Goldman Sachs employees might be poised to earn record bonuses this year, but the average employee is lucky if she receives a raise that covers the cost of living. According to The Wall Street Journal, human-resource consultants Watson Wyatt Worldwide Inc. and Hay Group estimate that median pay raises for 2009 ranged between two and three percent.
Given that millions of Americans remain jobless and others are dealing with reduced hours, the barely there raises for employees might seem fair. But when the future isn't looking so good in terms of making up for this year's low or no pay increases, it's easy to see how the lack of incentive might encourage mediocre productivity. Another consulting firm, Hewitt Associates, ran a survey that indicates the same record low increase for 2009 determined by the other two surveys, and it predicts a minor improvement for 2010.
Did you receive a raise this year?
Just Cavalli
Lanvin
Ultimo
2%
but last year I only got 2.3% because I had only worked half the year by that time raises
came around . . .so I wasn't spoiled or anything.
1Nope. I didn't get cost of living or STEP (based on years of service) raises.
2No, not yet, I have review in October and I hope I get a raise. Our raises are based on performance but if the company don't make their numbers by September then the raises will be lean.
3not even a cost of living increase for me
4Sweetpea, what is STEP?
5nothing. salary freeze.
6I got my step increase for being with the state's attorney's office for one year... it kind of evens out the furlough days !
7Congrats Running!
8Well, I received a raise in Dec. 2008 and I got a hefty bonus I didn't see coming so that was a nice surprise. I won't know until Dec. if I get one for next year.
9I took a pay cut this year and no raise last year either.
10I got a hefty raise and promotion back in November, so no raise for me in June, when I got my review. I'm OK with that, though.
11They did an across-the-board 3% pay raise at my company this year and cut everyone's bonuses. I'm happy with that - I know it is a lot better than what many people have gotten - even though it isn't nearly what I've received in the past.
12They froze everyone's salaries this year, so no raise for anybody. Sucks big time, but what are you going to do?
13Yep.. I got a $1/hr raise at my full time job and a $1.20/ hr raise at my part time job.. I am blessed.
14I got an almost 5% raise.
15I got a 2.5% raise in Jan., but took a voluntary 10% cut last month. They just made the pay cut mandatory yesterday, but informed us that it was "duly noted" who took the voluntary cut!
I'm hoping that really pays off for me when things turn around. That and working my
a** off!
16I was very surprised to get 5%. I assumed our raises would be more like 2% or 3%. So fortunate.
17Raises and bonuses are frozen at my job, but my husband got a 7.5% raise.
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