So what kind of raise did you guys get for 2021?

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an_asker
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Re: So what kind of raise did you guys get for 2021?

Post by an_asker »

Cpadave wrote: Wed Dec 30, 2020 9:39 am Was is better then expected? Did employers use the economy or lower general inflation as reason to lower the your expected raise?
I got a donut/bagel aka zero, zip, zilch, nada :oops:

On the flip side, I do have a job and my company is in the hospitality industry (though I am a programmer).
wandering_aimlessly
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Re: So what kind of raise did you guys get for 2021?

Post by wandering_aimlessly »

Not sure what you can deduce from any single merit raise...Our company has about 10,000 salaried employees. Long term average merit increase has been about 3%/year...mid year we were thinking 2021 would be 2% but in Q4 we increased that to 2.5%. Reaction isn't happy but generally understanding. Within that 2.5% average we'll have folks anywhere from 0% to about 6 or 7%. Merit is awarded in March based on both what you achieved and how you achieved it.
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SmileyFace
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Re: So what kind of raise did you guys get for 2021?

Post by SmileyFace »

Tingting1013 wrote: Thu Dec 31, 2020 9:47 am
SmileyFace wrote: Thu Dec 31, 2020 7:05 am
Mudpuppy wrote: Thu Dec 31, 2020 5:30 am
Annabel Lee wrote: Thu Dec 31, 2020 1:58 am Anyone at 0% (or worse) should be in the market for a new job.

Actually blown away at the “well, been flat for 3 years...” replies.

Invest the time to see what you’re worth on the open market.

From some of the other replies... this K shaped recovery is creating massive winners.
There's more than salary to consider. I'm on a classic CalPERS pension plan, which is no longer available to new employees or those that leave California government employment for 6 months or longer. My classification and contract are also such that my position is fairly safe from budget cuts and it would take gross negligence or other negative actions on my part before I could be fired.

It would have to be quite a large step up in compensation to counter-balance losing service credit towards the pension and that level of job security in the current economy. I also worked in industry for a few years prior to joining this agency and the hours were insane. Granted, that was during the dot-com boom era, but still, prior to the pandemic, the hours were much nicer at my agency.
I was going to respond to Annabel with a statement such as "sounds like the only job-type/industry you understand is your own" - but you essentially beat me to it.
So the majority of posters in this thread are trading raises for pensions? Somehow I doubt it
That's not what I meant to imply at all - the reaction to Anabel is but an example of other considerations. Note in many industries the "Yearly Raise" has been dead and gone for many years - not just in government. Other industries have compensation considerations (such as commissions, equity-payments, etc.) beyond a "yearly raise" number which also negates the need to look outside based upon not getting a yearly raise (keeps golden-handcuffs on). What might be a norm for one type of job and industry is not the norm for others.
So many reactions whenever these types of questions are posed are from folks that seem to be assuming every job/industry operates the same as their own. Even the question itself seems to assume everyone is told in December what their raise will be for 2021 (when some companies due it on an anniversary date; mid-year; exception-only; a fiscal year which misaligns with calendar year; etc.). I also couldn't help but notice the OP didn't share his/her own experience - just trying to collect data from others.
Tamales
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Re: So what kind of raise did you guys get for 2021?

Post by Tamales »

I don't even know how I'd calculate such a thing since there are so many variables in my total compensation. The question presumes a simple compensation structure when in reality, companies are all over the map on what they use for compensation besides base salary, and what it's tied to, and whether your number should count only things solely attributable to you, or also include compensation tied to your business unit and/or the company more broadly. And as others have noted there are a lot of other, job satisfaction, life/location satisfaction, and future-looking factors to consider, besides what base salary bump you got during a global pandemic. So this certainly qualifies as a non-actionable thread, but it's still interesting to read the different results and opinions, even without much context on what location and industry the responses are referring to.
Perkunas
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Re: So what kind of raise did you guys get for 2021?

Post by Perkunas »

Boss said in passing that I'd get my standard yearly raise - a flat dollar amount - starting in 2021.

It equates to a 4.3% raise

I haven't received my Christmas bonus yet.

Our small business (~28 employees) received $280k PPP loan in spite of the fact that we had our best/busiest year ever, but I don't think the boss is going to allow any of his windfall to trickle-down to us plebeians.
stoptothink
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Re: So what kind of raise did you guys get for 2021?

