Anyone have an idea of what the planned merit increase % is?
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I got 13% only because my promotion but I was told without the promotion I’d get 3% max
sheesh... exceed your OWN expectations, we need to divorce ourselves from the borg
No, it’s the rating that’s the primary driver for merit raises. Secondary is % in range. But we’re talking fraction of percentage differences.
What I’ve learned from years at Schwab and elsewhere is- the meets or exceeds is really almost a non-factor in the “merit” increase. Ultimately it is your value in the market and the cost of replacing or hiring again for your role that determine the increase. If they want to keep you at just below market and it is not easy to hire, you will get a larger increase. This is also determined by your hard skills- technical skills etc. Beyond that, pure subjectivity is used to determine and justify the actual number. As long as you’re not below expectations, it’s basically a minimum possible market adjustment at best.
2% if you’re lucky!
I got 4% last year with an exceeds.
I worked for 8 months to get my promotion, and multiple projects to make Schwab best of best and got a lousy 4 1/2 % increase for promo. And ec has top guy at 24 mil who bought bonds ,destroyed morale, 25 pt stock price drop ,yet will get addl bonus . And they wonder why no engagement.if ec had any decency,with their massive salaries would forego bonuses and present to us that actually do the work,and have to pay for their bad choices. Bottom line bad ..their go to , layoffs and cost cutting expenses. Leaving after bonus…
I got an exceeds last year and only got 2.4% so best of luck to you thinking you’ll get much more than 2-3%
Social security got 3.25% this year! As a data point. Unfortunately with a 3% average that means 50% get less than inflation 50% more. With layoffs impacting the bottom end of the spectrum, everyone is fd no more low performers to take from to feed the high performers.
My one rant is that schwab so un sophisticated on this front. Every job family have a different adjustment in market value on a yearly basis. We are one of the few corps that doesn't recognize that. Everyone being treated equal means high demand roles having super high turnover.
3% is the same as last year right. Coulda been worse…
3% is the budget. If you get less then it means somebody else in your department got your portion. Simple as that.
Can confirm most will be 2-2.5% for meets expectations.
Anonymous Source Guy is never wrong
Inflation > merit.
I’ve heard 2 to 2.5%, 3% with an Exceeds….
I’ve heard it’s 3% max..