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This is one you can answer logically. Did you get a 3% raise? Is inflation near 3% annually? 3% is not a merit raise if it doesn’t do more than cover the COL increase.
Stuck near that for awhile because of starting higher
Didn’t get a 3% raise, asking if it should be the minimum expectation or not (ie possibly getting even lower raise than 3%). Wanting to go over to industry but negotiating higher salary, so trying to see if I should at least expect ~3% or at risk of lower because of already negotiating higher start.
You should at bare minimum get the rate of inflation for a raise. If not, you are literally making less money than you were the previous year. Your money is only worth what you can buy with it. If everything goes up a certain percent and your raise it not matching that, your spending power of the money you receive is less.
It seems petty at such small percents but if you think of it on a larger scale it’s easier to think about. If everything cost double the next year and your pay stays the same then you are literally making half what you did the previous year.
Additionally, inflation is tied to cost of goods and services. If everything according to the cost price index goes up, all goods and services are more pricey. Therefore companies are charging more for their services/goods. Your firm at a minimum is charging for our services at a rate of the inflation. Therefore the justification to have your firm distribute the raise of your salary due to them increasing the cost of the services is that much more justified. If they match inflation your salary is literally remaining stagnant. Economists refer to this as the “real rate”. If you receive 5% raise and inflation was 3%, your real rate of raise was just 2%.
I mean we can ask for the real rate all we want, I think he’s asking whether or not people have actually gotten at least that.
I’m at a Tech FAANG company, which is known to be generous and I have not gotten 3% raises in a non-promo year. That said promo years have been around 12% (pre stock growth).