Post by stoptothink »

stoptothink wrote: Wed Dec 30, 2020 5:00 pm
jharkin wrote: Wed Dec 30, 2020 4:15 pm Beyond that...We are a privately held well capitalized software firm that mostly sells to industry and universities and our revenues are actually slightly up from 2019 and just a little under the growth plan so profit sharing bonuses have been on par. I expect the 2021 merit cycle should be good as well unless the economy further tanks.
Our revenue was also up for '20, but not as much as expected. There were some major decisions made "17-'19 with the expectation of continued growth that have turned out to be serious issues (ie. a huge new office/distribution facility, completed in late '19 that has remained empty and is now for sale), which has led to some tightening of the belt. Despite record revenue, this year saw the first layoffs in company history and bonuses across the board were cut (and nonexistent in many cases). I normally would know my raise/bonus well in advance, but because I transitioned to a new role (in a totally new department) I am totally in the dark. I'm a bit antsy today waiting to find out tomorrow if I got a raise at all.
Pleasantly surprised, I received a 4.5% raise.

My wife didn't receive anything, nor has she is 3yrs in the position. Only about half of her income is base salary (she is in program management/client success; somewhat sales), so it isn't a huge deal. BUT, for the 2nd year in a row her VP tried to get a higher base because she is BY FAR the top producer and is constantly being recruited (internally and by competitors), and her own boss shut it down (again) because he is afraid of how it would make other members of the team feel if they found out. She loves her boss, but the guy breeds mediocrity and does not compensate productivity; she's likely gone soon.
student
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Re: So what kind of raise did you guys get for 2021?

Post by student »

I teach at a university. 0% pay raise. I am content that we did not get a pay cut.
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alpine_boglehead
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Re: So what kind of raise did you guys get for 2021?

Post by alpine_boglehead »

I expect 1.5%. But I also expected 3% in 2020 and got 8%, so let's see :D
Ron Ronnerson
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Re: So what kind of raise did you guys get for 2021?

Post by Ron Ronnerson »

0.5% (public school teacher).
flyingaway
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Re: So what kind of raise did you guys get for 2021?

Post by flyingaway »

I also teach at a university. My salary raise will be 0. Since they cut the 401k match by a half, some I think my 2021 raise looks like -5% (nagative).
houseofnine
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Re: So what kind of raise did you guys get for 2021?

Post by houseofnine »

Raises frozen this year but 401k match and profit sharing maintained. No furloughs company-wide. I fully support this approach. For now... :twisted:
SeekingWealth
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Re: So what kind of raise did you guys get for 2021?

Post by SeekingWealth »

Wasn't expecting much (my org allocated less to the raise pot this year and I've had some tension with my new boss since taking a promotion halfway through the year) and ended up getting much more than expected (about 6%) so I'm pleasantly surprised. I'm an engineer who does mostly simulation work for those who might be curious.
Ron Ronnerson
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Re: So what kind of raise did you guys get for 2021?

Post by Ron Ronnerson »

flyingaway wrote: Thu Dec 31, 2020 3:11 pm I also teach at a university. My salary raise will be 0. Since they cut the 401k match by a half, some I think my 2021 raise looks like -5% (nagative).
I posted right before you (got a 0.5% raise this year). However, you bring up a good point about looking at the whole package. Since I didn't have to commute due to working from home, I effectively got a bonus this year. I have put on only around a thousand miles on my car since March and that saved money on depreciation, gas, maintenance, and insurance (I switched insurance companies over the past summer). Also, we received $4700 in stimulus money on top even though I actually got a small pay increase this year. After accounting for inflation, my small pay increase was actually a small pay cut, though. However, borrowing costs on my mortgage (in a VHCOL area) went down due to refinancing so my personal inflation rate was likely not the same as what's generically posted on some government website. Also, time is money, as the saying goes, and not commuting added (as in freed up) 90 minutes, on average, to my workdays. This question might be more complicated than it first seems. Perhaps I'm just making it more complicated than it needs to be. Since 0.5% is the ongoing increase for me, I'll go back to that original answer with the caveat that it doesn't tell the complete picture.
Mudpuppy
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Re: So what kind of raise did you guys get for 2021?

