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Economy isnt that bad to hang onto a job that decides to go against the norm and forgo an annual raise. Find another job sounds like your company isn’t doing well.
Raises are always company optional. Our company is making money like crazy and many folks got nothing the last two years.
I used to work for start ups and my managers told me to sit tight since the company was planning for IPO and I was OK with no raise. I recommend you to have a conversation with your managers and be open minded.
I mean, it isn't really acceptable but it sounds like something you are going to have to accept. I have heard more and more companies saying that they aren't giving out raises this year so I can't say I am surprised.
Morally acceptable, no. It means your buying power is going to be less for doing the same job (no doubt the company found the money to give raises and bonuses to upper management, though). Unfortunately, there is nothing you can do about it except look for another job.
It's not ideal, but it definitely happens. A lot. It's happened to me at various points throughout my career and while I don't like it, there's nothing I can really do about it.
Acceptable is up to your own interpretation and whether your TC is in line for your industry, position, and location.
The last three years I’ve gotten 0%, 0%, 2% for my annuals. I’m still here and I’m fine with it as it’s basically par for my position and above. It was 4% for positions lower on the scale.
Also, IMO there’s no such thing as a COL raise. An individuals COL is only important for the individual’s calculus. A company isn’t interested in a particular person’s expenses.
It is not acceptable to not get a raise due to inflation but that is life. Some employers are just cheap.