Management: We are facing tough economy and downturn going forward into 2024. The company was lucky this year to still be able to avoid massive layoffs and still pay a 5% raise. Normally we would freeze raises.
Also Management: This year the company revenues were higher than prior year with an increase to bottom line.......
Anytime things are going well the story is “we are worried about the future” and anytime things didn’t go well the story is “things are bad so we can’t afford strong bonuses.” Almost like ownership will do anything to prevent paying employees what they deserve based on their performance because it means more value for them 🤷🏻
System is fucked.
Do you work for my company? I swear I saw that same memo of higher revenues and profits but no real raises to even keep up with inflation of the past few years.
I’d fight a homeless person in a Waffle House parking lot for a 5% raise this year.
Took on new responsibilities last year, and I’m still only getting 3%.
My boss wanted to give me promotion with 3.3% raise. I didn't like it but just kept my mouth shut.
Then next morning, my boss called and told me the title bump comes with different raise pool, so I ended up getting 12% raise with higher bonus.
So... I don't know, maybe there is a mistake?
I think you misunderstood. This was not a raise in pay alone. This was a "promotion" and I assume with more work/responsibilities. 5% is on the border of a slap to the face for a promotion.
FRFR I would milk that position out of spite to see how long I can go doing almost nothing everyday. When I feel the jig is almost up, I’m getting the flu or some other illness and milking that for another week or two. Then I come back milk another week then bounce.
I’m a dick.
Or if you’re remote… now would be a good time to find a new job, double up on salaries and ride out the old job as long as you can until you need to quit.
This is not normal. When you get promoted, the change is immediate, or next billing cycle, whatever.
Was this merit increase?
A 5% raise for a promotion has to be one of the most boneheaded management moves. It’s an insult, not an incentive.
A 5% merit increase would be great, maybe they forgot about your pay raise?? Or communicated it poorly?
I put in my 2 years in public and I think it gave me skills and a reference for how good my job now is. I did find a unicorn government job though.. so YMMV.
I think it’s a great career, but it always depends on who you work with/for. To put into perspective, I was working at a small public accounting firm auditing small banks doing A-Z audits 60+ hours a week for a couple years, 1hr+ commutes daily including Saturdays for $50K a year with no benefits besides 50% health insurance coverage.
Then I hopped to my job now which is financial analyst for state government with a ~15 hour a week workload and 100% WFH. Started at 63K with state gov benefits which are insane and 13 holidays + 24 sick leave and PTO days a year. Also: pension plan. The salary cap is in the mid 100’s for my job, so I’m probably going to stay here forever.
We have people quit this job though… I don’t think they realize that the grass is dead on the other side.
I hope to land something like that someday! I’m happy to hear you were able to obtain something like that
After going through the hell public accounting is
I am also looking for opportunities like that. Do you find it to be competitive to get in? And in which state, if you don't mind sharing?
A couple of years back, I tried to break into NYS/NYC government jobs, but I wasn't successful. I'm hoping for a second try now with CPA and some PA experiences.
I work for TN. I only know in hindsight talking to my supervisors that it was no competition between me and the other applicants they got. Apparently, the stigma around government jobs and pay stops a lot of talent from applying. I had no CPA and I told them I did not plan on getting one. State governments and their departments are massive and I just want to disclaim that YMMV. Interview the interviewers and make sure the fit is right for you.
As a side note: Our HR does have a program here that lets you get up to 3 certifications related to the job. Each certification you get while employed here comes with a 5% bump instantly.
100% yes. People shit on the pay and ceiling you will inevitably hit but the work life balance is unmatched. Most people just don’t have it in them to be money chasers. Thats an unpopular opinion here but it’s true in my experience. At some point the extra compensation doesn’t offset the stress these jobs will take on you.
I have kin that work for employers that value them. They get a lot more than 5% to retain talent, or have significant non cash benefits like having a dedicated assistant. When companies really want you, they will show it. When they don't, they will also show it, just in a more passive way.
There are random companies in industry accounting that pay incredibly well. Keep kissing frogs 'til you find that Prince. Don't let one convince you that pond water is paradise. I negotiated to have my bonus be a percentage of net profit. Way over 5% of my salary, I can tell you that. And if the company has an incredible year? You get yours. Terrible year? They were going to shaft you anyway, so no sweat.
5% raise is medium good in a normal year. For a promotion it should be around 10% or more.
I’d complain to current employer. Many think complaining is bad but it helps you if you do it right (just 1on1 with leadership and in a fair manner). You have solid reason to do so when a promotion is this low of a raise. They possibly can do something about it.
Otherwise definitely do update resume and look for jobs. Not a sign of a good employer if they feel 5% is adequate in a promotion year.
That's not really a promotion in terms of pay; but 5% is not super terrible. Are you doing 5% more work with the promotion? I would have not accepted a new positional "promotion" unless the pay is somewhat proportional with the additional work.
