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      04-14-2008, 01:55 PM   #1
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merit increases....

Hey is merit increases the only chance you get a raise through out the year besides promotion...etc? Is this the only yearly salary increase? I'vebeen in this company for 7months... and it's my first review so far... and my raise is so little somewhere around$2000
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      04-14-2008, 02:17 PM   #2
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Quote:
Originally Posted by Design1314 View Post
Hey is merit increases the only chance you get a raise through out the year besides promotion...etc? Is this the only yearly salary increase? I'vebeen in this company for 7months... and it's my first review so far... and my raise is so little somewhere around$2000
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      04-14-2008, 02:23 PM   #3
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At my company, yeah, it's the only increase. This year = 4%. Last year = 6%. Although, I do work for a very VERY large financial services company that has had craptastic earnings all year. They say we should be lucky to be employed... lol
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      04-14-2008, 02:31 PM   #4
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At my company, yeah, it's the only increase. This year = 4%. Last year = 6%. Although, I do work for a very VERY large financial services company that has had craptastic earnings all year. They say we should be lucky to be employed... lol
well I am in retail... i guess people are starting to wear less and less.... but I thought for financial you guys get lots of bonus.... but oh well... 40% taxed
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      04-14-2008, 02:49 PM   #5
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Quote:
Originally Posted by Design1314 View Post
well I am in retail... i guess people are starting to wear less and less.... but I thought for financial you guys get lots of bonus.... but oh well... 40% taxed
Big turnover of personnel in retail. Both my daughters used to work in retail, and it's a thankless job. Just be thankful you have a job.
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      04-14-2008, 02:51 PM   #6
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7months and you already got 2k raise. i say that is good. we get like 4% on our salary yearly. few months until mine, but hopefully i get a new job soon
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      04-14-2008, 02:52 PM   #7
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Quote:
Originally Posted by Design1314 View Post
well I am in retail... i guess people are starting to wear less and less.... but I thought for financial you guys get lots of bonus.... but oh well... 40% taxed
Some of those financial guys do... but not me. My bonus was 5.5%
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      04-14-2008, 02:54 PM   #8
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Ours is only yearly. Average between 2%-4%. They suck. The money for us is in the bonus. Over 30% the past couple years, but that depends on the person.
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      04-14-2008, 03:03 PM   #9
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Originally Posted by chinoxs203 View Post
7months and you already got 2k raise. i say that is good. we get like 4% on our salary yearly. few months until mine, but hopefully i get a new job soon
ya but it's my first year.. and I know it'll become less and less in the following years..
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      04-14-2008, 03:09 PM   #10
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WOW, interesting, (most) the salary increases are lower than the inflation and the dollar is worth less than last year -- I guess we're all making less than last year, while everything is much more expensive than the year before...great...
Just got back from Europe where I could not afford to by anything as everything seemed to be extremely expensive...

To answer the OP's question -- usually (in the large companies) there are three or four ways to get the salary increase -- raise, merit, bonus and the fourth would be if you try to leave and they really want you and need to keep you... A merit increase after 7 months is a good thing, definitely.
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      04-14-2008, 03:14 PM   #11
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Actually the percentage raise should go up every year.

Most financial companies give raises up to 3% a year and bonuses anywhere from 6%-15% a year.

I only got a 3% raise after working here 7 months (but I got a 7.5% bonus as well so it was alright). I think it is decent since I just got done with college last May.
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      04-14-2008, 03:25 PM   #12
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Quote:
Originally Posted by dr325i View Post
WOW, interesting, (most) the salary increases are lower than the inflation and the dollar is worth less than last year -- I guess we're all making less than last year, while everything is much more expensive than the year before...great...
Just got back from Europe where I could not afford to by anything as everything seemed to be extremely expensive...

To answer the OP's question -- usually (in the large companies) there are three or four ways to get the salary increase -- raise, merit, bonus and the fourth would be if you try to leave and they really want you and need to keep you... A merit increase after 7 months is a good thing, definitely.
aren't raise=merit? bonus... hmm haven't gotten my bonus and when does this usually happen in the year?
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      04-14-2008, 03:26 PM   #13
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Average in a lot of companies I have seen are 2-5%. You will usually get less if you have not worked a full year.
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      04-14-2008, 03:26 PM   #14
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Quote:
Originally Posted by Hawkeye View Post
Actually the percentage raise should go up every year.