Post by Mudpuppy »

Tingting1013 wrote: Thu Dec 31, 2020 9:47 am So the majority of posters in this thread are trading raises for pensions? Somehow I doubt it
If you knew my name, you'd find me on those lists of California employees who make over 100k in salary. My expenses on the other hand, including voluntary retirement plan contributions, are well below that. I'm on a pension plan where I'll get paid back 80-100% of that salary simply for accumulating enough service credit and not taking the pension until a certain age. I have access to benefits like the CalPERS long-term care plan to help manage expenses in retirement.

So yeah, I'd trade raises for pensions, and job security, and (mostly) better hours. Everything in my voluntary retirement accounts is icing on the proverbial cake when I retire, and my 457(b) is available as an emergency fund should something unexpected happen to knock me out of the job market. I usually (prior to the pandemic) have plenty of time to spare for caregiving, hobbies, and mentoring activities.

There are more things to life that one's net or gross income. It is quite freeing to get to a point where one doesn't have to chase more money because the money one has at the moment is more than sufficient. I have turned down opportunities because their salary gains would not offset the loss of pension and job security, or the increase in hours, travel, and expenses (I'd have to hire a caretaker for my elderly relative rather than care for her myself).
exigent
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Re: So what kind of raise did you guys get for 2021?

Post by exigent »

No raises here. But we also didn’t get furloughed, so we dodged an anti-raise. And there have been no cuts to retirement contributions, so that’s good.
Tingting1013
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Re: So what kind of raise did you guys get for 2021?

Post by Tingting1013 »

Mudpuppy wrote: Thu Dec 31, 2020 3:44 pm
Tingting1013 wrote: Thu Dec 31, 2020 9:47 am So the majority of posters in this thread are trading raises for pensions? Somehow I doubt it
If you knew my name, you'd find me on those lists of California employees who make over 100k in salary. My expenses on the other hand, including voluntary retirement plan contributions, are well below that. I'm on a pension plan where I'll get paid back 80-100% of that salary simply for accumulating enough service credit and not taking the pension until a certain age. I have access to benefits like the CalPERS long-term care plan to help manage expenses in retirement.

So yeah, I'd trade raises for pensions, and job security, and (mostly) better hours. Everything in my voluntary retirement accounts is icing on the proverbial cake when I retire, and my 457(b) is available as an emergency fund should something unexpected happen to knock me out of the job market. I usually (prior to the pandemic) have plenty of time to spare for caregiving, hobbies, and mentoring activities.

There are more things to life that one's net or gross income. It is quite freeing to get to a point where one doesn't have to chase more money because the money one has at the moment is more than sufficient. I have turned down opportunities because their salary gains would not offset the loss of pension and job security, or the increase in hours, travel, and expenses (I'd have to hire a caretaker for my elderly relative rather than care for her myself).
I’m happy for you. And as a CA taxpayer, I’m glad to hear you don’t mind non-existent raises!

But I don’t think I need to Google any statistics for you to agree that your terms of employment constitute a minority of the workforce. A majority of people do not have pensions, nor are they getting large raises above inflation. My comment and Annabel’s were simply to remind Bogleheads (who spend so much time fine tuning their expense ratios to the hundredth decimal place) to spend a little more time getting out of that majority.
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beyou
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Re: So what kind of raise did you guys get for 2021?

Post by beyou »

In my industry "raises" are often communicated as change in total comp.
Base salary can be fixed when it rises to a certain level, sometimes for years.
But a bonus + base is compared to prior year and communicated as the change to focus on.
Unfortunately as I work in one of the active fund managers, our assets and revenue are lower than when I joined many years ago.
So while being a Boglehead indexer helps my portfolio, it also hurts my work related income. No raise this year, as expected.
Just happy to avoid layoffs in that industry these days. Jobs are being offshored and nearshored, or just eliminated, so demanding a raise
is not so easily accomplished if you stay in the industry. Not complaining, was good while it lasted........
Glasgow
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Re: So what kind of raise did you guys get for 2021?

Post by Glasgow »

Mine is not until March, and I've been expecting between 2.75% to 3.5% for the last 1.5 decades.
Glasgow
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Re: So what kind of raise did you guys get for 2021?

Post by Glasgow »

Normchad wrote: Thu Dec 31, 2020 9:54 am
Tingting1013 wrote: Thu Dec 31, 2020 2:37 am
Annabel Lee wrote: Thu Dec 31, 2020 1:58 am Anyone at 0% (or worse) should be in the market for a new job.

Actually blown away at the “well, been flat for 3 years...” replies.

