Boneruses anDRaises

[LOST6200]

Waht's normal thisn year in bunoses and anaul increases(exampe, April 1-March 31 Fiscals)? ARe yuo receiving less thanh last 5 years?

 

[timwhit]

My company is giving 1% raises unless you get CEO approval.

 

[Stereodude]

They killed off our bonuses, and nuked raises where I work.

 

[udaman]

What's "normal" in an ever worsening recession? Unless you're with a company that is bucking the trends, expect layoffs, or pay cuts. That's what is happening in tech circles in Japan, and pretty much the whole world. Course you can be like UAW, and argue for raises and extended medical / retirement/pension plans...and all get terminated, when the companies go bankrupt


HP announces company-wide pay cuts to avoid layoffs


http://www.electronista.com/articles/09/02/22/hp.pay.cuts/

 

[Mercutio]

In all the time I've worked as a trainer I've only gotten cost of living raises.

 

[Fushigi]

They killed off our bonuses, and nuked raises where I work.

Ours is a tiered plan. For people earning under $60K total compensation (salary + target bonus), raises are normal. For people earning over $200K, raises are not offered. This includes all senior management. For those between the two, only the top-most performers who are in the lower portion of the salary band (sub-$100K) get any raise; most get nada. I'm in the middle but not in the lower part of the salary band so no raise for me.

Bonuses for 2009 (to be paid in 2010) are likely to be reduced. By how much is TDB, of course. Here, bonuses are determined by three factors: Your target bonus amount (usually a percentage of your salary), your personal performance rating (you can get 0-120% of your target bonus), and the firm's funding of the bonus pool for your department. In good years the bonus pool funding has exceeded 100%. The first two factors don't change much in a worsening economy; the last is the major variable.

Despite being in the real estate business, we are making money. However, profits are way, way down as is our stock price. We've made some Herculean efforts at cost containment, especially in IT. Layoffs have been minimal (about 2.5% of staff in the US) so far and travel & training have been slashed to the bone. Most contractors & consultants have been sent packing.

They also changed the structure of bonus & raise payouts, changing both to after the close of Q1 and making raises non-retroactive. This improves their cash position during the period close which improves our bank rating/credit worthiness. End result for FTEs is a one-time missing of the retro raise (for those few who are getting a raise this year) and the deferral of everyone's bonus by about a month.

 

[Bozo]

Pay raises and promotions have been canceled. No bonuses.
I took a healthy pay cut, but I still have my job and benefits.

 

[ddrueding]

No raises or bonuses here at any level. Hourly employees have had their hours cut ~10%, probably another 10% of staff have been laid off. Pay cuts will be coming this quarter.

Considering we are in the construction business, it isn't that bad.

 

[udaman]

another Freudian slip by LOST?

Boner uses & Raises... ummm , that will get you terminated, for sure.

State layoffs in Calif, construction industry will be depressed no matter how much fed dollars come in, along with massive tax increases, 1% sales tax increase for 2yrs...which undoubtedly will be extended forever, along with 1/2% for LA County transit projects for the next 30yrs...that's 9.75% sales tax!!! (unfortunately the 15cent/gallon fuel tax portion of the new budget got axed, which would have been a better way to balance budgets IMHO), that ought to get the economy stimulated, lol

 

[ddrueding]

Man, when gas prices were at their lowest, a $1/gal tax would have been great. It would have kept the pressure for efficiency on and brought in massive amounts of money.

 

[timwhit]

Sales tax in Chicago is at 10.5%. We also have a massive budget deficit in almost every level of government here.

 

[Handruin]

This year we have no pay increase across the board (so they say). Our so-called bonus is technically normal pay at risk (10% risk) even though the company likes to word it as a bonus (it's a touchy subject). That hasn't yet been touched, otherwise it would be close to a 10% pay cut for everyone.

This is the third time in 8 years they've suspended pay increase which for the most part has only tried to keep up with cost of living.

401K matching is still being honored.

 

[Adcadet]

I get cost of living + the somewhat nationally standardized pay for my level of training (about $2000 more per year). My work does supply many perks and my cost of living is cheap, so overall I make more than most in my position.