Most financial companies give raises up to 3% a year and bonuses anywhere from 6%-15% a year.

I only got a 3% raise after working here 7 months (but I got a 7.5% bonus as well so it was alright). I think it is decent since I just got done with college last May.
When did you get your bonus? Same time when you got the merit adjust?
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      04-14-2008, 03:54 PM   #15
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Quote:
Originally Posted by Design1314 View Post
When did you get your bonus? Same time when you got the merit adjust?
It really depends on the company. You should be asking your boss about that question or someone in HR.

Bonuses are typically given out at the end of a financial quarter/year/etc. depending on your company.
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      04-14-2008, 04:12 PM   #16
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It really depends on the company. You should be asking your boss about that question or someone in HR.

Bonuses are typically given out at the end of a financial quarter/year/etc. depending on your company.
Cool! let me contact HR, they are really PIA
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      04-14-2008, 04:22 PM   #17
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At my company, I knew what my raise (merit) and bonus would be in late January. The bonus was paid in mid-February, and the new pay rate took effect on March 1.

HR is supposed to be a PIA -- otherwise, they wouldn't be HR
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      04-14-2008, 04:25 PM   #18
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Quote:
Originally Posted by Design1314 View Post
When did you get your bonus? Same time when you got the merit adjust?
I got both of mine within 2 weeks of eachother... both in March. Bonus is related to company earnings / personal performance so it is right after yearly earnings are released. The raise is about the same for budgeting purposes I think.
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      04-14-2008, 04:39 PM   #19
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my new merit contract that I signed today stated that it begins 4/1/08 so I went to my bank account and saw my direct deposit amount from last week was changed...
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      04-14-2008, 06:51 PM   #20
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Originally Posted by Design1314 View Post
my new merit contract that I signed today stated that it begins 4/1/08 so I went to my bank account and saw my direct deposit amount from last week was changed...
Amount from last week changed? That seems odd. If anything I think you would just get more.... they can't retract a payment or up and change it...

It is always nice just getting an extra $50 a month out of nowhere Happens to me about 3 times a year Gotta love insurance companies!
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      04-14-2008, 07:04 PM   #21
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Quote:
Originally Posted by Design1314 View Post
Hey is merit increases the only chance you get a raise through out the year besides promotion...etc? Is this the only yearly salary increase? I'vebeen in this company for 7months... and it's my first review so far... and my raise is so little somewhere around$2000
In most situations, annual merit increases are the only time you generally receive a raise. Now, notice how I stated "annual" and "generally".... There are positions out there that have step increases at intervals of service. These tend to be union jobs or jobs that clearly state increases at certain times in a contract.

Now, $2000 may be a prorated amount since you've only been with the company for 7 months. I would talk to your manager and see if that is the case. Also, look to future merit increases to be based on company results, which tend to you have a direct effect from the current day economic situation. So this year, I'm not expecting much of a merit because the economy is hurting in certain sectors.

Another factor to merit increases are salary grades. If you are in the lower part of the grade, your increases will tend to be larger. If you are near the top of the grade, your increases will be smaller, and in order to get away from that, you will need a promotion to get you into a higher grade.

Be patient and evaluate your plans at the company. See if there is growth potential for you. You tend to get the largest increases when you hop from one company to another. If you start low, stay with the same company, you tend to stay low.

Good luck to you.
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      04-15-2008, 04:18 PM   #22
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At 7 months, it sounds like you passed probation and get a small merit increase from the bottom of the salary range. That will normally now become your annual review time, where you again get an increase (assuming performance merits this) Typically separate from Cost of Living adjustments, normally at contract or fiscal year beginning time.

For me, after 6 months I got 5%. Next 3 months I got another 6+% due to competitive study where I was below my counterparts. then annually I have received 10% until this year, since I am getting close to the top of my grade.
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