Invest the time to see what you’re worth on the open market.

From some of the other replies... this K shaped recovery is creating massive winners.
The amount of posts spent on this site trying to maximize one’s investments rather than one’s human capital and earning potential is way out of proportion.
This is the truth. I would council young folks today to get serious about this. Find good mentors, get additional specialized training, use a coach if it makes sense, etc. find a way to be more valuable so that you can earn more. (And also save a bunch of money for your future). Don’t just let life happen to you......
I think when one is young, one must spend good amount of his/her time to learn a lots both hard and soft skills to get ahead, promoted and better income. The peak is mid to late 40's when productivity starts going flat or downhill due to declination in cognition, career fatigue (done so many interesting things in the younger years, but now it's yawn, company/institution's bureaucracy/burden administrative process, office politics, bad boss, initiatives one's seen before as another process to keep/create ones' job/valuable) whilst nest eggs are growing along with earning peak. The FI/RE horizon is now visible, within reach or here, so making efforts to grow nest eggs is more pleasure things to do with like minded and respectable "strangers" than getting 10% raise + 1.5x-2x responsibilities where more administrative and politic dealings are a fact of life. That 10% raise is just a 1% at the sneeze of the market, so why bother, one asks. Therefore, the ROI to spend effort to increase one's net worth is more pleasant and higher than ones' career. Also, complacency is a biproduct when one's net worth is high.

At my company, many directors, fellows and VPs eventually go from "leadership" position to IC in their 50s, or VP with >7 reports now down to 2, adding another layer so that he/she manages only 2 instead of 7.
Dregob
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Re: So what kind of raise did you guys get for 2021?

Post by Dregob »

I didn't get laid off. Does that count?
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yangtui
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Re: So what kind of raise did you guys get for 2021?

Post by yangtui »

My total comp, not including a small decrease resulting from an increase in insurance premiums, should increase by about 5% by the end of 2021.
livelovelaugh00
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Re: So what kind of raise did you guys get for 2021?

Post by livelovelaugh00 »

My company 's fiscal year ends at the end of March. I expect 2-2.5% raise. I got 17% bonus in July. I expect the next bonus could be around 15%. 401k match has been suspended around April.
Last edited by livelovelaugh00 on Fri Jan 01, 2021 5:02 pm, edited 1 time in total.
vfinx
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Re: So what kind of raise did you guys get for 2021?

Post by vfinx »

Won’t know until March but I’m honestly just happy to have a job. I’m mostly compensated in stock, and our ticker has swung more than 7X from the lowest to highest point this year so it’s been quite an emotional roller coaster. I really hope for much less volatility next year but I suspect that wish will not be granted.
Quaestner
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Re: So what kind of raise did you guys get for 2021?

Post by Quaestner »

My son pushes shopping carts full time for Walmart. He’ll go from $11.00 to $11.22 per hour in February. He got “employee of the month” twice last year.
Tingting1013
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Re: So what kind of raise did you guys get for 2021?

Post by Tingting1013 »

vfinx wrote: Thu Dec 31, 2020 7:43 pm Won’t know until March but I’m honestly just happy to have a job. I’m mostly compensated in stock, and our ticker has swung more than 7X from the lowest to highest point this year so it’s been quite an emotional roller coaster. I really hope for much less volatility next year but I suspect that wish will not be granted.
In June your RSUs were worth $400k/yr.

What are they worth now?
Perkunas
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Re: So what kind of raise did you guys get for 2021?

Post by Perkunas »

Tingting1013 wrote: Thu Dec 31, 2020 2:37 am
Annabel Lee wrote: Thu Dec 31, 2020 1:58 am Anyone at 0% (or worse) should be in the market for a new job.

Actually blown away at the “well, been flat for 3 years...” replies.

Invest the time to see what you’re worth on the open market.

From some of the other replies... this K shaped recovery is creating massive winners.
The amount of posts spent on this site trying to maximize one’s investments rather than one’s human capital and earning potential is way out of proportion.
Methinks both of y’all are young and highly compensated and probably living in a bubble. It’s been a helluva year and some folks are content if not ecstatic just to make rent or keep food on the table.

And not everyone can afford to be unemployed because they believe they can leverage leaving into making a little more.
Nathan Drake
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Re: So what kind of raise did you guys get for 2021?