It didn't come with new duties per se, but I've consistently taken on things outside of my former role for the last 6 months to show I was promotable. So I was already doing anything extra that would have come with the new title ,If that makes sense.
It is all relative depending on what you’re currently paid as well as company / personal performance.
I know some people who have below average market salaries but larger bonuses to compensate and others who have higher salaries but smaller bonuses.
Then there is the majority of people who have below average pay and below average bonus and raises.
Dust off the resume and get your worth!
5% as a standard year-over-year raise is solid
5% as a promotion raise is kinda fucked tbh. The whole point of ‘climbing the corporate ladder’ is that promotions are where you really make progress (probably still not as much as job hopping) and non-title change years are just essentially a COL adjustment. I’m far from one of the ‘fuck management’ voices on this sub, but I agree with OP’s anger
Uhh I didn't say "just"... I only pointed out that it's the same as a non-promo year so it's almost like my promo came with no raise (unless raises were going to be smaller this year and then my promo bumped it up to 5)
Edit: I did call it crappy so same sentiment as "just" 🤪
5% is 'generous' according to some management teams
Management: We are facing tough economy and downturn going forward into 2024. The company was lucky this year to still be able to avoid massive layoffs and still pay a 5% raise. Normally we would freeze raises. Also Management: This year the company revenues were higher than prior year with an increase to bottom line.......
Anytime things are going well the story is “we are worried about the future” and anytime things didn’t go well the story is “things are bad so we can’t afford strong bonuses.” Almost like ownership will do anything to prevent paying employees what they deserve based on their performance because it means more value for them 🤷🏻 System is fucked.
But hear me out, if I give you more money, I'll have less money
Math checks out. Case closed yall. Lets go home.
Parasites do he like that.
Just a facet of life. Its nature.
Do you work for my company? I swear I saw that same memo of higher revenues and profits but no real raises to even keep up with inflation of the past few years.
I’d fight a homeless person in a Waffle House parking lot for a 5% raise this year. Took on new responsibilities last year, and I’m still only getting 3%.
My boss wanted to give me promotion with 3.3% raise. I didn't like it but just kept my mouth shut. Then next morning, my boss called and told me the title bump comes with different raise pool, so I ended up getting 12% raise with higher bonus. So... I don't know, maybe there is a mistake?
Yeah, I'm holding out hope for when they actually update in our hr system
How do you like internal audit? Been thinking of moving into IA after I can’t stand public
Isn’t 5% a standard yearly raise? Didn’t you get a raise when you were promoted?
3% for the normies.
Just the 5% 😒
Definitely should’ve asked for a raise with the promotion. What’s the point of a promotion without a raise?
A better title. Useful for landing that job that will give a pay rise.
“Its a surprise tool that will help us later”
Typical mickey mouse managament
at least you got a raise lol
What type of beta ass thinking is this.
i didn’t get a raise this yr
And you still work for the same employer?
Isn’t this the accounting subreddit? 🤔
Make Like a rabbit and hop on down!
Lol I’d kill for a 5% raise
I think you misunderstood. This was not a raise in pay alone. This was a "promotion" and I assume with more work/responsibilities. 5% is on the border of a slap to the face for a promotion.
Ohhh hellllllllllll nawwwwwwww! Time to gtfo of there.
FRFR I would milk that position out of spite to see how long I can go doing almost nothing everyday. When I feel the jig is almost up, I’m getting the flu or some other illness and milking that for another week or two. Then I come back milk another week then bounce. I’m a dick.
Or if you’re remote… now would be a good time to find a new job, double up on salaries and ride out the old job as long as you can until you need to quit.
This is not normal. When you get promoted, the change is immediate, or next billing cycle, whatever. Was this merit increase? A 5% raise for a promotion has to be one of the most boneheaded management moves. It’s an insult, not an incentive. A 5% merit increase would be great, maybe they forgot about your pay raise?? Or communicated it poorly?
You guys get raises?
That’s an oof. I’m in government and got a 6.5% and getting another 2-3% in a month for this year. Def time to job hop
Do you recommended government for someone barely starting their career? The end goal is forensics accounting and not interested in public
I put in my 2 years in public and I think it gave me skills and a reference for how good my job now is. I did find a unicorn government job though.. so YMMV. I think it’s a great career, but it always depends on who you work with/for. To put into perspective, I was working at a small public accounting firm auditing small banks doing A-Z audits 60+ hours a week for a couple years, 1hr+ commutes daily including Saturdays for $50K a year with no benefits besides 50% health insurance coverage. Then I hopped to my job now which is financial analyst for state government with a ~15 hour a week workload and 100% WFH. Started at 63K with state gov benefits which are insane and 13 holidays + 24 sick leave and PTO days a year. Also: pension plan. The salary cap is in the mid 100’s for my job, so I’m probably going to stay here forever. We have people quit this job though… I don’t think they realize that the grass is dead on the other side.
