View Full Version : Raises and Bonuses
I vaguely curious about year to year pay increases and annual bonuses across the spectrum of folks here. Now I know some of the members are highly compensated professionals, some are business owners, etc, but lots are working stiffs like me.
I work for a Space/Defense company and over the last 10 years or so our yearly salary increases averaged about 2.5% and our annual bonus around $1k per year. Of course, higher for strong performers and critical skills/roles and that does not include promotions, etc.
What do average pay increases look like with your employer? Do you get annual (or other) bonuses? What ever happened to Christmas bonuses, are they still a thing?
Andy
One More Time
02-25-23, 09:11
We get bumped up every once in a while, no set time.
People seem to get a raise when they put in a two week notice though.
As a diesel tech I'm hourly but get an efficiency bonus every month if I'm over 100%
Which is 75% of our hourly wage per hour.
Works out well when you are busy but not so much these days.
Been a few times lately that I've had to run the clock out on a job as there is nothing else to clock onto and standing around on available time kills your numbers.
I work for a university medical center; we usually get a merit raise of 2.5%-3%/year; right now we're getting 2% every six months for 18 months for 6%. I think it was related to some COVID staffing retention or something.
No staff-wide bonuses, profit sharing, etc. There are some recruitment-related bonuses, though....if you recruit a RN I think it's a one-time $500 or $1K, but I am not sure.
Fixed 3% annual raise. Additionally, all of my continuing education and license renewals are paid for.
*I'm a flight medic
Last year was a 3.5% increase with a $34,000 bonus.
Working for an airline. Last raise was 3% 3 years ago in 2020. No bonuses.
Last year was a 3.5% increase with a $34,000 bonus.
Nice. Managers and employees really don't get big bonuses in my company. I got a $7500 bonus one year, felt like a Rockefeller :cool:
Andy
FromMyColdDeadHand
02-25-23, 14:12
White collar, lots of time with the manufacturing company. Got a CRAPPY raise this year. Told them that. Told them it was a pay cut after inflation. They want to see “more” out of me, I told them to get used to it. I’m out of the ‘promotion’ track officially now, and they’ll get out of me what I think they deserve. Old EU buddy has a phrase- pay peanuts, get monkeys. May sound a little bitter (a bit) but I get along with my new boss and my old boss is now Godfather, and I have a great relationship with him. I get lippy because my wife is a doc and the bread-winner. I also do a technically boring marketing job like no one else in the industry- I was called ‘insane’ and ‘brilliant’ for one last year. and I’m the only one in this kind of position in my mid sized company- even thought my troll of an ‘assistant’ keeps on trying to get other people involved. Do you remember a product presentation from your company meeting four years ago? I ‘introduced’ myself to one of our engineers recently and he said “Oh, I remember you. You gave that presentation with the My Little Pony, a horse and a stapler..”. The message, which he remembered, was that we make magical unicorns and our competitors try to staple horns onto their horses and call them unicorns.
That and our bonuses are going to suck this year because while we couldn’t fill orders in Q1-3, Q4 was slow…
Wow, thanks for letting me vent… didn’t see that coming.
I work for a liquid chemical trucking company. If all goes right, I will retire this fall. Most years it was a standard 3 - 5% raise with occasional bonuses (paid quarterly). Last four years bonuses have totaled 8 - 12 K a year. It all depends on our ROI percentage. One year we exceeded our budget by 20 M. A lot of back slapping going on then.
January this year has slowed down a little. New people (5 years or less are worried) because all they have seen is good times. We still made more money than January 2022. Just didn't make budget.
Coal Dragger
02-25-23, 16:38
Railroad engineer.
New contract as of December 2022, retroactive raises and back pay.
2020: 3.0% raise.
2021: 3.5% raise.
2022: 7.0% raise.
2023: 4.0% raise.
2024: 4.5% raise.
Raises applied each year on July 1.
