salary increase

[trying2save]

I just got a 3.2% increase in my salary from 2007, which I am kinda disappointed considering the increase in cost of transportation and utility.
I would like to know what was your increase and what industry are you employed in. I work in the financial industry.
Thanks,

 

[zoey]

I worked in the tech industry (until end of last year when my team's function was offshored to India) and for the last few years we rarely had any raises at all. I think the last one I received was one or two percent. The small, or non-existent raise had nothing to do with performance. In fact, we were told that performance would not be rewarded with raises any longer. Instead, if the company was doing well, we might receive a bonus. This year I received a very small bonus--after taxes it was $350. Didn't exactly take the place of a raise and again little to nothing to do with performance. I was a very high performer as were most of my coworkers, but we all received the same pathetic reward for our efforts.

I can see why you were disappointed with your raise, but it could be worse. : |

 

[CompoundInterestFan]

I work in the tech industry; got a 3% raise. I was told that was 'very good' for this year.

 

[RunningBum]

I've seen one raise since 2001 (tech industry), and that was because they shifted 5% of our bonus component to regular salary so it wasn't really a raise. The salary is still pretty competetive, and I've got too good of a deal with my telecommuting and pretty flexible hours as well as bonus and stock options to complain, but it is a bit of a downer when I think about it.

 

[Marquette]

I'm told it will be 3%; IT in the finance industry. My bonus was 15% though, so I'm not complaining.

 

[Sandy]

My raise this year was 0%. And we won't be getting one next year either. I work in state goverment.

 

[PBAT]

3% last October (our fiscal year end), and our 10% bonus potential was paid in full.
accounting in distribution

 

[Rich_by_the_Bay]

I felt better after reading a study (can't recall the source) showing that in most sectors and professions, income tends to peak in the mid- to late-40s, plateau for a few ears and then actually slides back slowly until retirement. It is apparently not the case that most people just keep making more and more until they retire.

In my case, I broke that trend due to sequentially larger "management" positions in addition to my practice and teaching. But if I had stuck to the latter, I'd probably be making the same today in real dollars as I was 15 years ago -- maybe less.

Seems as if there's a point at which an employee or professional, no matter how good, would cost to much to retain if compensation just kept on rising faster than inflation. Exceptions abound, but it might be wise to keep that in mind for planning purposes.

 

[RunningBum]

I felt better after reading a study (can't recall the source) showing that in most sectors and professions, income tends to peak in the mid- to late-40s, plateau for a few ears and then actually slides back slowly until retirement. It is apparently not the case that most people just keep making more and more until they retire.

I wonder if that study was actually tracking individuals, or just doing an average.

I can't see too many people staying in the same job and taking a pay cut. I know it happens, but it's news when it does. More commonly, it's like my case, you just stop getting raises. It's a pay cut when considering inflation, but it sounds like they were talking about a true pay deduction. It's possible I wouldn't get another raise for a lot more time unless I get a promotion, and it'd be a big jump in responsibility, effort, and visibility for me to get to the next level, so I'm not working towards it.

I can also see taking a pay cut when you switch jobs. If you get laid off or just want a less stressful job (maybe want off the management track), you might take a new job that pays less. But there's plenty of people who take a new job because they will get paid more, so I'd think that'd balance out somewhat.

If they are taking averages, I could see that some high wage earners are more likely to retire early, and when they leave the workforce it drags down the average salary in their field. So in a given field at age 60-65, you are likely to have a higher % of plodders who are in the lower range of the income bracket (no offense intended to any still hard working people here in their 60s--I'm certainly not saying that's all that's left).

 

[W2R]

Federal employees in New Orleans got a 2.99% increase, since we are in the "Rest of the U.S." category as far as locality pay is concerned. (Those in areas like D.C. and S.F. got more).

However, my personal situation is actually a bit better than that. I am moving up the ladder with another step increase this year, so my own actual total increase is 6.21%.

 

[boutros]

18.5%, financial industry. Rewards for not buying subprime CDOs I guess. I certainly don't expect that much every year.

Two pieces of advise, from this board I think, helped me change jobs to one where my salary has gone up >65% (1 promotion, 12.5% and 3 salary reviews, remainder) over the last 2.5 years since starting new job.

1. Work for someone who makes substantially more money than you do. A $10k raise for someone making $50k might seem huge to a boss only making 65k but doesn't seem as big of a deal to a boss making 200k+

2. Assuming you deserve it tell your boss what you want. People tend not to act unless pressed to. 3% was probably the standard raise. Your boss was not pressed to give you anything beyond standard.

 

[Canadian FIRE]

Well I got two raises. First was during a buy out of the company so I am working 37.5 hrs/week instead of 40 hrs/week for the same pay (like a 6% raise, but in time).

Then 4.45% on top of that. Yet our house prices when up 50% last year. Crazy world.

I'm in engineering in western Canada.

 

[Notmuchlonger]

My wife got 5% last year and is scheduled to receive 6% this year and 5% every year for the next 3 after 2008. She is a RN.

 

[vt74]

I am in the construction field. I received a 5% increase after 18 months of employment. However, I started off at a lower salary than my previous employment. I was told at the start that they would reviewed by salary after 3 months which never happen. I was told that they would match my salary from previous employment. So with the 5% increase it is close to my previous salary.

I am not complaining as I have less communiting. I live close enough that I can bike to work.

I did find out that my co-worker has not receive a raise in 3 years so I am luckier.

 

[GatorBuzz]

7.6%. I work for a trade association.

 

[CCdaCE]

4% plus 1.3% merit. Makes up for 0% in '03 and 0% in '04. Or maybe it was '02 & '03. Not that I'm bitter or anything. Another 1.2% for additional management duties.

State gov't.

-CC

 

[kaudrey]

Feds here in DC got a 4.49% raise. My agency also gives performance bonuses, for which I got about $2K.

 

[Notmuchlonger]

Sounds like the fed keeps up with raises compared to private industry.

 

[maddythebeagle]

Sounds like the fed keeps up with raises compared to private industry.

I guess it helps when you can print your own money

 

[aaronc879]

I work in manufacturing (blue collar). I got nothin' for a per hour raise in '07 but I did get a $750 bonus .

 

[Keopele]

Pharma - 7%, expecting 3.5% in 2008

 

[martyb]

I'm a fed, too. Last year I got 2.9% and if I recall correctly, somewhere around a $1500 bonus. My raises come in July, and hopefully this year will be better than last year's. I'm not on the GS pay scale, so the raises that most feds get in January each year don't apply to me.

 

[DangerMouse]

I'll admit I lucked out as I got 10%. However at our location of 60 employees salary increases across the board were held at 2%. There were only 3 of us who scored higher increases. I am in Civil Engineering. I also got a 10% bonus at the end of 2007. Not sure if there will be any bonus this year, as the market is looking to be horrid.

 

[growing_older]

Got 0% for several years, so I switched jobs. New place has been good with 5% last year and promising similar this year. On the other hand, there have been an awful lot of investor meetings the last two weeks, so maybe something completely different is afoot. Part of being dependent on a j*b.

 

[StJohnsWood]

Working here in Corporate America I would take 3.2% in a heartbeat. The only way you get a raise is to leave the company. I changed jobs last year and got a 13% raise.