A guy I know is claiming he hasn't had a raise in nearly five years. I call bullsh-t. I know things are bad and most of us don't like the company or our jobs, but there are enough genuine grievances without having to invent new and false ones. Please correct me if I'm wrong, but I think what he's claiming is impossible.
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There are little to no raises at AIG. They only give raises when the think they will lose an employee or group of employees if they still need them. Usually 2-3% is all you get for your loyalty.
I was there over 7 years. And never received a raise. It's the norm.
Best starting point when listening to HR is to assume everything they say is a lie, then verify if any of their tripe is true. Many don’t know this, but HR is here to serve the company, NOT YOU.
And, if you pay attention most of the HR folks aren’t the sharpest tools in the shed. They have no power or influence, they’re just minions doing what their masters say.
I was at another large insurer where a I didn’t get a salary raise for probably 8 or 9 years in a row, despite excellent performance reviews. That company stopped funding merit increases and had the departments self fund any raises themselves (i.e. through layoffs and/or waiting to fill open positions each year). The only way I got finally a raise was when I had an offer somewhere else and they countered with a 30% raise. I just heard that company will be doing the same thing again in January and so they should expect large attrition next year given record inflation and the still hot jobs market for many skilled finance/actuarial/accounting workers.
So you don't get paid, at least you get a shiny new title for your email signature and an increased workload. You get to tell all your friends you are a manager now. yippee!
If they don't care about you leaving, they don't give you ANY rises at all. If they need you a little, they provide the bare minimum to keep you alive and well fed
I promise it is not just middle aged white guys or higher levels impacted by the comp program.
The strategies mentioned may be true in some spots but the lack of raises and the people leaving cuts across all grades and demographics.
I'd bet if you took a survey every level and demographic feels targeted because the comp program has been that consistentently poor outside of the special hires.
It is interesting to watch this play out from an HR perspective. We have seen many tenured low to mid-level managers exit the company for better opportunities in the recent past. Let's face it, there are a lot of low to mid-level managers that are white males so many of the recent departures have been middle age white males who know there is no future for them at AIG.
That is not a big secret. The interesting thing to watch is how AIG is spinning their replacements. Most divisions of AIG have a freeze on headcount or at least a freeze on expenses. Most actually have a goal to lower expenses even further. AIG is using the cover of diversity to hire low to mid-level manager replacements that fit the prescribed diversity mold regardless of experience, but the tenured middle aged white guys that are exiting AIG were making 50% to 75% more than the diverse candidates they are being replaced with. In essence, AIG is pushing tenured employees out so they can promote diversity, but they are hiring diverse candidates at a fraction of the pay.
It is a win both ways for AIG. They can virtue signal their diverse workforce, but drastically cut expenses at the same time. I hate to be the bearer of bad news, but you people that are suddenly getting promoted because of your s-x or skin color are getting the shaft. It is quite astounding when you see the numbers.
Congratulation on that promo. Go get'um tiger.
The compensation system is another tool management uses to encourage resignations without paying severance. If you are tenured, you are not a desired employee so will likely get 0% to 2% raises and probably take a 0% to 20% hit on your sti regardless of your performance.
A big part of this executive team's plan is to cull the herd of legacy employees to make way for young, diverse candidate that will not question their motives or strategies. It also allows them to lower expenses by giving promotions to lower compensated newbees.
Sure, the talent pool suffers, but executive bonuses go up and in the end that is all that really matters.
It is very true. Certain grades don’t receive pay/salary increases. In fact, the system doesn’t show employee with those higher grades to even try to provide them with a salary increase.
It will almost definitely true. I had a small 2% raise this year before that last one in 2016. There will be staff no pay rise 8 years possibly more as they only allocate pay rises to those they think are flight risk or favourites. If you have been at AIG a long time do not expect a pay rise the pot will nearly always allocated to others.
From 2013 until 2017 I had no pay raises until I applied for another position. I know some of my peers were given raises, and it was an open secret that they played favorites. Peers were invited to NFL games with our sales teams while leaving half of us out. After I’d had enough, I moved onto a much better area where I have gotten raises every year but one. It’s not perfect in the new area, mind you, I’m very well behind what is normal in our industry… but that’s a story for another day.
Everything said, it’s 100% possible for a person to not get raises for years. Had I stayed in that area, I’m positive that would have continued
It is very true, it depends on who you work for and how you are treated some folks in our group got promoted several times not that they deserve it while others are left behind for no apparent reason
I went 8 years before I received a substantial pay raise. Glad it finally happened.
Some it could be longer….AIG is a dumpster fire
Oh that could be absolutely true depending on the area and where that person is in the range and relative to peers.
AIG has tried to sell STI target changes as meaningful over base pay increases.