I am a little disappointed this week.
I got a pay rise.
It wasn't much.
Yes, it is better than no pay rise at all, but it definitely doesn't come anywhere close to matching the rising changes in costs of living over the last two years, and it is the second year in a row that I have been a little shafted by the system. I am not completely upset though, because this pay rise was part of a company-wide, cyclical increase, where a percentage of the team total was distributed. I am pretty sure that I got the smallest increase.
I am more interested in an off-cycle increase, where it isn't company wide, as in those, there is more bargaining room, and therefore more opportunity for a larger increase based on performance. I feel that I am performing relatively well, in a high-performing team, but the incentives need to align eventually, in order to keep that drive going.
Money of course isn't a very good motivator longterm, but it is something that is required to increase in order to at least keep spending opportunity to keep from sliding backward. When that happens, it becomes a demotivator, and therefore a more important focus, which has implications on the overall quality of work, as life pressures will also start making an impact. The more financial pressure we feel at home, the more it is going to affect our work processes, which is why salary has to be adequate for the job, and appropriate for the economic situation.
I had a discussion with my supervisor today, where I was informed about the raise, though I knew about it on Monday already, due to an error in a new payroll system that just launched. Not that it matters. However, as said, I am more interested in an off-cycle increase, because that should be more reflective of the impact of my role. So, I also want to discuss career path opportunities and the tangible requirements I would need to meet for different paths, and incomes. I like the company I work for, and the people I work with, so I want to be able to build into it, and upon it.
While I understand that people will move for money, personally, I would prefer to be able to make money working for a company I believe in and with people who will also benefit alongside. Companies often talk about building culture and effective teamwork, and part of that is the remuneration policy. Ideally, there should be decent profit-sharing processes, where a company wins together. In general, this company is pretty good at rewarding people, and creating high value teams, but at an individual level, there is something to be desired in terms of recognizing good work.
But, it is very hard to find the right balance, especially in a world where people feel that they are entitled to reward, even if they are not performing. This is something that I have to reflect on going forward too, as while I believe I am making a positive impact, I need to ensure it is more than just a belief, and I actually am enabling people to be better, perform better, and return better results.
Am I deserving of a bigger raise? Not this round at least, because it was a small pot that was capped, and from that, it had to reward everyone in the team, and they perform incredibly well too. And this is why these cyclical, company-wide increases don't always make sense, because the same percentage for distribution is given to each team, regardless of the teams performance, or impact. A high-impact team gets the same percentage, as a mid-range team, or under-performing team. Off-cycle, it is individual-focused.
While the increase was small, what, it is going to go toward is our mortgage, as even the added value of a couple pizzas difference per month, can shave a year or more off the total. The faster we can get rid of that debt, the better. I have been adding more each month, even if it is only slightly more when things have been tight, because it is good to keep the habit. Adding this small amount on top each month means that it will have a future impact, rather than just getting absorbed by life expenses. I would rather wind things back, than make things a tiny bit easier financially.
While I think the value of our work life is a major part of our wellbeing and more than just a means to an end, ultimately, it also has to be an adequate provider. Since my daughter was born and over the last years since the stroke especially, it has been increasingly important to at least build a foundation for my family, just in case something happens to me. Every increase in income, helps me meet that need - every decrease in purchasing power, puts it a little further out of reach. There has been a lot of going backwards over the last years, it would be nice to get a sense of heading in the right direction again.
Maybe next time.
Taraz
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Sad is what that is...the companies still make their profit and oftentimes substantially more that last year, but still will squeak when they offer up the raises. At least you have a good plan for the 'windfall'
Just have to cross fingers for a decent market ;)
Have you ever needed to take a pay freeze? Those are no fun at all. I recently went in and got a fairly large raise. It was long over due and they never would have done it if I hadn't pushed the subject. I'm glad I finally spoke up. This year I will likely get a small percentage increase due to last year being so good.
The percentage increases are fine, if there are other increases along the way, as they compound. However, I am a couple years behind, and will unlikely catch up. Well done on getting a decent one though!
Like I said, it was a long time coming. I think they had become complacent because they know I am likely not going anywhere else. It wasn't until they hired three new people at a higher salary than me (who has been here 20 years) that I really started rocking the boat. Turns out I should have spoke up sooner. I think it also helps that we got a new boss. I think he went to bat for me more than the previous one with the board.
If what you are getting already is enough, then your rise is just cream on the top, if you need the rise to survive, you might have to make another strategy.
"enough" is relative in rising costs, because enough a year ago, might not be enough today, and next year, who knows.
I think the economy will be tough and I think it will be tough for any actual pay raises. The governments just continue to spend so much money on those bills on things that doesn't affect our daily lives. At least a raise is a raise though so it's better than nothing.
If a business is struggling, I understand not giving too much, if anything. But if the business is performing, reward performance.
I definitely agree with that. If the business can pay for it, they should definitely reward performance.
That is the sad reality of corporate life. We had a similar setup, but we used a bell curve, which might be technically worse because someone is always going to get the short end of the stick. These low increase are I think one of the biggest reason why people change jobs a lot. What's frustrating is that once you informed them you will move, they will counteroffer. Things shouldn't have to go through that motion for one to get an increase. If they deserve it, it should be given.
I disagree with this a lot. Pay well, pay adequately - don't force a threat situation. It is acting in bad faith.
You misunderstood. The people moving aren't doing it as a threat. They really want to move. But it is the boss that doesn't want to lose an employee and have to train a new guy, and maybe pay that new guy more than the current employee is getting, so they counteroffer.
If the pay is good and adequate, then there will be no reason for the person to look for another job.
Which goes to my point of the threat. They want to leave because they aren't satisfied with the pay - if they really want to leave, no counteroffer will matter, yet it is is common for them to take it and stay.
This one I don't quite agree with. I know that some do it as a threat, but most don't. When one looks for a job, it is because they want to move. When they file for resignation they are resolved to move, and the counteroffer is not guaranteed to come. I've seen a lot of resignations where there were no counteroffers. Unless the person knows they are irreplaceable in the company, that is only when they can use it as a threat. In all my time working, I haven't seen anyone use resignation as a threat.
I'm having a bad week too. I lost 2 salaries shorting Bitcoin. It is very unpleasant when something goes contrary to our expectations.
Is today any better?
Today I am no longer shorting Bitcoin :) And I probably won’t have transactions with Bitcoin for several months.
Mortgage is a troubling matter, here in UK increased kind of 3 times, since Covid and the global crisis that nobody talks about (prices growing faster that the wages lead to a crisis right?).
prices are growing far faster - but it seems we are meant to ignore the reasons.
We are the reasons. Well, basically greed and spending money we do not have as a whole society is the reason, but yeah...
Move jobs if you want more cash, that's how it's done!
This is what frustrates me, as in Finland, I am pretty limited. But at some point, I might have to risk it.
Yeah, I can understand that.
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STOPTo support your work, I also upvoted your post!
Don't give up just be happy and play the next move. This week was also not good for me
This is exactly why I turned back to teaching. None of my other professions have been nearly as rewarding personally (not monetarily). I am blessed to teach at a school two blocks from my apartment alongside a wonderfully diverse range of teachers that allows me to expand my skills and understanding every day. Feeling blessed even though my paycheck might be a bit lacking.