Post by Nathan Drake »

Perkunas wrote: Thu Dec 31, 2020 8:30 pm
Tingting1013 wrote: Thu Dec 31, 2020 2:37 am
Annabel Lee wrote: Thu Dec 31, 2020 1:58 am Anyone at 0% (or worse) should be in the market for a new job.

Actually blown away at the “well, been flat for 3 years...” replies.

Invest the time to see what you’re worth on the open market.

From some of the other replies... this K shaped recovery is creating massive winners.
The amount of posts spent on this site trying to maximize one’s investments rather than one’s human capital and earning potential is way out of proportion.
Methinks both of y’all are young and highly compensated and probably living in a bubble. It’s been a helluva year and some folks are content if not ecstatic just to make rent or keep food on the table.

And not everyone can afford to be unemployed because they believe they can leverage leaving into making a little more.
It’s so easy to just work for a Big Tech and make 750+K to 1M per year

Everyone making less than that isn’t working their human capital well apparently...
stocknoob4111
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Re: So what kind of raise did you guys get for 2021?

Post by stocknoob4111 »

I will not know until Feb 2021

it's amazing how many here have had their raises cut and also how tenuous the employment situation still is, yet, housing prices going through the roof! Makes no sense!
bltn
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Re: So what kind of raise did you guys get for 2021?

Post by bltn »

Nathan Drake wrote: Thu Dec 31, 2020 8:55 pm
Perkunas wrote: Thu Dec 31, 2020 8:30 pm
Tingting1013 wrote: Thu Dec 31, 2020 2:37 am
Annabel Lee wrote: Thu Dec 31, 2020 1:58 am Anyone at 0% (or worse) should be in the market for a new job.

Actually blown away at the “well, been flat for 3 years...” replies.

Invest the time to see what you’re worth on the open market.

From some of the other replies... this K shaped recovery is creating massive winners.
The amount of posts spent on this site trying to maximize one’s investments rather than one’s human capital and earning potential is way out of proportion.
Methinks both of y’all are young and highly compensated and probably living in a bubble. It’s been a helluva year and some folks are content if not ecstatic just to make rent or keep food on the table.

And not everyone can afford to be unemployed because they believe they can leverage leaving into making a little more.
It’s so easy to just work for a Big Tech and make 750+K to 1M per year

Everyone making less than that isn’t working their human capital well apparently...
And I ve always thought changing jobs is one of the most stressful things in life. Not to mention, too many job changes can sometimes hurt a resume.
anoop
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Re: So what kind of raise did you guys get for 2021?

Post by anoop »

0%

(Post must be at least 5 characters.)
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anon_investor
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Re: So what kind of raise did you guys get for 2021?

Post by anon_investor »

Tingting1013 wrote: Thu Dec 31, 2020 2:37 am
Annabel Lee wrote: Thu Dec 31, 2020 1:58 am Anyone at 0% (or worse) should be in the market for a new job.

Actually blown away at the “well, been flat for 3 years...” replies.

Invest the time to see what you’re worth on the open market.

From some of the other replies... this K shaped recovery is creating massive winners.
The amount of posts spent on this site trying to maximize one’s investments rather than one’s human capital and earning potential is way out of proportion.
But sometimes, it is not advantageous for non-financial reasons to change jobs or careers in order to increase earnings (diminishing returns). So, working within those constraints, optimizing investments makes sense. Personally, I took what likely amounts to a $100k/yr pay cut for better work/life balance. So optimizing my savings/investments/taxes makes more sense then going back to a higher paying job that would make me miserable. But yes, sometimes getting a better paying job will have a greater financial impact than any investment.
jharkin
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Re: So what kind of raise did you guys get for 2021?

Post by jharkin »

bltn wrote: Thu Dec 31, 2020 10:57 pm
Nathan Drake wrote: Thu Dec 31, 2020 8:55 pm
Perkunas wrote: Thu Dec 31, 2020 8:30 pm
Tingting1013 wrote: Thu Dec 31, 2020 2:37 am
Annabel Lee wrote: Thu Dec 31, 2020 1:58 am Anyone at 0% (or worse) should be in the market for a new job.

Actually blown away at the “well, been flat for 3 years...” replies.

Invest the time to see what you’re worth on the open market.

