Originally posted by: frankie38
Originally posted by: Tomato
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Very useful info, thanks. Any way I can personally check what stage it's at on its way up the food chain? I sure could use an extra 10k/year, sigh.
I think that it is important to view promotion and raise and two separate events.
Promotion is moving up from your current level. That may mean moving up one or two levels depending on the job that you are being promoted to. Congratulations!
More importantly (since you cant pay your bills with a title) Raises are affected by several things.
1) the Roll Rate (avg raise) set by HR and Roll Rate (avg raise) for promotions. for example the avg raise or roll rate this year is 3%. and avg promotion rate is 1%.
2) total salary budget and # of people being promoted. that is Finance will budget 3% of your departments salary for raises and 1% for promotions. for example if your total dept has 100,000 in salary. then next year your budget for salaries will be $103,000 plus $1000 for promotions for a grand total of $104,000. Your raise will come from that $4000. So, the max raise you can get in this scenario is $4000. That also means that no one else in your department will receive a raise.
More people being promoted means less money for everyone being promoted. Remember this is a pool of money to be shared by everyone in your department.
3) Your current salary and its relative position on salary band, Every level will have a salary range
For example: VP will have a min salary of 60K mid salary of 90k and max salary of 120k.
GOAL is to stay somewhere between min and mid of salary band. once you get past the mid point on a band you are considered highly paid for that level and you may not qualify for a raise.
Will you get 10k, maybe?
Look at your current salary. Determine min salary for the position you are being promoted to.
1) if current salary is lower than min salary being promoted to then salary will be increased to min salary of that position
2) Figure out what the avg raise is, how many people are being promoted .
Lastly, if you dont get 10k with this company figure out how to get 10k from someone else.