Inflation is tracking at 5.4% for this year. In a call, someone asked about annual incentive plan percentage (aka cost of living increase/COLA). We heard 2% as baseline. What have others heard? Because if that is accurate, that is a 3.4% paycut.
17 replies (most recent on top)
“Wouldn’t be surprised if BDP looks to reduce CAD and AIP”. Well your wish came true with AIP per our Chief HR officer’s announcement on our Intranet. Happy Holidays.
As far as having the “worst year ever” financially, that is a myopic view. 2020 and 2021 balanced each other out financially due to care costs lower than plan due to COVID restrictions with 2021 rebounding. Smart financial management should have increased reserves in 2020 to cover the certain rebound in 2021 care costs. Due to COVID, 2020 and 2021 need to be viewed together to give an accurate picture of the company’s financial picture.
Would you like to list out these "fringe benefits" that CF provides that are remarkably more generous than a typical org of its size? Do you mean pet insurance?
Folks, it is time to understand your compensation is more than salary. About 35% of the average employees compensation is fringe benefits. And these expenses have been rising faster than inflation for a decade.
Not arguing for or against this company. Just pointing out that fact6s matter.
Come on guys quit being selfish! Quit talking about your precious raises and start thinking about the bigger picture! Think about how awesome that 30 second super bowl commercial is gonna be this year with all that money saved!
I ain't talking bout no Fancy Feast either! I'm talking about generic off brand cat food!
I see cat food in my future
I was told "not to expect much" by way of increase this year, because CF is having a bad year. But I question this on two counts: 1) CF gave millions away to "improve healthcare" (read the press releases) and 2) my director and VP are the types that kiss up and pad their own pockets by awarding less to their direct reports "look at me! I save the company THIS much $$$!!! I should get a BIG raise and bonus!!" Sad, isn't it.
I am out of here after this year if we get a bonus or not.
The last few years top performers have been given a 3% raise. 5+ years ago it was 5%. Being good at your job is not well rewarded (except in Sales). Only way to get a big raise is to be promoted (still limited to 10%) or leave for greener pastures.
I've heard CF is not having a great year, so I can't imagine this is the year they course-correct on pay raises.
Your answer was given last year. CF made the most money they've ever made, yet my raise was about the same as the rate of inflation. Couple that with the increase in health care premiums, and I effectively got a pay cut last year. I am guessing this year it will only get worse.
If I have to sit through another "people leader" meeting discussing talent acquisition, and how many flipping openings we have right now...but without any discussion of talent retention...well, I will soon be one of those openings they are having a problem to fill.
This erosion of compensation is a key contributing factor. First is their "come right in the middle" for market rates, moving the goal post for bonuses where it's not enough to achieve your goals, you need to go above them in order to get your bonus, and the cost of living/merit/CAD being under the inflation rate and I seeing my compensation shrink by ~$8K. That's not chump change. That's wage stagnation and shrinkage.
I'm not writing all this for the rank and file. I am writing it for leadership because someone (s) from CF is reading here. Of course they are. Hence the snarky comment about taking a pay cut to support the "people we serve". Look, I live in the community as well and if I wanted to volunteer, I would do so. I don't work at CF as a volunteer, I give my time and CF gives me $$$. Sorry that I've not drank the kool aid like others.
And given there are no other channels to raise these issues, where else would I write this?
Consider your so called “pay cut” another way of help the people and communities we serve.
Oh. Gosh darn media. I don’t know who to believe.
Inflation is transitory? Fed head Powell just said we shouldn't use that term to describe inflation any more. The only reason they used the term "transitory" was to placate people. It's not going to go away any time soon unless they raise interest rates, which they won't because they wouldn't be able to afford the debt payments on treasuries.
All of the sources I use are leading me to believe that inflation is transitory. Won’t be here long term. So what are y’all worried about?
We are bleeding money with government programs and everything healthworx, wouldn’t be surprised if BDP looks to reduce CAD and AIP…
Yes this is true as of right now.