From some of the other replies... this K shaped recovery is creating massive winners.
The amount of posts spent on this site trying to maximize one’s investments rather than one’s human capital and earning potential is way out of proportion.
Methinks both of y’all are young and highly compensated and probably living in a bubble. It’s been a helluva year and some folks are content if not ecstatic just to make rent or keep food on the table.

And not everyone can afford to be unemployed because they believe they can leverage leaving into making a little more.
It’s so easy to just work for a Big Tech and make 750+K to 1M per year

Everyone making less than that isn’t working their human capital well apparently...
And I ve always thought changing jobs is one of the most stressful things in life. Not to mention, too many job changes can sometimes hurt a resume.
I suspect Nathan was being sarcastic....
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Harry Livermore
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Re: So what kind of raise did you guys get for 2021?

Post by Harry Livermore »

Self-employed. Since I have earned +/- 30% of what I make in a normal year, I will sadly not be giving myself a raise. Hopefully clawing back up the sides of the hole in 2021.
Did pretty great in the equity and real estate markets this year though... both unexpectedly, given the state of the world.
Anyway, good riddance to 2020!
Cheers
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alpenglow
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Re: So what kind of raise did you guys get for 2021?

Post by alpenglow »

I'm a school teacher so it is contractual. 2020/21 raise was 3.77%.
DVMResident
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Re: So what kind of raise did you guys get for 2021?

Post by DVMResident »

Won’t know till late Feb.

But interesting tidbit: COVID restriction meant only 7~10% stay onsite this whole year. This meant many programs were delayed. The c-suite felt it was unfair to reward those who could work onsite with access to facilities (labs) and could meet milestones for critical/late programs while others could not make their milestones (mostly early/lower priority programs). So raises will not be based on performance; though the alternative method has not been revealed.

So that’s different... :confused
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Re: So what kind of raise did you guys get for 2021?

Post by abuss368 »

I will know shortly as we are setting the budget for the year.

Tony
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Harry Livermore
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Re: So what kind of raise did you guys get for 2021?

Post by Harry Livermore »

Glasgow wrote: Thu Dec 31, 2020 4:40 pm
Normchad wrote: Thu Dec 31, 2020 9:54 am
This is the truth. I would council young folks today to get serious about this. Find good mentors, get additional specialized training, use a coach if it makes sense, etc. find a way to be more valuable so that you can earn more. (And also save a bunch of money for your future). Don’t just let life happen to you......
I think when one is young, one must spend good amount of his/her time to learn a lots both hard and soft skills to get ahead, promoted and better income. The peak is mid to late 40's when productivity starts going flat or downhill due to declination in cognition, career fatigue (done so many interesting things in the younger years, but now it's yawn, company/institution's bureaucracy/burden administrative process, office politics, bad boss, initiatives one's seen before as another process to keep/create ones' job/valuable) whilst nest eggs are growing along with earning peak. The FI/RE horizon is now visible, within reach or here, so making efforts to grow nest eggs is more pleasure things to do with like minded and respectable "strangers" than getting 10% raise + 1.5x-2x responsibilities where more administrative and politic dealings are a fact of life. That 10% raise is just a 1% at the sneeze of the market, so why bother, one asks. Therefore, the ROI to spend effort to increase one's net worth is more pleasant and higher than ones' career. Also, complacency is a biproduct when one's net worth is high.


Very wise post here by Glasgow. I love what I do, and the techniques and work practices have changed rapidly over the last 20 years, and I have gleefully kept up with the changes. However, more recent changes (pre-COVID) seem to revolve around finding the absolute cheapest personnel, the smallest size team, and bad (sometimes dangerous) practices. Since I'm self-employed, that means I have the freedom to work for people that (generally) pay the right rates and do work that I'm interested in. That pool seems to shrink every year, and my income has generally been flat for the last 5 or 6 years. The prospect of hustling around, doing more worse work for less money makes me want to seek out efficiencies in my cost of living, and either retire, or find a new "fun" career part-time. At 54, I'm "too old for this"...
So I am glad I was frugal in my 20s, 30s, and 40s. And I'm glad I came to know the efficiencies of index investing while young.
Obviously, a younger person's perspective is different, especially if they have been lucky to have chosen a field where bonuses, RSUs, and raises rain down. I, too, was once young and naive, and assumed unemployed coal miners should just "learn to code"...
Normchad is worth quoting too. Even as a 20-year old, I was determined to NOT "just let life happen" to me. I was amazed in my 20s and 30s to observe friends and family members content to just bob like a cork in the ocean, floating along. I definitely honed my tech and people skills, hustled for work, and changed with the tech. It's a much easier task at 20 than at 50, so young people should get serious, if they are not serious already.
Cheers

ETA: fixed the quote structure
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anon_investor
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Re: So what kind of raise did you guys get for 2021?

