Typical raise

[nyc999]

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Another thing you can do is to try to find out what the standard company wide raise is. At the end of the year management will usually decide to budget an additional X% for salary; then if X > 5.5% or whatever you got then you are underperforming.


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I heard that average company-wide is 4%. So I guess I did pretty good for 9 months [img]/images/graemlins/smile.gif[/img]

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It most depends on how the company is doing financially. To be higher than average is good.

[Jbrochu]

In general, 5.45% is about average. However, it really depends on a few things:

1) What was the average raise at your company? Some companies will share this information while others won't.

2) How does your current salary compare to the industry average for your position, experience level, and location? If you are well below the average compensation, you could (and should) expect to receive large salary increases. If you started at or above average, you should expect more normal salary increases.


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3) My company used to give options but they don't anymore for tax reasons. At the last company meeting they said they were discussing other things like bonuses, etc. Was this the meeting where I would find out if I was getting anything, in a typical company?

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Some companies give these bonuses out with the annual review, other's give them out at other times. Don't be afraid to ask.

Based on your questions, the best advice I can give you is to make sure that you know what you're worth, then make sure you're not afraid to go after it. Learn how to ask for what you deserve without alienating people. Make sure you understand how you will be appraised, and have a discussion at least monthly with your boss regarding where you stand according to his expectations.

[NoChance]

I work for Wells Fargo and we get our annual raises in March. Depending on your review rating, during the annual reviews you usually get either 1%, 2% or 3% for a raise. it sucks and doesn't even cover the cost of living increase each year. On the bright side, benefits are very good here.

The way to increase your pay here is to continually apply for new jobs within Wells Fargo as they come up. You have to work your current position for one year before becoming eligible to do this. When you take a new position, your salary is then re-negotiated. You can also get promoted to a new position at any time during the year and you still get your yealy raise on top of that. The third way to increase your salary here is to leave Wells Fargo (on good terms) and then come back later to a new position.

If only I could get a 5% raise next March.....

[pokerdirty]

AA, on the button.

[4_2_it]

I'd say you did g00t.

[buffett]

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I thought about asking if this number was standard or performance based

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I think you should have asked. It was bad that your manager didn't volunteer this information, but if one of my employees didn't want to know why he got a certain raise (or what he could do to get more, etc.), I would tend to think he doesn't much care about the business (and probably would be less inclined to give him good raises going forward).

[durron597]

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I thought about asking if this number was standard or performance based

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I think you should have asked. It was bad that your manager didn't volunteer this information, but if one of my employees didn't want to know why he got a certain raise (or what he could do to get more, etc.), I would tend to think he doesn't much care about the business (and probably would be less inclined to give him good raises going forward).

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You're probably right... the main reason I didn't ask is that I didn't know where a 5.45% raise was on the relative scale of things, so I didn't really have a frame of reference to ask.

A coworker in my group who has a similar job to me told me his % (but not his absolute) got here about 2.5 months after I did and got a 3.85% raise, which makes mine very slightly higher proportionately (so slight that they probably rounded off to make the numbers a little more even). And I know I do a better job than him.

[Diplomat]

You could have just asked when he gave you the number (what the average was, how you were doing, etc.).

-Diplomat

[durron597]

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You could have just asked when he gave you the number (what the average was, how you were doing, etc.).

-Diplomat

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I know they're happy with me (my boss actually made it a point to come to me last week and say "good work"). I wasn't sure if it was any of my business to ask what the average was at the time.

[2planka]

You did okay. I got 4.75% last year. For perspective, I'm 33 with 10 years experience in my field. I have some direct reports and our increase guideline was capped at 5.5%

Sarbains (SP?) put an end to the merit-based options plan here.

Bonuses are another story. I never received a bonus until this morning. At my firm, the bonus program is for only a few mere mortals (the VP's all get bonuses, but you have to be an exceptional schlep to rate for one). The bonus for the worker bees is very selective, approved by the board, and strictly confidential. Unless it was a condition of your initial job offer, I wouldn't expect a bonus. I still can't believe I got one.