My road has profit sharing. Most years it comes out to roughly the same net pay as a normal pay period.
Raise and bonus this year.....i am content with it as it was fair..
I take the attitude that anything above my current salary is gravy so if there are lean years I don't get major disappointment. That said it seems the company realized inflation was hurting morale and they threw us a few small fishes this year.
Sidneyious
02-26-23, 09:34
Im a cook that does the job of 3 people and after 3 years I got about a buck fitty.
12$/hr
Disregarding major job changes/promotions, we typically get 4-6%, based on performance/potential metrics. The last couple years, the annual raises to keep with inflation have been lump-sum bonuses, not raises (which defeats the purpose and rubbed everyone wrong).
We also get bonuses for annual performance 6% for engineers and supervisors, 15%for mid-upper mgt.
Im a ChemE, have been in mgt for 7 years at a manufacturing facility.
Business owner here. On average we give our people a 3% raise per year. Our bonus program is based on a complicated formula that rewards sales increases calculated on the prior three years of sales by the week. It is paid weekly. Last year any employee could have made over $3000 in bonuses if they met the criteria. Criteria is punch in and out on time, and must work your entire schedule with no sick or personal days. Pretty simple, yet I pay out less than 30% of the bonuses available.
We gave monster bonuses for FY 2020 due to our industry doing well in Covid. My employees never whined, buck the rules, and showed up every day during that shit show. We made a bunch of money and I paid out an average of $5000 per employee. The amounts were based on your base pay times a number that I can't remember. I also had unlimited overtime that year since we were unbelievably busy.
35 years as a school psychologist. 204 day contract, 1-2% raises pretty much every year. This year we are 20% below our staffing due to people leaving. Boss finally sees the light, finds some more money, comes out to a 4% raise, still below inflation rate. I’m retiring in June, will take a 80% pension for the rest of my life, and then my wife’s life (she’s in the same district- will get a similar pension off her pay when she retires in 3-4 years). Not sure what I’ll do next. With all the staffing shortages in mental health here, it’s kind of open, but Jesus I’m tired of broken people.
Fixed 3% annual raise. Additionally, all of my continuing education and license renewals are paid for.
*I'm a flight medic
That's awesome. Not in nursy-nurseland.
County government here. Usually 2%, last year 5%. Funny thing I’ll retire in a few years at 70% but will get guaranteed 3% raises a year in retirement.
That's awesome. Not in nursy-nurseland.
No kidding. I'm licensed in three states and hold two IBSC certs (both requiring 100hrs of CEUs each), so I'm really grateful.
I was a Senior Electrical Engineer for one of the worlds largest tech companies. Our annual raise and bonus allocations were competitive based upon your ranking against others at your same level in your same business unit. The total reward budget available each year was variable and based on how that business unit performed relative to the rest of the company. Generally, the individual allocation was tilted heavily toward bonuses since base-pay increases were permanent and that was a less favorable reward in corporate finance's view.
Anyway, I generally ended up with a between $4000 and $10,000 base pay increase each year as well as between $30,000 and $50,000 in bonus payout. The bonus split approx. 50/50 between RSUs and cash.
It was lucrative, but it mostly sucked. I "retired", divided my yearly pay by 10, but lowered my stress by 100x and I'm way happier. I don't regret the years spend grinding at that career, as it allowed me to be where I am now, but at the end of the day money isn't everything.
FromMyColdDeadHand
02-26-23, 16:42
35 years as a school psychologist. 204 day contract, 1-2% raises pretty much every year. This year we are 20% below our staffing due to people leaving. Boss finally sees the light, finds some more money, comes out to a 4% raise, still below inflation rate. I’m retiring in June, will take a 80% pension for the rest of my life, and then my wife’s life (she’s in the same district- will get a similar pension off her pay when she retires in 3-4 years). Not sure what I’ll do next. With all the staffing shortages in mental health here, it’s kind of open, but Jesus I’m tired of broken people.
