I Got a Raise!

[Dean P]

There's been a lot of talk about raises. I remember when it was almost expected to get a yearly raise. Companies would offer a 2-4% raise as a cost of living increase. But, it appears times have changed and now employees must ask and or threaten to quit to receive a raise. Have you experienced this? Is this the new norm?

I'll start it off, I've been with my company for almost 30 years (8/01/89). I got a raise 14 months ago. This is my 3rd raise in 16 years. I threatened to quit for the last 2.

How about you? When was you last raise?

 

[MidnightRider]

Yeah agreed its tough out there. I decided to change careers from truck driving to software engineering over 20 years ago now and can remember the days of yearly raises around 8% even 10% was not unheard of. Those days are long gone. Raises of any significants in recent years have come from new jobs switching companies 3 times since 2014. Other than raises from switching jobs, I have been fortunate in my software career to at least get 3% every year so far. This year may be the streak breaker though, not expecting anything this year.

 

[fireflymedic]

I'm retired but I still get a 2.5 cola every July

 

[MattFX4]

I'm a CPA/corporate accountant and have been with my company 6 years, and have got an annual raise of 2.5-3.5% every year for cost of living. I have also got several 10% raises due to promotions along the way. My wife was with her last company 10 years and got several promotions along the way but was underpaid due to working her way up within same hospital. She left for a competitor hospital in the area for the exact same job and got a 30% increase. So I think the best way to get decent raises is to switch jobs, or companies.

 

[ZippyBoater]

I am retired Army. While in the Army we got cost of living raises and promotion raises. Worked as a defense consultant for 11 years after retirement and rarely saw raises, but got a few for performance. Now I work as a Marine Civilian employee and I have seen two pay raises in two years. These are cost of living adjustments that are a result of a long period of not getting those raises or adjustments.

 

[adrianp89]

Corp America here.... always got a cost of living raise. Usually was in the 3-5% range. Have taken a promotion every 2 years. One was about a 25% raise thanks to an Obama law regarding salaries, even though it never went it affect, the company still thought it was the right thing to uphold. Second one was about 13%. About 8 months after the second one, I finished school and left the company and took a 40% pay raise.

In my second job, in corporate retail, it has been a steady 3% every year. I quickly jumped up the pay scale due to certifications, but since then just the 3% like clock work.

 

[props2you]

I see raises all the time, it's exhausting! I've been self employed for nearly 10 years though. Sorry corp./company guys, one of the benefits of owning your own corporations, not dealing with major bureaucrats, oh, and managing time to get out on the water more!

 

[Julian]

I've received an annual raise for my whole life....until this year. No raise this year (our company held raises for Director/VP level this year). We expect this year to be really tight, so I'm ok with this (for one year). A second year would likely result in me leaving the company.

 

[suke]

Been working for major corporations for 13 years.....never once had a COLA increase. Pay increases were only based on merit and came every couple of years. Was with one company 12 years and had raises/promotions 5 times....I think. Left and received a 30% pay increase. Only way to see major bumps is to leave for other companies. Loyalty is rarely rewarded now-a-days and in some companies eyes a liability. It's crazy to think I'm interviewing an individual for one of my positions out of college 4 years and I'll likely have to pay them 100k to take the position. I didn't break 6 figures until 4-5 years ago.

 

[ripler]

I left my last employer after only getting 1 raise in the 5 years I was there, when I went to my new employer I was able to negotiate a 20% raise. In my area there is a shortage of senior level I&E designers.

 

[Trevor Shipman]

@MattFX4 is SPOT on! If you want to make a jump in salary, unfortunately. I’ve always made a 3-4% merit increase each year but only big salary increases I’ve had each year. So many people think that loyalty will one day result in a reward, unfortunately it rarely does.

In my current role (3 years strong) I finally realized what a REAL bonus meant. I never understood how Clark Griswald could afford to put in a pool if he got his Christmas bonus till I landed this job and get a yearly bonus of 30-35% off base salary. Paid off my student loans my first year!

 

[viper15]

I've been with the same company for 18 years. Our raises come with an annual performance review, and the percentage is directly related to your performance. Increases are anywhere between 0% and I've seen as high as 5%. But it's directly related to your performance and where your salary is within the range of pay for the job. Large increases come with promotions or job changes.

 

[2kwik4u]

I'll echo the fact that large shifts in pay typically come with a change in company or position.