Post by anon_investor »

DVMResident wrote: Fri Jan 01, 2021 8:39 am Won’t know till late Feb.

But interesting tidbit: COVID restriction meant only 7~10% stay onsite this whole year. This meant many programs were delayed. The c-suite felt it was unfair to reward those who could work onsite with access to facilities (labs) and could meet milestones for critical/late programs while others could not make their milestones (mostly early/lower priority programs). So raises will not be based on performance; though the alternative method has not been revealed.

So that’s different... :confused
Interesting, I wonder how many unhappy coworkers you will have.

At my company all raises in 2020 were postponed (due to Covid impacts to the business) shortly after they were announced :| , then later canceled all together :annoyed . We also had temporary pay cuts for half of 2020. Thankfully the pay cuts are over and raises will resume in 2021. It will be interesting to see whether the raise I receive is the same/worse/better than what I would have received in 2020... most of my coworkers are hopeful it will be for the same amount.
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Shackleton
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Re: So what kind of raise did you guys get for 2021?

Post by Shackleton »

3.5% but that was just to adjust salaries based on a change to the bonus structure. Performance evaluations come out later in the month and raises based on PE will be announced by the end of January. But I won’t be getting one since I’m retiring next week. :D
“Superhuman effort isn't worth a damn unless it achieves results.” ~Ernest Shackleton
GG1273
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Re: So what kind of raise did you guys get for 2021?

Post by GG1273 »

Won't find out until the end of Feb when our prior year reviews are done.
I got 4.5% last year some of that merit based & DW got 3% - we're both very fortunate to work at places that always make money
Flashes1
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Re: So what kind of raise did you guys get for 2021?

Post by Flashes1 »

I expect a 2% raise in 2021 and a 10% cut in my bonus. Banking
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geerhardusvos
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Re: So what kind of raise did you guys get for 2021?

Post by geerhardusvos »

Perkunas wrote: Thu Dec 31, 2020 2:01 pm I haven't received my Christmas bonus yet.
But did you already put a deposit on that swimming pool? 😂😉
VTSAX and chill
Calico
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Re: So what kind of raise did you guys get for 2021?

Post by Calico »

No bonuses and no pay raises this year (raises are frozen and all bonuses were eliminated for 2020). Normally I get my annual raise in January. I am not sure if there will be a 2021 bonus or not. But at least I still have a job which is more than some can say.
Variant
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Re: So what kind of raise did you guys get for 2021?

Post by Variant »

Won't know until around April. Expecting in the 4-5% range based on the year we had. Private software company.
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Michael Patrick
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Re: So what kind of raise did you guys get for 2021?

Post by Michael Patrick »

I am thankful that I have a job, and that I got a raise at all.

Earlier this year I was on multiple teams tasked with allocating and figuring out how to deliver CARES Act funding to struggling industries in Wisconsin. There are a lot of people much worse off than me.
foo.c
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Re: So what kind of raise did you guys get for 2021?

Post by foo.c »

In 2019 I got a substantial raise that was supposed to be spread over 2 years with half immediately and the remaining half in 2020. Then Covid hit and I got a 20% pay cut. In the fall I got my pay restored but the second half of my raise never came.

I'm really happy to have a job more than anything.
R0verandout
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Re: So what kind of raise did you guys get for 2021?

Post by R0verandout »

No raises in 2020 for us in a mid size Aerospace company - both COLA and Merit raises here are tied together as part of the annual performance cycle, with an allowable percentage range dictated for each score on the 1-5 performance review scale. Fairly low levels of differentiation from top to bottom of the scale (maybe 2-3% at most, and the scale is very heavily bell curved). We were well into the cycle and I had already submitted all the changes of my staff for approval when the first lockdown hit in March, then suddenly raises were deferred, and then eventually cancelled in September, though at least we received our 2019 bonuses in May.

For 2021 still unsure, lots of company restructuring ("Transformation") ongoing. We are into the performance review cycle, but no idea if the results will have any meaningful outcome. We expect no 2020 bonus (the conditions for achieving the bonuses were never even announced...), but hopefully we can get at least 1-2% raises to tick over.

