There was a floor tech under my management making just as much as I was.. how could we feel comfortable in a position of leadership when our employer don't feel we're important enough to be paid our due salaries.. instead they terminate us then fill our position with someone who would take the low pay for the same position.
I dont discuss pay with my colleagues..being responsible for making sure everyone gets paid you tend to see these things..
We’ll share of company
Salary !
@Bill Branstetter I believe money does increase happiness and self-esteem. For example, when someone buys a new car they feel good, they’re happy, and they’re head is help up high. First thing most people do is cruise around playing their favorite tunes letting the world know they achieved something and they are doing good in life.
I don’t believe it’s the overall factor in happiness, but money plays a pivotal role. Money is also known to destroy lives and create jealousy. Money is definitely a powerful tool to one’s emotions. They say money removes the mask to a person’s true identity.
In 2021 and 2022, American workers hoping for a bigger paycheck had two powerful words at their disposal: I quit. During the Great Resignation, millions switched jobs for higher-paying ones — then sometimes, mere months into a new role, turned around and pounced on an even better-compensated opportunity. For job hoppers, the money was there for the taking.
Today, though, most of us are resigned to staying put. The hiring frenzy has cooled off, and the economic outlook is murky at best. The question is no longer: How much of a pay bump can I get by switching jobs? Now it's: How much of a raise can I expect in 2024 if I stay in my current job?
To get an early read on raises for next year, I looked at the latest employer surveys conducted by four leading providers of compensation data: WTW, Salary.com, WorldatWork, and Payscale. They found that employers are planning to increase their salary budgets by about 4% next year. That's actually down a bit from this year's average of about 4.3%. But with everything from car prices to grocery bills beginning to moderate, the Congressional Budget Office expects inflation to slow to 2.6% in 2024. That means workers could expect a net gain next year of about 1.4%.
Doesn't sound like much? Sure — but it may wind up being the biggest boost in purchasing power that workers have gotten in years. In 2021 and 2022, inflation ate into paychecks so much that the value of the average worker's wages — what they can actually buy with their money — tumbled all the way down to 2017 levels. Compared with that, an inflation-adjusted boost of 1.4% is a definite improvement — though not enough to make up for the pandemic-era declines. By the end of next year, workers still won't have worked their way back to the purchasing power they enjoyed in early 2020, when the value of their wages peaked.
"With inflation being where it's been over the last two years, it's been a roller coaster," says David Turetsky, a vice president of consulting at Salary.com. "We might see that some organizations are going to have to put more money back into market adjustments to be able to get their people to where they think they should be."
Of course, 4% is the average projection across the entire workforce. Raises will vary widely by geographic region, company size, seniority level — and, most of all, by industry. According to the Payscale survey, employees in education and healthcare can expect a pay bump of 3.5% or less, while workers at energy companies will enjoy raises of 4.5%.
The 4% raises are a bit of a surprise. If prices are moderating and the job market is cooling off, why aren't employers eagerly reverting to the annual raises of 3% that were the norm in the decade leading up to the pandemic? For starters, unemployment remains near a five-decade low — which means companies still have to pay a competitive wage if they want to hold on to their existing staff. What's more, new pay transparency laws in states like California and Washington are forcing employers to post salary ranges for every job opening — meaning their own employees can see if they're getting lowballed.
"We are still in a tight labor market," says Ruth Thomas, the chief product evangelist at Payscale. "Employees still have agency and power right now."
As always, most of that power is wielded by the top performers at a company: Superstars get rewarded more than quiet quitters. If you think you deserve a raise that's higher than the 4% average, pay experts have a few tips. First, ask for what you think you're worth. "Be open and communicative about your needs," says Turetsky of Salary.com. "Don't just take what's given to you." Second, make your request early — perhaps a few months before your annual review — while your boss still has some wiggle room in the budget. Third, check job listings to see what competitors are paying for comparable roles. And fourth, anchor your expectations to your industry's averages: A 7% raise will be a tougher sell for someone in education, say, than for someone in the energy sector.
These days, as the hiring frenzy subsides, you're not as likely to get a bigger raise simply by switching companies. But that doesn't mean you can't get a pay bump by switching jobs at your current company. "Look at your employer's careers page and see if there are opportunities that could open your horizon to a new pay range or new promotional opportunities," says Turetsky. "Sometimes pay isn't just about the job you do today and what skills you have right now — it's also about where you're going to go."
Above all, don't put off asking for a raise until 2025. Some economists expect the economy to take a dip next year — and if they turn out to be right, your boss may not have the money to give you a bigger raise, even if they agree you deserve one. "Businesses across the economy are trying to watch their cost structures," says Aaron Terrazas, chief economist at Glassdoor. "I think we are on the cusp of substantially slower wage growth across the economy." Which means that 2024 may be your last, best hope for landing an above-average raise — perhaps for years to come.
Small company where I work is being taken over by a bigger company. The deal has already been finalized and the new company name is already on the building. Is this a good time to ask for a raise?
How did you approach it? Did you get the raise?
Hit the "Like" button for any answers you think are helpful.
#jobsearch #advice #wordsofadvice #veterans #compensation #pay #salary
Quick Poll!
For those of you in sales or looking for a career in sales: when it comes to compensation, would you rather have a low base pay with commissions/bonuses OR a higher base pay with no incentives? 🤔
I was laid off in 4/2020 due to C-19. I have been applying on almost every employment site with no luck. I have a lot of experience in the commercial and industrial HVAC industry, traveled the world as factory technical representative, and operated mechanical contracting business in a 50/50 partnership. Unfortunately, I cannot run service any longer due to physical restrictions, but my knowledge and work ethic(leadership skills) are my greatest assets. Employers are commenting on how impressive my resume is but they chose another candidate. This is the most common reply from employers. Not sure if my age, pay/benefit requirements, qualifications, or they are really not hiring? 🙏🇺🇸 #jobsearch #career #fulltime#benefits #discrimination #age #pay #benefits #compensation #leadership
Well my last date worked was over a year ago and still am waiting in quee. #unemployment insurance is a joke. The ones who need it most like myself have still yet to recieve one cent of financial income. #compensation #benefits
As someone who has worked fully remote, hybrid, and in office, I would accept a lower salary for the flexibility to work fully remote. When I do work jobs that are on site, the commute takes a large portion of my free time and adds stress both physically and mentally. Reducing stress of any type usually results in greater productivity.