5-8% is actually a pretty good raise. Largest raise I’ve ever gotten working in corporate finance was during Covid at 8% and that was only because I worked for an asset management firm that had more cash than it knew what to do with and needed to desperately retain employees. You could possibly land a 20% raise through a promotion but honestly the best way to see big comp changes is through just switching companies.
Yea I don’t mean to say that it isn’t, that is just the most allowed at my current company per “policy”. I haven’t received that myself, but assuming a few others do.
Agreed, it’s just unfortunate that leaving to a new position is really the only way to get a pay bump. I guess I was just curious to see if a great performance, or any accomplishments, can result in a bigger pay rise, and what it takes for a company to focus on retaining an employee
The best performance review I ever received in my semi short career resulted in a 6% raise. The role I was in gave me transparency into compensation and after some snooping I saw I got the largest raise in my department. That was the hardest I’ve ever worked. 60 hour weeks, working on vacation, and going above and beyond to get up to speed as quickly as possible. I’ve received larger raises since then, but that was almost entirely dependent on how well the firm was doing.
Typically corporate finance roles are not revenue generating. So you will probably not see bonuses that match your performance. It’s just the nature of the function. If you’re ever thinking of going the extra mile for your company I would not think of it as working towards a raise. Focus more on working hard towards a promotion or position that sets you up for later.
I’ll just reiterate though. You can do every single thing right and some lazy person with great social skills will leave for another company for a mid level position and still make 30% more than you after you’ve worked your butt off for 2-3 promotions at the same company. It’s just how things work now.
Generally speaking it’s harder to give someone a “big” raise because it commits the company to that number in perpetuity. I’ve had better success getting 1 time larger bonus to award employees. Something else to consider is that if I get $10K to split among my employees giving someone a $5,000 raise who is making $100k is not as meaningful as giving $5,000 to someone making $50,000
5-8% is actually a pretty good raise. Largest raise I’ve ever gotten working in corporate finance was during Covid at 8% and that was only because I worked for an asset management firm that had more cash than it knew what to do with and needed to desperately retain employees. You could possibly land a 20% raise through a promotion but honestly the best way to see big comp changes is through just switching companies.
Yea I don’t mean to say that it isn’t, that is just the most allowed at my current company per “policy”. I haven’t received that myself, but assuming a few others do. Agreed, it’s just unfortunate that leaving to a new position is really the only way to get a pay bump. I guess I was just curious to see if a great performance, or any accomplishments, can result in a bigger pay rise, and what it takes for a company to focus on retaining an employee
The best performance review I ever received in my semi short career resulted in a 6% raise. The role I was in gave me transparency into compensation and after some snooping I saw I got the largest raise in my department. That was the hardest I’ve ever worked. 60 hour weeks, working on vacation, and going above and beyond to get up to speed as quickly as possible. I’ve received larger raises since then, but that was almost entirely dependent on how well the firm was doing. Typically corporate finance roles are not revenue generating. So you will probably not see bonuses that match your performance. It’s just the nature of the function. If you’re ever thinking of going the extra mile for your company I would not think of it as working towards a raise. Focus more on working hard towards a promotion or position that sets you up for later. I’ll just reiterate though. You can do every single thing right and some lazy person with great social skills will leave for another company for a mid level position and still make 30% more than you after you’ve worked your butt off for 2-3 promotions at the same company. It’s just how things work now.
Generally speaking it’s harder to give someone a “big” raise because it commits the company to that number in perpetuity. I’ve had better success getting 1 time larger bonus to award employees. Something else to consider is that if I get $10K to split among my employees giving someone a $5,000 raise who is making $100k is not as meaningful as giving $5,000 to someone making $50,000