Had a MAJOR bump (15k - 38% increase) when I got my degree with the same company. I was still below industry average for my skillset, experience, and position. I left there and bumped up 20k (36% increase) at another company with a similar position. That company was a crapshow, moved to an ESOP company and took as base pay hit of 5k (7% decrease), but got a bonus plan that put me another 25k up (33% increase) on yearly compensation. With ESOP options, Bonus, and Salary I'll be just over 60k increase in total compensation from the first company. This is all within about 4 years time, and has been a major roller coaster for us to deal with the whack-a-doo cashflows it's created.

First company in the above story would have a performance review each year, and your pay rate was reevaluated. It had the possibilty of going either up or down based on performance. I saw several people have reductions in pay there, and several with increases. Was an odd system, but was done decently well. Of course like everything else in life it was light rewards, and heavy penalties. I had 3-5% yearlies before the big jump with my degree. Second company I didn't stick around long enough to find out how they dealt with that. new company is awesome. ESOP and bonus is based on company performance. Bonus can be as high as 40% of base pay. Salary is individual performance based. My review came around about 7mo into employment here, and the boss went to bat for me to get a raise, which he says is somewhat unheard of. The company overall is excellent, and I hope to be here for quite some time. Most likely won't change positions (I'm in R&D which only has 3 people on the team, and the head guy has been here for 15yrs with another 20+ to work. I'll retire before I get the tenure to run the department, and there are no lateral moves to be made), so it's most likely incremental raises for me from this point on.

Overall, when looking for this position....I will say that the team and "fit" I was moving into was far more important than the money. I had 3 offers within a week of each other, and the money was similar between them all. The final decision came down to how I would fit in the team, and what work I would be doing. I suspect at this level, future decisions will be made on the same premise. I've moved above the "I just need a job" mentality, and it's honestly a nice place to be. I hope I can get my boys into this position as soon as possible when they are ready to start working. Whether that is a college degree, trade school, apprentice program, or whatever that looks like. Being able to wake up in the morning and not dread the day ahead is where it's at.

 

[Bransc1986]

I get yearly raises and occasional performance raises. They vary on percentage based on the companies performance. I’ve never had lower than 4% and the biggest was 14%. I just received this years raise last week and it was 6%.

 

[seanmclean]

Yearly raises here, usually in the 3-5% mark. Need to switch companies to see a bigger chunk than that (or be promoted within, but not nearly as much).

 

[GiddYupJoe]

As an AF civil servant it has been 3-5% contribution bumps for me when not in the GS pay scale. Cola has been removed the last few years but just got word that we will be getting the 1.4 cola this year retroactive back to Jan. Also just got a nice ~10% based on a promotion into a new payband tier. So can’t complain on my end!

 

[Neutron]

I have set myself up for a hefty raise this May/ June. I work flat rate and produce an average anywhere between 80 to 100 hours a week. But i only actually am there 40 hours a week.
I am finishing an advanced eletrical course next week . And after the Certification goes through i should be getting at least a 2 buck an hour raise. Which will actually equal to 160 to 200 bucks a week.

 

[Dixie Highway]

I worked for one of the largest companies on the planet until about 18 months ago, we received 3-5% annual performance based increases. We were sold to another company about that time, and so far they have kept the status quo. I took a promotion 4 months ago and got a 50% increase in base salary, which equates to about 33% factoring in the OT I no longer am elegible for. Since I took the promotion last year I’m ineligible for an increase until next year, but likely it’ll be another 3-5%. Luckily now that 3-5% is more dollar wise since the base rate is higher. I have nothing to complain about unless I stop advancing every 2-3 years.

 

[2kwik4u]

I have nothing to complain about unless I stop advancing every 2-3 years.

Was thinking about this thread last night. Meant to add this in. The main reason I'll leave one position for the next is when I "stagnate". Once I stop learning, or hit any sort of glass ceiling, I move along. The first job in my story above was grooming me for management of the department I was in. Would've been OK, except I wasn't willing to wait the 3-5yrs at my current pay scale/job description to make that move. The guy I would've been replacing just left last month. I still wouldn't be making as much there as I am where I've moved to. The new technical challenges have been nice as well.

Once I stop moving forward, I start looking to move out.

 

[Wisefam22]

I'm self employed my wife does our books and does books for golf course she got raise 2 years on the form of 100% insurance covered for her.

This past fall she got a 10% raise. Hard to complain when she works from home for them as well.