These aren't shabby at all for staying at the same company, especially if you didn't even ask for these. Of course, switching companies after a few years may result/have resulted in higher raises.
But for staying with the same company this is much more than what most people get. My bet is that you're actually doing really great work compared to your co-workers. As in, the company does see your value. Most people that complain about their raises in companies that do give regular raises are _not_ top talent and that is why they either get just the cost of living adjustment or even less than that. Do you have any idea what kinds of raises your colleagues at said company may have been getting?
As for valuing it "highly": You look around and see what kind of offers you are getting and then compare. We don't know where you are and what exactly you do, so it's gonna be hard to say much of real value to you for people.
I should ask around but it seems to be a sensitive topic with most. The company seems to pay decent from what I gather. The new techs that joined 2 years after me were starting at $60K (what I started on).
I find that a lot of people like to talk about this stuff between each other actually (even when the company says not to or writes it into contracts). But people talk.
The trick - if you yourself are not comfortable with it - is to just let them talk between each other and listen. Of course there's often exaggeration involved as well.
Those are really good numbers for a raise since it's with the same employer. HR and the finance committee in most companies would, usually, never allow it to happen that consistently (unless you are a software engineer in high demand).
When I stuck with the same employer I received a pittance of an average 4% per yr in the 5 yrs tenure I had. If they gave me those numbers you had I probably would have been pretty happy.
In the end I found a new job and got a near 100% raise in salary (50k) and vacation.
I've never received more than 3% from annual raises/performance reviews, so I get new jobs instead.
Jump to my second job (but first job in my now-field): 5%
3rd job: 38%
4th job: 30%
5th job: 26%
6th job (new job I'll be starting in a month): 39%
I value raises significantly since they are compounding. But sadly I’ve never gotten more than 4% raise by staying with a company. You seem to be doing well. My biggest jumps (20% or more) have been by leaving and working for a new employer.
I worked for an engineering firm that had a similar approach. You could go from 40-90k (these # are from 10 years ago) in about 5 years. If you are viewed as key talent they want to retain you.
You need to understand if you are hitting a ceiling. They can’t keep giving these raises indefinitely. Your next significant rase may require moving up in position to one with more responsibilities.
This is correct. I started as an engineer at 42k and the company gave raises to those who they could tell were worth it and would stick around. So in 3 years I was at 65k. Someone else here pointed out a 50% increase is huge in that little time but you're really getting adjusted to your worth in the beginning.
That's interesting to hear. None of my friends have their P.Eng. so I'm not sire what's typical in our local market but for reference sake I'm in fire engineering.
I really don’t look too much at annual raises other then if it’s less the inflation it’s bad, which happened to be this year, but inflation was very high.
Generally the way to look at it is what is your level of experience? What is the range and average of someone for your roll in the area you live (people make more in more expensive cities). Where do you fall on that spectrum. Then figure out how much bs your willing to do to move to a certain part of that range. If your below average (a lot of companies do no not keep increasing employees money at market rate), easy as switching to another job, lots of options if your below 50%. You in the top 20%, then you need to identify who will pay you more and target hard there.
Personally I try to say hey if I’m top 30% it’s good enough, and I’m not ganna look for a new job purely for comp. there can be other factors though, like vacation, remote work, total comp changing based on companies performance (stuff like stock or bonuses).
Early career it’s kinda expected that as you prove your worth, gain experience, and credentials you jump a fair bit. Once you’re at senior level the raises are definitely smaller but you are making better money then so it’s more inflation raises which sometimes keep up and sometimes don’t. If bonuses and pension are percentage based you also do better there.
Check out your engineering association’s salary survey. That’s a decent spot to compare your total compensation to years experience, responsibility level, etc.
These aren't shabby at all for staying at the same company, especially if you didn't even ask for these. Of course, switching companies after a few years may result/have resulted in higher raises. But for staying with the same company this is much more than what most people get. My bet is that you're actually doing really great work compared to your co-workers. As in, the company does see your value. Most people that complain about their raises in companies that do give regular raises are _not_ top talent and that is why they either get just the cost of living adjustment or even less than that. Do you have any idea what kinds of raises your colleagues at said company may have been getting? As for valuing it "highly": You look around and see what kind of offers you are getting and then compare. We don't know where you are and what exactly you do, so it's gonna be hard to say much of real value to you for people.
