Pay rises ? Anyone heard or will it be a company wide no increases for 26
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Same topic every year….
The midpoints and their adjustments (merit) are made based on market factors of our competitors through a survey firm such as Mercer. Inflation only plays a role to the extent that it impacts the salaries in the industry as a whole. The comp basis is more accurately a reflection of what the industry must pay for a certain role or level of experience etc… The abundance or unemployed, underemployed and highly experienced people looking for work in our industry places downward pressure on salaries.
If you want to make yourself feel better just remind yourself that your last 10 years were much better spent at COP than MRO, where you would have been 10 years further from retirement goals.
Unless you had other managers reporting to you, 6.5-7% was MRO’s typical on cycle SGL promotion bump which is more in line with COP’s average annual merit raises. COP’s off cycle SGL promotion is closer to 9%. Sometimes you have to sit back and recognize a great run while we had it.
Can confirm that 2.5-3% was MRO’s typical unserious attempt at annual market adjustments to combat 9-13% inflation. To top that off ‘15 and ‘16 were back to back 0% freezes there.
I would like to provide you with a warm welcome to Marathon Oil where pay freezes have been a normal course of bad business. Just see February 2021 and February 2025. The best part about the 2021 freeze was 75% of the organization losing LTI completely at the exact same time as the 0% raise. Cheers
COP “ ‘ain’t seen nothing yet” -Bachman–Turner Overdrive, 1974
Given we just went thru a major layoff and the price of oil is heading south, brace yourself mentally for the coming wage/benefit cuts. COP is just trying to survive at this point.
@eb be quiet, yes we're lucky, but we now have to the jobs of more people, I'm already starting to work later hours than I have before the layoffs. Some of actually do work rather than just getting our 10k+ steps every day.
You are lucky you still have a job. If I were you even a flat raise would be acceptable.