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Chief
3-4% is pretty standard COL adjustment at majority of companies. Raises more than that are generally only offered for a promotion or when changing companies. Is it sufficient given current inflation? Of course not but many companies will not give raises at all during inflation. If it’s truly as bad as some analysts predict it will get next year, next it will be layoffs instead of raises. Majority of insurance companies will report losses this year. Yes we all want more money. But it’s not likely to happen in the current state of the economy.
Which is why it will be such a disaster if we still have high inflation if a recession occurs. Stagflation as it’s called. You’re money is going less far and now you won’t even get a meaningful raise to blunt the impact.
At some point, the inequality of our economy is gonna touch enough of those that have been secure that they’ll understand what all the protesting was about.
It’s not inflation. It’s corporate greed.
You’re being used, just like the rest of us. No matter what you bring to your company, they’ll never appreciate what you’ve given them in a way that honors your work. You’re a peon, a cog on the wheel, just like the rest of us.
Kemper,
The question now is, what do you do?
You can keep fighting the current as an individual, and find yourself in this same position every time you’re due a wage increase but don’t get one.
Or you can look for and tap into movements that are working to create equitable wages for all workers, work to unionise your workplace, and take time to build community that can sustain you when the wages inevitably fall short.
Take a look at all the protests going on around the globe. It isn’t just you. It isn’t just the US. It’s everywhere. The richest in the world are working harder than ever before to extract every bit of wealth out of those under them.
Your post proves your interests aren’t being seen to by supporting those global elite. What of your skillset can help create lasting change not just for yourself, but for the wider world’s workers?
I understand it’s a privilege in these times to get any increases, but when others with less experience enter the company making more than me, it’s disheartening. Also, I am one of the top performers and top closer in my department, represented bodily injury adjuster, and am certain I add value to the organization. But to your point, I am going to have to face reality that the only way I may be able to earn what I deserve is either through promotion or accepting another position outside of my current organization. Thanks for the feedback!
Rising Star
Progressive usually has openings for that type of role 😬
You gotta look at it from the company POV. If the product you’re selling has increased by x% then you should expect your wage to increase by x%. A company matching inflation doesn’t make sense for the economy as it results in an inflationary spiral as they pass those raised employment costs on to clients
Agreed 100%. But my company’s overall health and being given grace is very much secondary to what I want and how I’ll achieve it. I really don’t believe in true loyalty to an employer so if there’s an immediate opportunity for better pay, I say take it without any hesitation. Vast majority of companies don’t earn or deserve the loyalty they expect from employees. There’s a painfully true joke at my company that if you want a big raise, leave then come back 2 years later.
It's standard but not sufficient. I recently left my position for a new role, which is a diff dept but starting out I'm already earning more. The only way to get the increase you deserve is to negotiate or jump ship.
If you are a top performer and not satisfied try to see what you can find in the open market you might be surprised.
But to peg what you should get for a raise to inflation is likely not the argument to make, have you traditionally gotten a 3% raise? Since 2010 inflation (CPI) was only over 3% in the years; 2011 (3.16%), 2021(4.7%) and 2022 (9.06%).
I feel your frustration. Top performer on agency side. Less than 1.5% this year!!!!
😩😢 I like to believe if we keep up thethe good work, we will be properly valued, at some point. Best of luck to us all!!
Many companies don’t give raise this year and a raise doesn’t really take inflation into consideration. You have to either bring more value to the company, get a promotion or get an new job offer.
Sufficient? No. But if you want more than that, consider the economy is about to enter a recession and I don’t think inflation will completely cool off by the time it hits. So then you get that worst case scenario where the economy is stagnant or in recession while inflation remains higher. You don’t have to have a degree in economics to understand that is a very bad scenario.
No. It is not sufficient at all. But unfortunately that is pretty standard.
Nope, I don't consider it sufficient.
I only got 2.4%
The only way to get a significant raise is to switch to a different company. 3-4% is standard, although it shouldn’t be. I would start looking for other jobs just to get a feel for what’s out there. Last time I did that I switched companies and got a $20k increase!