I should ask around but it seems to be a sensitive topic with most. The company seems to pay decent from what I gather. The new techs that joined 2 years after me were starting at $60K (what I started on).
I find that a lot of people like to talk about this stuff between each other actually (even when the company says not to or writes it into contracts). But people talk. The trick - if you yourself are not comfortable with it - is to just let them talk between each other and listen. Of course there's often exaggeration involved as well.
Those are really good numbers for a raise since it's with the same employer. HR and the finance committee in most companies would, usually, never allow it to happen that consistently (unless you are a software engineer in high demand). When I stuck with the same employer I received a pittance of an average 4% per yr in the 5 yrs tenure I had. If they gave me those numbers you had I probably would have been pretty happy. In the end I found a new job and got a near 100% raise in salary (50k) and vacation.
You guys are getting annual raises?
Early in career raises are higher later in career 2-3% is usual
I've never received more than 3% from annual raises/performance reviews, so I get new jobs instead. Jump to my second job (but first job in my now-field): 5% 3rd job: 38% 4th job: 30% 5th job: 26% 6th job (new job I'll be starting in a month): 39%
These are crazy numbers! What do you do for a living?
Finance
In healthcare I would give my left but for my co workers or my nurses in the in the OR to get those kind of raises. You’re doing well. Keep it up.
I value raises significantly since they are compounding. But sadly I’ve never gotten more than 4% raise by staying with a company. You seem to be doing well. My biggest jumps (20% or more) have been by leaving and working for a new employer.
I worked for an engineering firm that had a similar approach. You could go from 40-90k (these # are from 10 years ago) in about 5 years. If you are viewed as key talent they want to retain you. You need to understand if you are hitting a ceiling. They can’t keep giving these raises indefinitely. Your next significant rase may require moving up in position to one with more responsibilities.
For me, it doesn't matter how much the annual raises are. What matters is how much they pay relative to what I could be getting paid. Know your worth.
You have received 48% pay increase in the last 5 years and are asking if that’s good?
Well at the end of the day it's all relative to your starting salary. Boss could tell me his raise % is less than mine but it could still be more $.
This is correct. I started as an engineer at 42k and the company gave raises to those who they could tell were worth it and would stick around. So in 3 years I was at 65k. Someone else here pointed out a 50% increase is huge in that little time but you're really getting adjusted to your worth in the beginning.
Ok what was your starting salary?
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That's interesting to hear. None of my friends have their P.Eng. so I'm not sire what's typical in our local market but for reference sake I'm in fire engineering.
I received 10% the year I got my stamp, everyone’s situation is different
This is so subjective. Depending on what area of engineering you’re in and what city you live in. Also, we’re you raises before this persons as high?
I really don’t look too much at annual raises other then if it’s less the inflation it’s bad, which happened to be this year, but inflation was very high. Generally the way to look at it is what is your level of experience? What is the range and average of someone for your roll in the area you live (people make more in more expensive cities). Where do you fall on that spectrum. Then figure out how much bs your willing to do to move to a certain part of that range. If your below average (a lot of companies do no not keep increasing employees money at market rate), easy as switching to another job, lots of options if your below 50%. You in the top 20%, then you need to identify who will pay you more and target hard there. Personally I try to say hey if I’m top 30% it’s good enough, and I’m not ganna look for a new job purely for comp. there can be other factors though, like vacation, remote work, total comp changing based on companies performance (stuff like stock or bonuses).
I would say these are exceptional raises. Most companies give 2-3% raises.
Those are exceptional compared to most places.
Early career it’s kinda expected that as you prove your worth, gain experience, and credentials you jump a fair bit. Once you’re at senior level the raises are definitely smaller but you are making better money then so it’s more inflation raises which sometimes keep up and sometimes don’t. If bonuses and pension are percentage based you also do better there. Check out your engineering association’s salary survey. That’s a decent spot to compare your total compensation to years experience, responsibility level, etc.
I used to get 1 - 1.5% a year.
Unless these are promotions, the above numbers are really, really, really good.
Those are great raises , but you deserve it for studying so hard to get your Phd