At Regions we haven't received a cost of living adjustment since I started here. Is that common? Every year we generally get a little bit of an increase in line with inflation (except for 2020-2022 obviously) but I feel really squeezed right now with my current income. I'm just glad Regions hasn't done any layoffs unlike some of the big banks I've been hearing about.

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Raises are not something that a company is required to do, but it does help with retention… there are very few employers give raises based on COL.. most employers give merit increases 2-3%, higher if your really performing or you can make a case for more…

I worked in the retail bank for a long time… they usually cut staff where it’s not visible to the public… if you cut everyone inside of the bank, it gives the illusion of cuts…

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I wish I got raises with inflation. My annual increases are usually 1-2% despite the massive inflation we’ve been seeing.

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What do you think the 2-3 increases are for?

They are done to keep up with inflation / wage increases.

They may be called “merit increases” but this is simply to give the company more control over the amount, and not set an expectation they will always keep up with higher inflation.
If you ask for a raise do it based on performance and/or baselined to what other banks pay for someone in your role.

funny

This is true, make an adjustment to job position if not receiving enough income. Or change your lifestyle unfortunately something has to give.

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In banking there is no such thing as a cost of living adjustment…merit increases go to top performers.

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My company never does cost of living adjustments. However, we do usually get some sort of annual raise but it usually isn't even enough to cover the rise in cost of living. If I were you, I would go to them and ask for a raise.

I just don't want to rock the boat. I'm too nervous that if I submit for a raise they'll come back and say something like sorry we actually don't need you

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That sounds about right. I wouldn't expect them to.

Guess I should be grateful for the annual increases then!

I don't get annual raises :( Ours is performance based solely.

That sounds lame.

Sometimes

Your job is worth the intersection of what someone is willing to accept as payment and what your employer is willing to pay.

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