What about you — how much of a raise did you get this year?
Time passes so quickly, doesn't it? Before you know it, it's performance evaluation time again. Here's a tip for you: write down your big wins as they happen over the year. It doesn't matter if it's in Excel, Google Docs, or a plain notebook, start keeping track of your accomplishments. That way when you're pushing a raise, you'll be able to easily whip out the detailed facts and be able to make a stronger case of why you deserve one. After all, memories can fail, and it's easy to forget certain achievements over the course of a year.
If you're receiving the average wage increase, which is about three percent, you might want to figure out what the inflation rate is so you'll know if you're making less or more. The annual inflation rate is 3.6 percent, flat from the previous year, reports the Wall Street Journal. This means a 0.6 percent pay cut if you're getting the average raise. Although this might not sound like much, you might be upset about the principle of the matter. After all, you would want to see your pay going up and up, and not down.
In comparison to CEO pay, the big shots have seen increases in their salaries, with an increase of 11 percent from 2009 to 2010. Keep in mind that these heads of companies aren't making chump change — the average CEO pay at an S&P 500 company is $11.4 million. Unfair much?
So my employer gave me a raise this year for all of my good work! I am pretty excited about it but I started to wonder what should I do with it. I already live well within my old wage, so there is no reason to increase my spending. My other options are just to save the money in my savings or I could contribute it to my 401K since I don't max it out. In today's economy, I am not sure which is more important.
To read what I have to say, read on.
No matter what field you're in, the workplace is a tough place to navigate. Between snarky co-workers, demanding bosses, and the occasional rough performance review, your workday can feel like one insurmountable problem after another. But sometimes, all it takes is a little creative thinking to make those so-called problems work to your advantage. Read on to find out how.
Jim makes his first big call by announcing only the salespeople will receive raises. This immediately insights panic and questions from the ranks. While Jim and Michael feel the pressure to make everyone happy, the crew is understandably upset by the news and quick to jump on Dwight's revolt train. They even snoop in on Jim and Michael's bizarre promotion based on photos and beans project in the conference room.
It's a whole mess of silliness, but an unorthodox reminder that talking about raises with co-workers can get hairy, and isn't easy for employers or employees. Do you discuss raises openly with people at your workplace, or is money talk kept behind closed doors?
Photo courtesy of NBC
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?
It seems, this year, many Americans are getting coal in their salary stockings. It's not surprising given the rough year most employers have had, but it is eye-opening once we realize how 2008 differs from years past.
Hewitt Associates surveyed 640 companies that together employ nearly 13.5 million and discovered that 50 percent of these companies are cutting back on labor costs. Anywhere from 7 to 10 million employees could be affected by the cuts, which include less generous pay raises than in years past. According to CNN Money, it's estimated the companies cutting back will give raises of less than 3 percent for the first time in the study's 32-year history.
A cost-of-living type raise isn't much to write home about, but it's better than nothing. Will your salary get a boost in 2009?