Curious how people are feeling about the annual merit increase this year that averaged 3.5% company wide, while inflation rages at 7.9% y-o-y at the last reading? Essentially, the average employee got a 5% decrease in purchasing power for 2022. Will management recognize and acknowledge this>
9 replies (most recent on top)
I honestly didn't deserve my raise!
I much of last year sitting at home playing and flogging. Management should get the uplift, they keep the ship floating upright and on course.
I'll come back any day for 20% less than what I was making and run circles around you.
Since we're in "manufacturing mode," we should compare ourselves to the Manufacturing Industry Sector...
"On average, full-time employees in the Manufacturing Industry Sector work 44 hours per week and have an average annual salary of $67,245. Part-time employees in the same industry work 21.7 hours and earn an average annual salary of $26,256."
Add in our non-salary compensation, and it's clear we really have nothing to complain about. But if you disagree, you're always free to take your services to another company or industry.
I don’t care, why should I? Management doesn’t care about me or you. Believe me, management recognizes and acknowledges that you now essentially getting paid less. The “Show me the money” poster summarized the situation correctly, even though they’re getting downvoted.
Attrition is much cheaper than layoffs with severance. We are way over staffed compared to our independent peers. We are making profits due to the market, not our operating excellence. The unconventional development cannot justify the current outlay in salary and benefits. We are in a manufacturing mode, not research, not innovation, not exploration. Optimize on costs. We must stay competitive at the operational face however much cost optimization remains in Houston and B’ville. We have a responsibility to the shareholders to return the profits to them, the owners, in dividends and higher stock values.
So you think we will have to wait until next year when there is immense pressure on salaries going up? As it stands, we are losing the <35 folks to tech due to salary and benefits (a lot of WFH). Just this week we lost another person to a large social media company. that may be HR official stance, but taking a net pay decrease may force people to jump ship in order to exceed CPI and get a net pay increase.
and the other person, the Fed won't let inflation drop to zero for long. Their policy is to create inflation if it isn't occuring naturally as they did from 2008 to 2020 when we had inflation only due to QE. Have a look at the Fed balance sheet since 2008. they exist to make sure you have just enough not to revolt
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.
Here's a topic- Does the E&P industry attract greedy people, or does it make people greedy? Discuss...
- Linda Richmond
It's not the company's job to chase the cost of living for you. If inflation dropped to zero... would you accept a pay cut as they chased it the other way? I didn't think so.