Do you think UW’s will get a 7%+ raise This year? What have people been getting as raises throughout the years? And also how is everyone else’s bonus? Is there anyone here getting 5 digit bonus’s? Or 10/20/30% of their salary as bonus’s? Want to know if I’m getting gipped in my bonus..
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Sti is funded at everyone in your team getting 100%. There is no “extra”… employees are ranked best to worse, and any “extra” sti the top performers get, has come from the lower ranking.
What sucks is when everyone is adequate/satisfactory and better. That means even though those individuals did their job satisfactorily, they will still get “dinged” because it’s peer review.
Pirate Pete will continue to loot the company for $20M on a bad year, and probably like $30M on a good year. He funds it through layoffs and not giving decent raises or bonus to 99% of the employee. Almost forgot, he does the same thing for the "in crowd".
Most of the new leaders are incompetent, but get rewarded for it and to saying "yes Lord Pete"
The year end process is indeed a joke. If you are long term employee you are not seen as flight risk so mark low for pay rise or STI high award regardless of performance. If you do not promote yourself going around with power points all your achievements or nabbing others you also score lowly. AIG has also historically paid a lot if staff low so also need to redress that so if you are midway on grade level for pay no pay rise. I have had no pay rise for many years normally get full STI except one year got a clip for offshore performance, like we can control that one. The whole process is a circus.
And that is the problem. I have been above and beyond for the last 3 years. I got between 0% and 3% raises those three years. If my situation were like yours I would be happy too. Perhaps it is my manager. Perhaps you or your manager are part of the "in crowd". Perhaps the system works in your department.
The point is that it doesn't work for most and there doesn't seem to be a desire to make the process more fair or transparent. In fact, it gets more secretive every year.
By the way, if you are so happy, why are you here?
I got more than 10% last year (approx 13%) for going above and beyond- I am not Uw or IT... and I am not high grade. I have 5 years in and always got an increase something between 3-13% and bonus 100% to 110% - so maybe your direct manager not fighting enough for your case?
Don’t even try asking for a promotion.. they’ll just replace you for asking that question. You’ll be lucky to get even 3% this year even though inflation is almost 7% for 2021. Please do yourself a favor and don’t go above and beyond doing your job. I promise you, it does not matter how hard you work.. you will get the same ugly bonus and raise no matter what.. your best shot is to fly under the radar, do minimal work and rack those years of “experience” on your resume. That way you get can a fantastic upgrade to your salary when leave for a competitor. At least then, you’ll be paid well to actually do good work or worst case.. it still doesn’t matter about performance but you got an amazing pay to make u be happy for the meanwhile while doing the minimal amount again
Agree with the prior post. The year end sti process is a joke that is supposed to make the employee feel like they have some kind of control over their bonus. In reality, bonuses are predetermined before your direct manager ever sees a spread sheet. Yes, your direct manager may be able to adjust individual bonuses of folks on their team to a degree, but it comes at the expense of someone else on your team. Generally speaking, sti is funded at everyone's target plus maybe a few percent some years so if you want to reward one employee you have to steal from another. HR will only let you steal so much from terrible employees so direct managers are rarely able to adequately reward good employees. The true winners with the current process are the low performers because they end up with almost as much money as the top performers for doing half of the work. If you have no low performers on your team, you have very little ability to reward anyone because you can't steal from one good employee to give to another good employee so everyone just gets around 100%. Teams that have strong performers get the shaft every year. An sti process that is supposed to be based on performance and is supposed to motivate quickly demotivates when your employees realize none of it matters.
Low level managers have almost no control over raises. HR forces raises for almost everyone regardless of performance so the person sitting next to you who does almost nothing will still get a raise. If you work hard all year yours may be a couple percent more, but they still get a raise.
Here's how the actual process plays out at the worker bee level. Low level managers get there sti target funding and are told what percentage, if any, will be available for raises. The low level manager is asked to make recommendations for their small group and submit to upper management for review. As the low level manager's recommendations trickle up the ladder they typically get shaved down. So, if a low level manager recommends say a 5% raise for a super employee it may end up being 2% by the time it gets to the top level of management. Every year the question is asked, what happened to the money we recommended for our employees? Of course, there is never an answer because when the low level manager submits their recommendations they go into a black ho-e and nothing else is communicated until the week before money goes in the bank. Then it is the low level managers job to explain to their high performers why they didn't get a significant raise. The result.....Now you hate your manager because they shafted you. In reality, your manager was powerless in the process.
Then you start to see that upper level executive management consistently rewards themselves with sti bouses in the 150% to 200% range and it all starts to make sense. If you syphon a few percent from 40,000 or 50,000 employees below you it goes a long way toward increasing executive level bonuses without blowing their budget. DING, DING! that's where your bonus went for being a high performer!
The OP of this must be like a year out of college.
“ If you have a cr---y bonus, you should fight for a better one during your year end review.”
Your bonus was decided 3+ months ago during YE budgeting…good luck on fighting for more in your year end review
I think they can’t give you more than 10% in a raise or something like that.. but I’m also curious to see what they give. For bonus.. I’ve heard some Uw’s are getting nice 5 digit bonus’s, high mid figure 5 digit too and even higher than that. Really depends on how you negotiate during your reviews / initial salary. If you have a cr---y bonus, you should fight for a better one during your year end review. But knowing AIG, they don’t like to give you more money.. so might be tough.