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We are doing market adjustments for some roles that are currently out of range. I just updated all of our pay ranges to current market data, though it's likely one year out of date. Though our FY23 budget is not finalized yet, I believe the budgeted increase will be 5%, which is both COLA and merit.
I’ve never heard of an inflation raise? Our compensation and merit adjustments are based on a complex aggregate of GDP, inflation, market benchmarks, unemployment, etc. I am not aware of any company who bases their merit pool on inflation, knowing that would mean a decrease in pay some years.
Looking into significant mid year adjustments to stay competitive with market.
We received 9% global inflation pay adjustment globally across the board earlier this year and this was outside the annual pay review cycle.
Pro
Thats awesome
! Do you mind sharing what industry you’re in?
I was offered 3% at my annual review last week.
We have historically had a 2.8% merit budget. For FY21, we took it up to 7% to include for inflation adjustments and calibration
I have never heard of an “inflation raise” per se, but we try and keep it within our projected budget. Because of this, this can vary greatly per company, especially if they are for profit or non profit, public/private etc. 8% is very high, and if the company is giving that out then they are extremely generous.
No. Our revenue is limited by healthcare reimbursement.
We were given 3k each. Irrelevant of salary level, everyone got a 3k raise