Discussions are currently going on inside corporate boardrooms about raises for next year. How do I know? I have family members who are in the middle of them. I have two members of my immediate family who work in upper management at two separate retailers. They’ve each confirmed to me that these discussions, some formal, some not, have been going on in the last few months about how much of a raise they should be giving considering the current inflation.
According to each of them, these discussions concern how many people they’re going to lose if they give out the normal 2%-3% raises that are common each year. They know that they should be giving out more but they’re trying to figure out how to spin to their employees so that they accept getting a lowball raise.
I’ve asked each of them repeatedly which way their companies are going to go, but as of now, they’re undecided. They’re worried about losing people especially with so many job openings right now and with so many people quitting their jobs each month. It’s put a strain on some of the retailers and they’re worried about making it worse. If some retailers give out 5 to 6 percent raises while others argue that they can’t, then they are worried that they’ll lose a lot of people.
The upshot of all this is that the retailers know they should be giving more and they actually can if they want to, but unless people start demanding it, then they’re going to get the usual cheap-o raises. That means you’re going to be actually earning less considering the crazy inflation happening this year.
People should be discussing this, especially in the stores. The frontline workers have the most to lose. Don’t let the companies BS you. They CAN do this and it will go a lot farther than temporary bonuses. Don’t be a chump, earn what you’re worth.