COVID - Raise Question

[dd564]

Hi all,

This seems like a good group to ask this question. I think I have a handle on it but would like to hear other opinions.

I work for a large company in a "mid-level" role. I led a small team, then last year around July 1, I took a promotion to a new team that handles special clients. I'm not a Director level, but my new position is very visible to several of our VP's, (although not prominent enough where the President or CEO would recognize my name).

I was supposed to get a bump in pay with the promotion, but after a few months of delay, we hit slower times, and my boss's boss essentially said it wasn't going to happen due to budget constraints until our next annual cycle.

I've been busy since July, but now things have slowed. I still have a couple new clients, but large amount of work the plug was pulled on.

Anyway, with no shock to anyone, yesterday they announced any annual increases would be delayed / company wide. The exception was people earning promotions.

My boss and I chatted, and she indicated I have a chance to be included in that group that would be eligible for promotion based raises.
But at the same time, knowing how dire things are, I'm not really "pushing" for it during times like this.

How would most of you handle this situation when you are overdue for a raise, yet possible one phone call from not being needed any longer?

I've been with this company for a pretty long time, and they seem to feel like one of the more "loyal" companies I've worked for which in turn is why I have not looked for many other jobs over the years. My thought is if layoffs happen that I would not be the first choice to go due to my tenure, dedication, and the fact I'm probably less expensive than a couple other peers.

How much would you push on this issue, or contrary, how much would you say "Don't worry about me! I'm just happy to be working!"

 

[euro]

These are times where it is wise to keep your powder dry....

 

[gauss]

Are you content to do your current job at your current rate of pay - short term? - long term?
How close are you to FI? How many additional years were you looking to work?

 

[dd564]

Are you content to do your current job at your current rate of pay - short term? - long term?
How close are you to FI? How many additional years were you looking to work?

I've been pretty content.
In my area prior to promotion I had climbed the ladder as far as I reasonable could in this company. To move up two other people about my age with even more dedication and tenure would have had to leave for me to go to the next level.

The reason for taking this promotion was to expand my scope across several silos of the company and bring more visibility at director and VP levels. That has happened very quickly.

My move to this role was to bring me into the bigger sandbox outside a specific role.

I was targeting 2022 as my "financial independent" date where I'm not yet ready to retire, but I could at least get buy working any random job instead of what I do now.
Although we now might want to do more for our kids college than previously budgeted.

 

[dd564]

These are times where it is wise to keep your powder dry....

Agreed.

 

[USGrant1962]

Your approach seems about right in these times. Let them know you would appreciate the raise without "pushing".

 

[dd564]

Your approach seems about right in these times. Let them know you would appreciate the raise without "pushing".

My boss and I had a brief conversation and I essentially said "I understand the situation. If it goes through I appreciate it yet I understand."

It's just really weird because I've been loyal to the company and they to me, but I'm not ignorant to how fast things change. We are still driven by dollars and cents.

In previous cases I could usually feel pretty safe because I would manage far more than most of my peers so it would have been difficult to let me go, but on this new team it's a bit different and it wouldn't a be a shock for the whole team to disappear should a director feel that was the best plan going forward.

The value we provide is significant, but it's a question of whether the whole organization understands that or not.

 

[Aerides]

How would most of you handle this situation when you are overdue for a raise, yet possible one phone call from not being needed any longer?

I would say absolutely nothing, and not expect any raise or bonus or normalcy for the next year. And then be thankful for every paycheck I continue to receive.

Following 2001, our Mega paused all raises and bonuses for the next annual cycle. Same thing in 2009.

You are newly promoted which means you are the first to be knocked down, or worse, if they need to make cuts. I saw several directors and VP's get bumped down in 2009, most of them the most recently promoted. Now is the time to hold onto whatever you have with a death grip and show great patience. You have no other options until things return to normal and companies start hiring again, and your bosses know that.

 

[dd564]

I would say absolutely nothing, and not expect any raise or bonus or normalcy for the next year. And then be thankful for every paycheck I continue to receive.

Following 2001, our Mega paused all raises and bonuses for the next annual cycle. Same thing in 2009.

You are newly promoted which means you are the first to be knocked down, or worse, if they need to make cuts. I saw several directors and VP's get bumped down in 2009, most of them the most recently promoted. Now is the time to hold onto whatever you have with a death grip and show great patience. You have no other options until things return to normal and companies start hiring again, and your bosses know that.

This aligns with how I was thinking, but when it comes to my job, I think I become overly paranoid at times.
My DW at times feels I should be asking for more (although not currently of course). I'm a first generation office-professional worker, so I've been learning the politics of corporations through trial and error.

 

[socca]

I'm a first generation office-professional worker, so I've been learning the politics of corporations through trial and error.

I was so clueless about corporate politics that I didn't realize until many years after I left that I had a mentor who was trying to groom me for a senior-level position within megacorp. After all, I was just an engineer who liked to build stuff and make it work, not a corporate pussycat.

I agree with Aerides: lay low, do your job, continually demonstrate the value that you and your org provide (without being too obvious about it ), and be thankful for every paycheck.