because we've already been told there will be no salary increases in 2010 or 2011.
That sucks. I'm so sorry. Wage freezes are more like wage decreases.
I don't want to come off as greedy given all the folk having a hard time right now, but I am curious about my financial future in 2011. My company typically lets us know about coming yearly raises in January that are to be implemented in March. I've been advised that I may be receiving a promotion at the beginning of the year. I'm thinking that I won't be able to double up on the yearly raise and promotion increase because of the timing.
I overheard something a couple of years ago about a colleague being promoted mid-year, which was good, because she would get a promotion increase and then the annual raise six months later.
Does anyone have any experience with this? I suppose it can vary depending on the co. This is my first promotion (my last big increase was from contractor to perm, but that's not really a promotion), so I'm pretty green.
Thanks in advance.
Generally speaking depending on when you received the promotion, you may not be eligible for the merit (annual raise) cycle.
Our merits are effective in the middle of the year (June/July).
I was promoted once in June- I didn't get an annual increase.
I was promoted another time in April, I didn't get an annual increase.
I have been promoted again and yes, I will be eligible for the annual increase next year.
Another thing I'm curious about is how much of a raise can be expected? Especially in this economy. Also, does percentage of base increase or decrease as we climb the ladder?
I should add for what it is worth, most companies I have worked for the "annual increase" is never generous. It is generally 1-7%.
I say 7% because in this company and in my previous company my annual reviews were the highest possible and my ranking within the departments was number one-- so both companies rewarded that performance.
Generally speaking in my experience the only way you can make higher and continue to increase your earnings is by moving up.. when you move up you are moving to new salary structures and bands.
For example, my increase to my promotion was not huge, but it did move me to a new percentage for our bonus structure and other incentive programs.
Another thing I'm curious about is how much of a raise can be expected? Especially in this economy. Also, does percentage of base increase or decrease as we climb the ladder?
Last year my increase was 6%. This was based on my performance against my own goals/ job requirements and how I ranked with the rest of the department.
Some people don't get any increase.
Here is how the two companies I have worked at recently do that.
Say the salary for your job, Special Analyst, is 40,000 - 66,000.
Say the "midpoint" in that range of tiers is 51,000.
Say you make 54,000. At this point your compa-ratio is 1.06. So you are getting paid more than what is considered the market rate (if the company bases the midpoint on market rate).
Now, say your performance in your job is average. You get stuff done, but you are not a super star and sometimes you are not even average.
The organization may have recommended percentage awards based on that.
So if you performance is not great and your compa ratio is over 1.00 then they may say-- you get no increase.
Now, let's take the same job Special Analyst and the same pay ranges. But say this person makes 40k.
Her compa ratio is .78. Say this employee is hands down an over achiever-- shows leadership, is ranked the highest in her job class and even in the organization.
The recommended percentage may very well be anywhere from 3-8% based on the budget for that department.
The last two companies I have worked for do this.
Other companies and institutions (i.e. the state employees, etc) it was just the same percentage across the entire employee group-- everyone whether you suck or are a superstar gets 1.00 or 2.00%
I personally like getting paid for performance.
Also-- a final scenario. Say compensation research showed that the market rate had changed.. maybe the new market rate is say 55000 versus 51000.. so in effect the midpoint changed. Then all of those in the pay grade may actually get a bump for a market adjustment then whatever their annual increase is.
That sounds similar to how it works here. We got raises last year, but they were very small (1.5% across the board). I guess it was enough to keep up with cost of living, but it felt like I lost a year career-wise. I was also told by another colleague that promotion raises aren't that good. Our co just doesn't give good raises compared to other co's in the area. That's why I'm a bit concerned about losing out the extra increase...providing I get the promotion. Hopefully, the big bosses won't be resistant.
That sucks. I'm so sorry. Wage freezes are more like wage decreases.
Thanks, but I'm OK. Sometimes I wish I had money for this or that, but I do make my bills every month and I've never missed a meal, and a lot of people can't say that right now. I've been at my job for a long time and have worked my way up a bit, though I'm not an executive or anything. It's much harder on the younger, lower-level people who have young kids at home. Meanwhile, I get creative. I needed a computer desk and looked at the prices of the cheezy things they are selling at Staples, and decided that a decent table would work just fine instead. I scored a solid wood table for twenty bucks at a garage sale last Sunday!
Another thing I'm curious about is how much of a raise can be expected? Especially in this economy. Also, does percentage of base increase or decrease as we climb the ladder?
Is there a way you can talk to someone in HR and find out what the company policy is? Where I work a promotion can get you up to a 10% increase capped at $7500.
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