Been offered a 10% salary increase and promotion but with todays economic and job market, seems Im being short changed. Whatcha y’all make of it?

likesmart
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IMO that job market is about to shift drastically in the exact opposite direction.

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Agree. Feels that way for sure.

Impossible to tell without understanding your current role and salary. DM if you’d like some
Help.

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My baseline annual salary increase is around 5%-8% if im performing on par expectations. There was one year I got a 25% bumped because of the new biz wins and account growth. It also depends on what you negotiated when you joined the company. McCann and IPG seems like they’re stickler with the pay bumps and promotions.

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To add it took a beat before I got a promotion but when I did, my salary increased by 45% compared to my original base. They also have decent bonus depending on company performance, employee performance and how much leadership liked the employee. I got v between 10% - 15% with the exception of 2021 because of the pandemic. Granted I don’t think their salaries are as competitive as other big agencies when I first started. So they made up on bonuses and annual performance based increase. Good luck to you! Definitely get a gauge on salaries for folks are your level in your company. I’m sure there’s some intel on glassdoor or a running spreadsheet that calls for salary transparency out there.

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It’s hard to know. Also depends on if you found your value by interviewing to know if you are being “short changed”. Then compare it apples to apples to give it a fair analysis.

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10% raise in todays market just seems like a cost of living increase - not exactly a raise associated with a promotion.

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Had this conversation a bunch this year/performance review cycle. Yes inflation is ridiculous right now, but agencies don’t sell tangible products - we sell time and rate cards haven’t gone up 10%.

If this inflation sticks, it should theoretically impact agencies eventually (clients raise their prices on their products, in theory make more, have larger budgets for things, can pay agency more, etc.) but that will take years.

Another factor is how strictly y’all follow salary bands. Bc then, again, you basically need the system to change (salary bands are recalibrated based on talent market and/or above macro context). Salary bands are v important from an equity perspective, but mean that salary adjustments are less about % but more about your pace of growth through a position/band.

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I’ll take it, I got nothing.

Sorry to hear! Wishing you well on next steps

Depends on the company you’re looking to join. I wouldn’t join a company who I fear might lay off people if things go south.

I would ask for more. There is no reason why you can't.

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