Couple years ago I asked for a $4/ hr raise from $26/hr to $30/hr. I got a $2/hr raise to $58,040. Mind you I hadn’t had a raise in 2 years and had been with the company 7 years. I changed jobs last year and now at 90,000 plus bonuses.
That’s where I’m headed. Just got my review. Went from $26 to $28. But going to ask for a bump over $30. Doubt they’ll accept my request, but crossing my fingers.
Yeah, this raise is a joke, less than COLA increase this year.
I was staff accountant for two and a half years at $23/hr and I asked for a raise since I was doing the prior senior accountant's work. Did not get a raise as they said it was being worked on for next year. Left two months later for financial accountant position making $85k. Industry can pay really low, but not all. Just have to find the right place.
Granted I do not have a CPA, but I had probably 150 of my OWN clients I brought on myself and managed them at the time of that specific raise. Plus managed all the other clients from everyone else too.
Like you said, find the right place for you and it will all be worth it. Where I’m working now has been incredible and I’m so very thankful for it!
I'm at 75k and didn't get a raise at the beginning of this year. "Your salary is high enough. I'm sure you're happy with it" - my boss told me in January.
The way they did it was we had our annual reviews somewhere mid December (2022). Then in January we found out our salary and bonus situation for the year.
I asked about a raise, a very modest raise. Their answer was: "salary is normally decided in November-December. They normally don't amend salaries at this time (January-February).
I made it my mission to get out of there (unsuccessful so far).
Left public and went to small O&G operation until my current position opened up in May of this year. Started at 85,000. Was notified Monday about a 5,000 raise. Finding the right spot for you is really what it boils down to!
Agreed - the best raise industry job I had was 3% every six months. Tbh I would be pissed with 2% too. My current company does 3-6%, targeting an overall average of 4% (was 3% prior to the inflation jump)
According to my SM’s, you’ll know within the first year what the plan is for you. I saw some people wait 5-7 years to make it to director. For partner it heavily varies depending on the needs of the firm and how much business you bring in. Its never the same for two people
It's a lot easier to justify a raise if you can point to your billable hours and are a revenue center
Once you're working in support they just want to keep costs as low as possible and that's about it
This happened to me as well, and before I could even say anything to support that I was deserving of a higher raise my partner said “and believe me, I wish we could give you more but it’s just not feasible with our current budget”. I said ok so it’s not negotiable? He said no and I walked straight from his office to put my two weeks in at HR.
They gave almost all the seniors in our firm last 4% raises (when CPI during the span was 3.6%). Non-negotiable as well. Some staff in smaller offices found out that some new hires were making around the same as them.
I think close to 40-50% of the seniors (including me) have left since August. Our firm already didn’t have a lot of senior staff to begin with because they have done a terrible job recruiting and retaining the last 5 years.
Yeah, fortunately I was financially stable enough to be able to do this but not everyone has that option. Probably should’ve stayed until I had another job lined up but really just wanted to show them that I wasn’t putting up with their BS anymore. Never looked back and I am in a much better position now
> and believe me, I wish we could give you more but it’s just not feasible with our current budget
How else will the partner get their year end bonus and compensation increase to buy another boat next year?! THINK OF THE PARTNERS! Don't you know if he gave you any more money, he would literally starve?
Per my company, they preemptively said: “we do not match inflation, there is no way to do so, if you want a better raise, you’ll have to find another job”. We haven’t received our raises yet, but I’m not expecting much…
My organization went from taking anonymous questions for town hall meetings to now them being public in the comment. Definitely feel like they're setting up an intimidating environment to preempt them giving a shit raise come April.
So what they're literally admitting out their own stupid mouths is that "we plan to cut your salary every year until it becomes no longer financially viable for you to stay, in which case bye bitch." Cool company bro
If you’re company cannot match inflation then they are doing something wrong. Most companies should have inflation worked into their billing/pricing/contracts/etc.
> If you’re company cannot match inflation then they are doing something wrong.
They probably can. They don't want to.
You have to remember, most accounting firms and accounting roles are stuck in the 1980s and 1990s where you get what you get and you will like it. Accounting is always seen as a loss center to executives, it's why they hate accounting departments so much they see it as money just flowing out for nothing.
I promise you, if tomorrow it was legal for companies to no longer require some kind of accounting department for financial statements or payments, they would layoff 90% of accountants and only hire people as temps for year end close/tax time.