My sister is in the same boat, but still needs to work another 10 years or so. She just empty nester so what she does is counseling over zoom type meetings. She hooked up with an org that gets her paid by insurance and state programs. She actually really enjoys it and the money is better than nothing.
Just an idea.
Depending on what you make and where you live, anything less than 5-10% was a pay it…
Yeah, we definitely didn't keep up with inflation this year. It makes for interesting compensation conversations, trust me.
I got a big off-cycle pay raise last summer, so I can't complain.
Andy
ThirdWatcher
02-26-23, 20:43
I’m a retired LEO. I got an $81 raise in my Social Security but due to a tax increase my pension decreased by $105. Bidenomics...
Typical 3% raises every year. If our company meets our performance numbers I can get 25% of my salary in pay for performance. It's a nice chunk of change but it's based off your level within the company. Most of the company is at 5%, I'm mid level management now and it's a nice perk for dealing with the headache. I've got 10 more years to go and I've gone as high as I want to go, just trying to ride it out now. I found me a tucked away department and I'm hoping I go unnoticed a little longer!
I vaguely curious about year to year pay increases and annual bonuses across the spectrum of folks here. Now I know some of the members are highly compensated professionals, some are business owners, etc, but lots are working stiffs like me.
I work for a Space/Defense company and over the last 10 years or so our yearly salary increases averaged about 2.5% and our annual bonus around $1k per year. Of course, higher for strong performers and critical skills/roles and that does not include promotions, etc.
What do average pay increases look like with your employer? Do you get annual (or other) bonuses? What ever happened to Christmas bonuses, are they still a thing?
Andy
I work for a defense contractor. Raises are handled by managers getting a pot of money to use for raises, and then they divy that up amongst their reports based on performance scores and where the employee’s pay is on the min/max scale for the pay grade. Most people don’t get bonuses, but they can be added to compensation for people with more strategic or external influence. Those people get like 5-10% of salary based on how the company does.
The couple of times I’ve gotten a 3 (out of 5) for performance, my raise has been about 2-3.5%
My raises have been between 2.5% and 11.02%, with an average of 5.76% over the past 10 years.
Promotions normally are 10%, but I’ve had one that was built into a slightly higher raise and one that was 24.4%
Most people this year are going to get pretty bad raises though, across the board. Even worse when you consider the raises will be much lower than inflation. I lucked out.
Medical devices. We get 3-5% annually. We are base plus commissions so our bonus depends on performance. But it’s usually pretty good.
PB
I don’t share specifics publicly for OPSEC.
I’d say most companies are pretty similar to what seems the trend here.
The only thing I haven’t seen yet are RSU’s that start once you reach a certain level in addition to an annual bonus.
The only thing I haven’t seen yet are RSU’s that start once you reach a certain level in addition to an annual bonus.
My bonus was typically half RSUs as I stated earlier.
My bonus was typically half RSUs as I stated earlier.
Missed that one obviously. RSU's are granted with a 1/3 - 1/3 - 1/3 three year vesting schedule and between the RSU's and bonus it was nearly as much as my base salary.
I don't miss it either and am pretty lucky in that I no longer have to work. But I'm running out of things to fix. Last weekend I took apart a failed sump pump and brought it back to life just for the curiousity factor. I had alread purcahsed and installed a new one, but figured why not have a backup ready. Put it in on Saturday and its still running strong.
everready73
02-27-23, 11:38
We get a standard 3% every year for raises. Bonus was 3k, but i am in sales and work base + commission and the commission payouts are nice.
They also do a 6% bonus into our 401k for profit sharing
I work for a county govt., so take that as you will. We receive a cost of living raise each year. I've been here for 9 years. The first year it was 3%, and every year since it was 2.5% until last year. Last year the county council voted to increase it to 6% due to inflation.
We don't do bonuses, and the only real way to get a good raise is to get reclassified by taking on more duties or being promoted. Sometimes earning a job related certification or degree can get a small bump. For instance, I got 10% when I got my PE license.