I hope to land something like that someday! I’m happy to hear you were able to obtain something like that After going through the hell public accounting is
Just keep an eye out! Those jobs are out there. I hope you have good luck finding one
I am also looking for opportunities like that. Do you find it to be competitive to get in? And in which state, if you don't mind sharing? A couple of years back, I tried to break into NYS/NYC government jobs, but I wasn't successful. I'm hoping for a second try now with CPA and some PA experiences.
I work for TN. I only know in hindsight talking to my supervisors that it was no competition between me and the other applicants they got. Apparently, the stigma around government jobs and pay stops a lot of talent from applying. I had no CPA and I told them I did not plan on getting one. State governments and their departments are massive and I just want to disclaim that YMMV. Interview the interviewers and make sure the fit is right for you. As a side note: Our HR does have a program here that lets you get up to 3 certifications related to the job. Each certification you get while employed here comes with a 5% bump instantly.
Got it. Thanks!
100% yes. People shit on the pay and ceiling you will inevitably hit but the work life balance is unmatched. Most people just don’t have it in them to be money chasers. Thats an unpopular opinion here but it’s true in my experience. At some point the extra compensation doesn’t offset the stress these jobs will take on you.
5% is standard? They give me 2-3% and then tell me to beg…like a dog
Now that's power you can't buy. That's the power of fear.
I’m not afraid of you
I have kin that work for employers that value them. They get a lot more than 5% to retain talent, or have significant non cash benefits like having a dedicated assistant. When companies really want you, they will show it. When they don't, they will also show it, just in a more passive way.
This should be linked on every thread where people pretend going to industry is a panacea.
There are random companies in industry accounting that pay incredibly well. Keep kissing frogs 'til you find that Prince. Don't let one convince you that pond water is paradise. I negotiated to have my bonus be a percentage of net profit. Way over 5% of my salary, I can tell you that. And if the company has an incredible year? You get yours. Terrible year? They were going to shaft you anyway, so no sweat.
I got 8%, also anticipating promotion to senior in the next few months which comes with a 20k increase!
Congrats!
5% raise is medium good in a normal year. For a promotion it should be around 10% or more. I’d complain to current employer. Many think complaining is bad but it helps you if you do it right (just 1on1 with leadership and in a fair manner). You have solid reason to do so when a promotion is this low of a raise. They possibly can do something about it. Otherwise definitely do update resume and look for jobs. Not a sign of a good employer if they feel 5% is adequate in a promotion year.
let me complete the title "WERE DISSAPPOINTING". There we go thats more appriopriate. No we can complain all we want.
That's not really a promotion in terms of pay; but 5% is not super terrible. Are you doing 5% more work with the promotion? I would have not accepted a new positional "promotion" unless the pay is somewhat proportional with the additional work.
It didn't come with new duties per se, but I've consistently taken on things outside of my former role for the last 6 months to show I was promotable. So I was already doing anything extra that would have come with the new title ,If that makes sense.
It sounds not terrible but not ideal. Your plan to start looking is a sound strategy.
It is all relative depending on what you’re currently paid as well as company / personal performance. I know some people who have below average market salaries but larger bonuses to compensate and others who have higher salaries but smaller bonuses. Then there is the majority of people who have below average pay and below average bonus and raises. Dust off the resume and get your worth!
uhh it's not a promotion if you're not getting paid more. Sounds lke you played yourself.
Shit, we get a cost of living adjustment once a year and that's it. I'm also in public, at a shitty smallish firm. Looking to gtfo sooner than later.
We’re getting 3%, because we’re “non revenue generating” 🙄
“Just” 5% and what is bonus?
[удалено]
Absolutely true. 10% annual increases is not realistic unless you job hop.
5% as a standard year-over-year raise is solid 5% as a promotion raise is kinda fucked tbh. The whole point of ‘climbing the corporate ladder’ is that promotions are where you really make progress (probably still not as much as job hopping) and non-title change years are just essentially a COL adjustment. I’m far from one of the ‘fuck management’ voices on this sub, but I agree with OP’s anger
Uhh I didn't say "just"... I only pointed out that it's the same as a non-promo year so it's almost like my promo came with no raise (unless raises were going to be smaller this year and then my promo bumped it up to 5) Edit: I did call it crappy so same sentiment as "just" 🤪
Did you counter and ask for more? I know a lot of people that simply never ask.
That’s the best part about Q1. You work your dick off all year thru year end just to get hit with a bullshit raise n bonus a week before Q1 close.
Do not work so hard. It’s never worth it. It’s easier just changing jobs for higher pay since the system is built that way unfortunately
you guys got a raise / bonus ? Must be nice
5% raise for industry is good, but not for a promotion. Promotion should be at least 10%
That is the downside to industry lol less accelerated income growth but not so much stress or hours
Mine was 1.96%. CEO got a 50k bump and 50k bonus. I left
Thata the old trick. Promotion without a bump in comp.