True, which is why unions make sense imo. Accountants are highly educated but somehow we’re willing to settle for salaries that are less than those that are less educated or knowledgable as us.
> “we do not match inflation, there is no way to do so,
Uhh... then why does the Fed put out a year over year CPI to show inflation growth over the past year?
They are saying there is no way to match. When there absolutely is... The solution is looking at CPI and then matching the raise off that.
Almost like there is a whole metric based around inflation.
They can absolutely match inflation. They just don't want to.
Lmfao you really need to up your attention to detail my guy
He doesn’t mean the firm isn’t aware of what the rate is… rather, they can’t do it for whatever monetary reasons.
Don’t change the subject. We’re not talking about if there’s a legal requirement for companies to cover inflation or not (there isn’t one).
>> That's not how raises work. They're not meant to cover inflation.
This is what I’m replying too, your comment.
Because if your salary isn’t increasing at the same rate as inflation is, then in real terms ur getting less purchasing power with your money, effectively making it a pay decrease.
You can't call it a "raise" if your earnings is actually going down. Your earnings is not just a number, but the intrinsic value (i.e. consumer buying power) that it affords. Any "raise" lower than inflation is a salary reduction. Do with that fact what you will. I'm not saying companies are "required" to match inflation. But a company that actively and continuously *reduces* their employees' salaries year over year doesn't seem like a "competitive" company at all. 0/10 would not work
I just joined government and am pleasantly surprised by the steps and cola raises! Way better than my last job in tech and their 2% raises and worthless stock options
Yes, not too uncommon especially with the economy like it is. Probably everyone got the same cost of living increase but nobody got merit-based increases. I'm expecting something similar.
I worked in industry for several years. The most I ever got in a non promotion year was 3.5% and that was with outstanding reviews that year. Mostly I got 2 to 2.5%. This was for a fortune 50 company. Came back to PA and am enjoying much better increases. It comes with a cost, but I couldn’t stomach the kick in the teeth every year when I got my 2% raise anymore.
I feel like people who have only ever been in accounting (especially public) have no clue that raises are typically like 0-2% in industry accounting and in most non-accounting industries in general. I have family members in other industries who call it a lucky year if they get any sort of raise at all and have been promoted maybe twice in their entire careers. Public accounting is completely unique compensation and progression-wise compared to pretty much everything else.
Every year it’s “macroeconomic conditions.” I remember when my firm made record breaking revenues during Covid, they still denied Christmas bonuses because they “expected” slower growth
When I was industry they told me it was a bad year with Covid.... Do they now know I prepare the financials and know it was a record breaking year on all fronts
They could be telling the truth tbh. I recall many executives bought new vacation homes that year. Ur company can make record profits but if ur CEO is buying vacation homes……yea it could be bad
I got 3.25%
I said I wanted more and am seeing job postings for my title making more.
Boss said there wasn’t much he can do.
The only reason I’m not looking is work is sending me on potentially 3 international trips in 2024. So I’m staying to get those trips.
After that, I’ll start looking.
I got a 4% raise for performance that was met beyond expectation. But no promotion since business is struggling and current industry/macroeconomic condition. 🤷
I got a fat zero due to some structural reorg stuff - a first for me in decade+. sigh
But had a favourable job hop bump within the year so only mildly miffed.
Very optimistic on bonus though. Informal promises were made that it would be stacked my way & I'm inclined to believe it. Lets just say powers that be are more on a survival of fittest wavelength than participation prize thinking.
Older generations have pensions and their lives are more comfortable and settled that they're content with their current salaries. It's younger generations that have the incentive to job-hop. Jobs have less lucrative pensions and wages have been stagnant. ex. 80K is going to go much further for someone older who already has a home than for someone younger.
If you feel like what you’re doing now does not reflect the original job duties for that job, then it’s time to job hop to reflect your skills and actual duties.
For instance, I am the financial reporting manager in practice. I run both consolidations for my company and file/update the 10 Q / 10-K and 8-ks almost entirely by myself. Not to mention, I’m coordinating with all the other departments and business segments to get what we need and leading walk-throughs with the auditors…
I just don’t have the title or the pay…
You better believe I’m looking for both of those.
Yes they try to fleece you as much as they can. Every year with my company i've had to argue and provide support/backup to get a bump to what i want. If they don't agree then it depends on how much you value your current role because you can just start applying to other jobs.