A couple years ago county council did hire a firm to review salary packages for its employees as a whole and compare them to other related positions in other govt. agencies and the public sector to ensure we're staying competitive with our entire packages, including pay, insurance, holidays, annual and sick leave, etc. This ended up giving most positions at least a minor bump in pay.
I'm probably an outlier, but since starting in 2014, my pay is about 66% higher than it was when I started, but that includes the increase for my PE license and a promotion.
Missed that one obviously. RSU's are granted with a 1/3 - 1/3 - 1/3 three year vesting schedule and between the RSU's and bonus it was nearly as much as my base salary.
I don't miss it either and am pretty lucky in that I no longer have to work. But I'm running out of things to fix. Last weekend I took apart a failed sump pump and brought it back to life just for the curiousity factor. I had alread purcahsed and installed a new one, but figured why not have a backup ready. Put it in on Saturday and its still running strong.
For us, the RSUs vested linearly every quarter over the course of 5 years. Golden Handcuffs...
Had to leave a lot of money on the table when I walked away, but it was worth it.
I’m in the aerospace industry and got a hefty salary increase going from a small local company to one of the big three. While the pay raise and signing bonus is nice, my commute basically quadrupled, but it was an offer I couldn’t refuse.
Wow this thread is depressing.
Raises are not normal for me, generally have to change jobs, or at least the threat of.
Going to try soon to get inflation covered.
Did receive my first year end bonus $1K
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BangBang77
02-27-23, 18:41
I am an mechanical engineer that does little “engineering” these days and have instead moved into the management side of the equation. The last two companies I’ve worked for have been between 15% and 25% bonus potential with competitive base. Both had stretch potential built into the bonus plan and in 15yrs between the two, I never dropped below the 15% / 25%, respectively, not even during 2008/2009.
I just accepted a new position with another company and the bonus potential for that one is min 25% with stretch potential, no cap. The FY22 bonus payout for the company was 142% of the potential 25% for a total payout of base x 35.5%. Salary is well above market for the role in a market segment that is all but recession proof. I’ve yet to experience RSUs, but the new gig has stock options as part of the package in addition to a standard 5% profit sharing into a 401k that technically isn’t tied to profit at all.
I wasn’t looking for a career path tangent, yet an old colleague dropped this opportunity into my lap that I couldn’t refuse.
I’ve been very particular about the manufacturing market segment I’ve worked in over the last few gigs. I’ve worked in some volatile segments early on in my career that I hope I do not repeat. Food, pharma, or packaging are the only jobs I look at anymore. To hell with defense, petro, gov, auto, consumable goods, etc.
Pick the market segment first and foremost. Do your research on the company performance metrics, i.e. EBIT, ROCE, YOY sales, YOY OP, growth, discontinued operations, etc. Baseline it against similar industry and competitors. Don’t get hung up on the differences between the industries. Equipment is equipment. A bolt is a bolt. A cylinder is a cylinder. A motor is a motor. It’s all nuts, bolts, and a little bit of wiring. 80% of every machine is the same, with the 20% delta falling into the product produced. Doesn’t matter if you’re making baby food, a hair dryer, shrink film, or carbon fiber. It’s all the same - manage people, processes, and numbers.
I work in a represented labor job in aerospace. My role is somewhat niche, and has a long learning curve. As far as labor goes, we're fairly well compensated, but the base pay falls short of mid career professional. Most of us depend on side hustles or OT to make real money. This year is a contract year for us, and I will be shocked if we manage to get any pay beyond a COLA of about 1%. We may get a contract ratification bonus, but it's hard to say. They've been slowly starving my unit of work, as we're down to about half the manpower we had 5 years ago. Our negotiating position is not that strong, and many members are after concessions on healthcare and retirement. Our pay increase over the past decade has probably been about 5%. Times are lean.
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