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Old 01-13-2016, 02:41 PM
 
1,107 posts, read 1,397,436 times
Reputation: 759

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I've never been in a position/role where annual promotions/raises occur hence why I'm asking this. I'm in sales and luckily enough to have been in sales leadership roles most of my career. A promotion is rare, I mean next level above me is C-level. Plus, sales is commission based. Obviously there are exceptions. But let's not focus on me and focus on the question...

I hear of friends getting annual promotions/raises like every single year. It makes me wonder how high can you go. Let's just take an accountant for example. When they say they get a raise or a promotion, what is it to? Are you talking about like a $10k/year raise? or like a under 5% raise? or what? Cause if people are getting annual raises, by the time someone hits retirement they are making like $500k+/year which is not true.
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Old 01-13-2016, 02:49 PM
 
Location: Upland, CA
3,875 posts, read 6,983,170 times
Reputation: 4517
It's rare to get more than 3% here.
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Old 01-13-2016, 02:55 PM
 
Location: Southeast U.S
850 posts, read 740,380 times
Reputation: 985
Quote:
Originally Posted by unknown00 View Post
I've never been in a position/role where annual promotions/raises occur hence why I'm asking this. I'm in sales and luckily enough to have been in sales leadership roles most of my career. A promotion is rare, I mean next level above me is C-level. Plus, sales is commission based. Obviously there are exceptions. But let's not focus on me and focus on the question...

I hear of friends getting annual promotions/raises like every single year. It makes me wonder how high can you go. Let's just take an accountant for example. When they say they get a raise or a promotion, what is it to? Are you talking about like a $10k/year raise? or like a under 5% raise? or what? Cause if people are getting annual raises, by the time someone hits retirement they are making like $500k+/year which is not true.
Most companies give cost of living raises which are generally 2-3% of the workers salary. Some companies may also give merit/performance base raises which would be larger than the COL raises but since the post recession times some companies have been hesitant to giving out raises.

As for promotions you would have to apply to a higher ranked position yourself as an internal candidate or you will be waiting decades for a promotion to be handed to you. Promotions are when you see a significant raise in pay.
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Old 01-13-2016, 03:14 PM
 
5,933 posts, read 3,097,454 times
Reputation: 12780
You're not missing anything. It's an employers market now so they know they can sandbag you with 2 percent raises now. While the employee disengagement grows and turnover rates soar. It's a mess out in the private sector.
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Old 01-13-2016, 03:23 PM
 
3,167 posts, read 3,379,486 times
Reputation: 8759
Quote:
Originally Posted by unknown00 View Post
I've never been in a position/role where annual promotions/raises occur hence why I'm asking this. I'm in sales and luckily enough to have been in sales leadership roles most of my career. A promotion is rare, I mean next level above me is C-level. Plus, sales is commission based. Obviously there are exceptions. But let's not focus on me and focus on the question...

I hear of friends getting annual promotions/raises like every single year. It makes me wonder how high can you go. Let's just take an accountant for example. When they say they get a raise or a promotion, what is it to? Are you talking about like a $10k/year raise? or like a under 5% raise? or what? Cause if people are getting annual raises, by the time someone hits retirement they are making like $500k+/year which is not true.
When I was a teacher I got about 2% a year COLA, plus a raise up to the next salary level just for having another year of experience. In 20 years one is making about 100K on that scale, but then it stops and you don't go up anymore except for the cola's. At my current job I haven't had a raise or a cola in 6 years.
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Old 01-13-2016, 06:23 PM
 
Location: SW Florida
2,371 posts, read 2,144,673 times
Reputation: 2394
At an old job of my husbands they got a raise every six months. It was maybe 3-4% a year extra. I think eventually he would get capped though if he had stayed there forever. At an old job of mine, one coworker had been there 5 years and only had a 6 cent an hour raise in that entire time... but benefits were somewhat decent.
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Old 01-13-2016, 06:47 PM
 
1,107 posts, read 1,397,436 times
Reputation: 759
Quote:
Originally Posted by Poor Chemist View Post
Most companies give cost of living raises which are generally 2-3% of the workers salary. Some companies may also give merit/performance base raises which would be larger than the COL raises but since the post recession times some companies have been hesitant to giving out raises.

As for promotions you would have to apply to a higher ranked position yourself as an internal candidate or you will be waiting decades for a promotion to be handed to you. Promotions are when you see a significant raise in pay.
Can you define "significant raise in pay" ?
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Old 01-13-2016, 07:12 PM
 
Location: Virginia
8,553 posts, read 13,551,871 times
Reputation: 4179
Quote:
Originally Posted by Mnseca View Post
When I was a teacher I got about 2% a year COLA, plus a raise up to the next salary level just for having another year of experience. In 20 years one is making about 100K on that scale, but then it stops and you don't go up anymore except for the cola's. At my current job I haven't had a raise or a cola in 6 years.
2% plus step in teaching here would be very good! Other than one year we haven't seen anything close to that in at least the last 7 years. In 2010 and 2011 there was no step increase and no COLA. In 2013 it was a 1.25% COLA and no step. In 2014 no step and a 2% COLA that was effective in January. 2015 saw a step increase, but no COLA. This year it was a .62% COLA.

I am in the same district you were in. At 20 years they aren't making about $100k. I'm not and I have 23 years.
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Old 01-13-2016, 09:27 PM
 
Location: Big Apple
403 posts, read 265,295 times
Reputation: 560
Wow.. I feel very lucky then. I am in a very good position and if I continue at the pace I am at, I will get raises annually, at least 7%. I got a promotion after my first year and pretty sure I'm getting another promotion this April.
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Old 01-13-2016, 10:42 PM
 
Location: Southeast U.S
850 posts, read 740,380 times
Reputation: 985
Quote:
Originally Posted by unknown00 View Post
Can you define "significant raise in pay" ?
My definition of a significant pay raise is $5,000 for the same job title position and $10-20k raise for a higher rank position or a promotion. If you stay in your same position a 2-3% COL raise is the norm and getting a $5-10k raise at one time is quite rare.

The best way to drastically increase your income is to apply to a higher rank position you are qualified to do and that's when you get the $10-20k or up bump in pay.
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