Reviewing Next Year's Budget

Stunt

Diamond Member
Jul 17, 2002
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So I've been preparing for FY2007 and am working closely with the Plant Manager reviewing the budget and whatnot.

Salaried staff have a budgeted increase in spending from $900k to $1000k for 13 salaried staff (fringe is another account). Keep in mind we have a new employee and he was hired at $50k. Considering we don't get increases and reviews untill February...I'm wondering if they have already determined my wage increase for next year.

I am the only new hire...the rest are 45+ in age so their percentage increase will be less, and they already have mature rates. Anxious to see what they offer me...all my other raises have been contractual and everyone constantly praises my work. :)
 

Nutdotnet

Diamond Member
Dec 5, 2000
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Originally posted by: Stunt
So I've been preparing for FY2007 and am working closely with the Plant Manager reviewing the budget and whatnot.

Salaried staff have a budgeted increase in spending from $900k to $1000k for 13 salaried staff (fringe is another account). Keep in mind we have a new employee and he was hired at $50k. Considering we don't get increases and reviews untill February...I'm wondering if they have already determined my wage increase for next year.

I am the only new hire...the rest are 45+ in age so their percentage increase will be less, and they already have mature rates. Anxious to see what they offer me...all my other raises have been contractual and everyone constantly praises my work. :)

1000k = $1mil right?

 

Stunt

Diamond Member
Jul 17, 2002
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Originally posted by: Nutdotnet
Originally posted by: Stunt
So I've been preparing for FY2007 and am working closely with the Plant Manager reviewing the budget and whatnot.

Salaried staff have a budgeted increase in spending from $900k to $1000k for 13 salaried staff (fringe is another account). Keep in mind we have a new employee and he was hired at $50k. Considering we don't get increases and reviews untill February...I'm wondering if they have already determined my wage increase for next year.

I am the only new hire...the rest are 45+ in age so their percentage increase will be less, and they already have mature rates. Anxious to see what they offer me...all my other raises have been contractual and everyone constantly praises my work. :)
1000k = $1mil right?
Yeah.
 

mugs

Lifer
Apr 29, 2003
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Why do you think the older workers' increases will be a lower percentage?
 

Stunt

Diamond Member
Jul 17, 2002
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8% of $80k = $6.4k
5% of $80k = $4k

Companies look at dollar figures and even a lower percentage increase will look good in the employee's eyes.
 

Stunt

Diamond Member
Jul 17, 2002
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If you take last year's pay, and apply a generous 5% increase...that's $900k*1.05 = $945k

Take $50k out of next year's pay (for new employee) of $1000k and you get $950k.

Does that mean I'm looking at over $5k increase next year? 5% plus $5k?

I can't see other staff getting over a 5% increase.
 

mugs

Lifer
Apr 29, 2003
48,920
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Originally posted by: Stunt
8% of $80k = $6.4k
5% of $80k = $4k

Companies look at dollar figures and even a lower percentage increase will look good in the employee's eyes.

My company bases it entirely on percentages. They don't give a smaller percentage increase to someone just because they already make more. They do sometimes give a higher percentage increase to someone if they aren't in the company's target salary range for their position.
 

Stunt

Diamond Member
Jul 17, 2002
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5% of $61k, plus $5k would put me at $69k

I would be very happy with that :) *crosses fingers*

OK...maybe a 13% increase is a little generous, but I have no idea where all this money is going.
$50k increase in spending for 13 (mostly older) staff is pretty hefty.
 

mugs

Lifer
Apr 29, 2003
48,920
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Originally posted by: Stunt
If you take last year's pay, and apply a generous 5% increase...that's $900k*1.05 = $945k

Take $50k out of next year's pay (for new employee) of $1000k and you get $950k.

Does that mean I'm looking at over $5k increase next year? 5% plus $5k?

I can't see other staff getting over a 5% increase.

Where are you coming up with $5k PLUS 5%?
 

mugs

Lifer
Apr 29, 2003
48,920
46
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Originally posted by: Stunt
5% of $61k, plus $5k would put me at $69k

I would be very happy with that :) *crosses fingers*

OK...maybe a 13% increase is a little generous, but I have no idea where all this money is going.
$50k increase in spending for 13 (mostly older) staff is pretty hefty.

