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It's sad but true. My entire career the merit budget was fixed at 3%. If a manager gave someone more than 3%, someone else had to get less than 3%. Yet, people leave and get 20% more. Then we turn around an hire someone at 15-20% than the person we just stiffed. Then they have the learning curve before they are productive. HR needs to go.
So from your perspective, as a Sr. Director, do you want top performers? Or do you just need employees with a body temperature of 98.7° F?
In CPG companies, 2-3% raise is the norm as long as I have been in the industry (at least since 2009). Some years when you are a high performer it will be 4%, if that. Promotion typically comes with a 7-10% raise, and an internal lateral (within band) move gets you 5-7%. Hence, job hopping is definitely the way to boost comp, though it comes with it own set of issues, like relocation, questions about loyalty etc!
This has been my experience with CPG as well
It’s been the norm for years in companies where I‘ve worked. Moving around every 2-3 years to get large increases in salary finally got me to a point where a 2%-3% raise is a decent increase. Thankfully I wound up at a company I loved to work at and stayed. Good luck and don’t be afraid to make a change.
They taught this in business school. Wasn't aware it wasn't taught in other fields. A 2% merit isn't even a cost of living adjustment. Unless it was on top of a 3.3%.
That’s been my experience, it’s been the shifting landscape for a while but you need to be selfish now more than ever and leave to get raises
We have had a lot of voluntary and involuntary turnover at our manufacturing facility. In my work group, we are on our fourth manufacturing engineering manager in about a year.
When I got my 2.5% raise, at the end of March, I smiled. I smiled because I was already in the late stages of the hiring process at another company.
I got a significant raise, better benefits, and more PTO and paid holidays. And I don’t have to be concerned about the next round of layoffs. Things don’t change until you make them change.
Totally agree
Agreed. I just looked and (on the years I did get a raise) it was about 3%. Due to covid and other issues, many years no one got a raise. With all of that... staying means I'm losing money... while getting excellent reviews... and having had a number of valuable lateral moves.
Companies want to hire top performers... and then provide raises lower than CPI until they go elsewhere.
What is the biggest raise you've ever gotten
22% in the o e shot, additional 1 week PTO raised to 4 weeks total. The challenging part is to keep in mind that it’s a business your personal contribution to said business needs to be at 3x your cost to the business. This shows management that you are more than cost effective, you become prohibitively too expensive to lose.
If you are honest with yourself and not just blowing smoke up your own skirt, this will ensure you are properly compensated for your contributions to the business. Where it often goes off the rails is the honest evaluation and or the lack of reasonably competent management. Best of luck