For my wife working as a teacher, their contract negotiation ended up with no COLA raise either, but a one off 1.5% bonus for anyone who didn't get a normal progression raise.

However, could be worse, still employed, healthy and happy.
whyme
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Re: So what kind of raise did you guys get for 2021?

Post by whyme »

California community college faculty member here. Our union agreed to raises equal to the state COLA for the community colleges for academic 2020-21 (and 21-22). When Covid hit, the COLA was removed from the state budget, so no raises. Remains to be seen whether there's any COLA next (academic) year, if so I expect it will be tiny.

Still, zero raise leaves me feeling fortunate compared to my colleagues at private colleges and universities who experienced cuts to both pay and salary-matching benefits. High-tuition residential schools that normally attract many international students have been especially hard hit in 2020.
Annabel Lee
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Re: So what kind of raise did you guys get for 2021?

Post by Annabel Lee »

Tingting1013 wrote: Thu Dec 31, 2020 3:51 pm
Mudpuppy wrote: Thu Dec 31, 2020 3:44 pm
Tingting1013 wrote: Thu Dec 31, 2020 9:47 am So the majority of posters in this thread are trading raises for pensions? Somehow I doubt it
If you knew my name, you'd find me on those lists of California employees who make over 100k in salary. My expenses on the other hand, including voluntary retirement plan contributions, are well below that. I'm on a pension plan where I'll get paid back 80-100% of that salary simply for accumulating enough service credit and not taking the pension until a certain age. I have access to benefits like the CalPERS long-term care plan to help manage expenses in retirement.

So yeah, I'd trade raises for pensions, and job security, and (mostly) better hours. Everything in my voluntary retirement accounts is icing on the proverbial cake when I retire, and my 457(b) is available as an emergency fund should something unexpected happen to knock me out of the job market. I usually (prior to the pandemic) have plenty of time to spare for caregiving, hobbies, and mentoring activities.

There are more things to life that one's net or gross income. It is quite freeing to get to a point where one doesn't have to chase more money because the money one has at the moment is more than sufficient. I have turned down opportunities because their salary gains would not offset the loss of pension and job security, or the increase in hours, travel, and expenses (I'd have to hire a caretaker for my elderly relative rather than care for her myself).
I’m happy for you. And as a CA taxpayer, I’m glad to hear you don’t mind non-existent raises!

But I don’t think I need to Google any statistics for you to agree that your terms of employment constitute a minority of the workforce. A majority of people do not have pensions, nor are they getting large raises above inflation. My comment and Annabel’s were simply to remind Bogleheads (who spend so much time fine tuning their expense ratios to the hundredth decimal place) to spend a little more time getting out of that majority.
Very much +1 to Tingting’s post.

My earlier comment may have been a bit flip and not intended to offend anyone at all. The forum has such rich guidance on a wide variety of topics including career growth and progression; yet the focus for so many is on items that don’t move the needle in such a meaningful way as compensation from employment which can truly be life changing.

As a very personal example my first ever post on Bogleheads a couple years ago was about negotiating salary while knowing I was undercompensated. I took some of the learnings from this thread and other inputs, been fortunate with some structural changes, and applied them. It’s made a meaningful difference to my total compensation — +30-40% then to now. Mid six figures, non-tech megacorp. So it’s possible.

Finally I completely understand Glasgow’s wise post upthread that outlines the reasons and forces that would cause individuals to disengage from climbing the ladder per se. I would counsel the people who those situations (bad boss, applied for the wrong job, office politics etc) to not give up or write off career change in light of the pandemic or economy as there are winning businesses who would welcome their talent despite these external forces.
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VeganBH
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Re: So what kind of raise did you guys get for 2021?

Post by VeganBH »

-9.2%.
I'm a state public employee (CA) - everyone (or at least the vast majority) was furloughed - so, have the -9.2% pay cut, but I receive the equivalent time off accrual each month (since July last year). I'm very fortunate - and enjoy the added time off. I'm on my "glide-path" to retirement - the added time off combined with 100% working remotely (since March last year) is the most relaxed/best work-life balance I've ever experienced in my life - so I've actually extended my retirement date.
I feel very fortunate.
"Until we extend our circle of compassion to all living things, humanity will not find peace."​ ~ Albert Sc​hweitzer
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