Now you're just talking crazy. Don't get your hopes up. :)
 

Stunt

Diamond Member
Jul 17, 2002
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Originally posted by: mugs
Originally posted by: Stunt
If you take last year's pay, and apply a generous 5% increase...that's $900k*1.05 = $945k

Take $50k out of next year's pay (for new employee) of $1000k and you get $950k.

Does that mean I'm looking at over $5k increase next year? 5% plus $5k?

I can't see other staff getting over a 5% increase.
Where are you coming up with $5k PLUS 5%?
12 salaried staff from last year get a 5% increase...I'm included in the 12. I took out the $50k new guy from next year's wages and I have $5k left over.

$5k plus 5% increase for all staff.
 

mugs

Lifer
Apr 29, 2003
48,920
46
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Originally posted by: Stunt
Originally posted by: mugs
Originally posted by: Stunt
If you take last year's pay, and apply a generous 5% increase...that's $900k*1.05 = $945k

Take $50k out of next year's pay (for new employee) of $1000k and you get $950k.

Does that mean I'm looking at over $5k increase next year? 5% plus $5k?

I can't see other staff getting over a 5% increase.
Where are you coming up with $5k PLUS 5%?
12 salaried staff from last year get a 5% increase...I'm included in the 12. I took out the $50k new guy from next year's wages and I have $5k left over.

$5k plus 5% increase for all staff.

Yeah, they're not going to do that. :D

I'm not trying to rain on your parade here, I just don't want you to be disappointed when you go in expecting a big raise and you get cost of living + 1-2%.
 

Stunt

Diamond Member
Jul 17, 2002
9,717
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Originally posted by: mugs
Originally posted by: Stunt
5% of $61k, plus $5k would put me at $69k

I would be very happy with that :) *crosses fingers*

OK...maybe a 13% increase is a little generous, but I have no idea where all this money is going.
$50k increase in spending for 13 (mostly older) staff is pretty hefty.
Now you're just talking crazy. Don't get your hopes up. :)
Here's the age breakdown of the staff: (all positions are constant)

57, 55, 52, 52, 50, 48, 45, 47, 47, 54, 44, and me...23.

over 5% for all these older people...i doubt it.
 

Doodoo

Golden Member
Feb 14, 2000
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Why can't you see the rest of them getting over a 5% raise? And what makes you think you'd get the entire extra 5k? I'm sure some of them think they're the sh!t and deserves that money too. Most companies base it all on percentage. Just because someone makes more doesn't mean they get a lower percentage raise.
 

Stunt

Diamond Member
Jul 17, 2002
9,717
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Originally posted by: mugs
Originally posted by: Stunt
Originally posted by: mugs
Originally posted by: Stunt
If you take last year's pay, and apply a generous 5% increase...that's $900k*1.05 = $945k

Take $50k out of next year's pay (for new employee) of $1000k and you get $950k.

Does that mean I'm looking at over $5k increase next year? 5% plus $5k?

I can't see other staff getting over a 5% increase.
Where are you coming up with $5k PLUS 5%?
12 salaried staff from last year get a 5% increase...I'm included in the 12. I took out the $50k new guy from next year's wages and I have $5k left over.

$5k plus 5% increase for all staff.
Yeah, they're not going to do that. :D

I'm not trying to rain on your parade here, I just don't want you to be disappointed when you go in expecting a big raise and you get cost of living + 1-2%.
It's budgeted...where is all the money going?
You think the older people are going to get more than 5% on their larger salaries and give me a piddly 1-2%?!

They know I'd walk in a heartbeat.
 

mugs

Lifer
Apr 29, 2003
48,920
46
91
Originally posted by: Stunt
Originally posted by: mugs
Originally posted by: Stunt
5% of $61k, plus $5k would put me at $69k

I would be very happy with that :) *crosses fingers*

OK...maybe a 13% increase is a little generous, but I have no idea where all this money is going.
$50k increase in spending for 13 (mostly older) staff is pretty hefty.
Now you're just talking crazy. Don't get your hopes up. :)
Here's the age breakdown of the staff: (all positions are constant)

57, 55, 52, 52, 50, 48, 45, 47, 47, 54, 44, and me...23.

over 5% for all these older people...i doubt it.

So, this is your first job out of college?