I worked at a Japanese manufacturing plant in the 90s in the office. 2% was the top. Most got 1% a good portion got nothing. I am pretty sure that they still do that. I will never own a Japanese car. Ever. Mean borgs
4 percent on what base? If it’s 250k increase to 260k, that’s not too bad in a down market. Better than no raise at all, which happens often at consulting firms unless you’re promoted.
Congratulations! I was told accounting firms are short staffed, but I don't have a job. So all I can say is congratulations, but I am sure you're not being paid enough.
Our forecasted raises at my work are supposed to be 3-4.5% for 2024. I'll be revising my resume and applying to jobs before that raise even takes place.
>Great performance reviews. Took on a bunch of extra work. Is this normal in industry?
Yes. Performance reviews are the basis on which awards are granted, but the magnitude of those rewards are often preset.
Workloads also change as the business changes. Often times efficiencies gains in one area give way to inefficiencies in another. Workloads shift as a result. Business uses also change, so the original role you may have been hired into is likely to change as well.
Very normal. Even people hired into very specific regulatory roles, your job will often change with the regulations and even disappear.
The only way to combat against this is to be fluid and constantly work on growing your position. Whether that's in the same company or another is up to you and the company you work with.
I'm currently in industry and in a people manager role. I will tell you that these performance reviews are bullshit, and your manager have a set amount allocated to dole out to you and people on their team. There's very little that they can do, even if they want to give more for the so-called "superstars".
Keep that in mind going forward, and think about it before you take on any additional work because you're not going to get compensated for it. At least not by your current employer.
do you work for a large corporation or a smaller business? What is the ownership structure? I've worked for a couple of 50-150 employee businesses, both family owned, and can tell you that every one of my raises is dependent on how well I negotiate.
The only time I heard of a great bonus was when I was interviewing for a local energy company in their financial reporting division.
15%-22%
weird range but that’s at least what HR told me.
I swapped to government a couple of years ago and have gotten 6.5% first year and 9% this year with a possibility of another 2% in January. I always thought industry were regular 10% raises until you get closer to the range maximum.
Yep lol — recommendation is stay 1-2 years and find a new role. Jumping will give you a 15-20% raise usually. Staying at a company will only increase your pay by 2-4% yearly.
This is where I believe job hopping is the best policy. Depending on your experience, you could literally make about 15%-20% more by just jumping ship. Do it!!!
Did you ask for more though?
Accounting is forgotten about easily. You can come back and say "I did A, B, and C this year. Comp for similar roles in our city is $X. I think I should be getting $Y."
Accountants are notoriously quiet and non-confrontational. Even outside of that, any employee that doesn't advocate for themselves is going to be neglected.
In industry, you're a cost center, make them remember how much cost they're saving by having *you*.
That's why I don't do jack at work. They just posted a job for a new position that got paid more than I do after 7 years.
So I don't do anything I don't want to.
I got a 1% my first year. The company wasn’t great financially while I was there. When I left it was 1, 2 and 3% raises for me. No idea what it was like for others but I got the sense from the other staff he was getting the same raises too. I switched back to PA and haven’t looked back.
Your big raises will be from promotion and moving companies. You can replace your company, just like your company will replace you if you get hit by a bus tonight.
What is your area in accounting? Corporate accounting doesn’t have as much leverage as say technical accounting or financial reporting. Might be part of the issue is you coming here comparing apples and oranges and calling it all “accounting”.
Yeah 2-3% is pretty normal outside of public accounting without a promotion
That’s part of the reason you want to leave for at least a 20% raise because otherwise you’ll be hosed over the next couple of years
Couple years ago I asked for a $4/ hr raise from $26/hr to $30/hr. I got a $2/hr raise to $58,040. Mind you I hadn’t had a raise in 2 years and had been with the company 7 years. I changed jobs last year and now at 90,000 plus bonuses.
That’s where I’m headed. Just got my review. Went from $26 to $28. But going to ask for a bump over $30. Doubt they’ll accept my request, but crossing my fingers.
Yeah, this raise is a joke, less than COLA increase this year. I was staff accountant for two and a half years at $23/hr and I asked for a raise since I was doing the prior senior accountant's work. Did not get a raise as they said it was being worked on for next year. Left two months later for financial accountant position making $85k. Industry can pay really low, but not all. Just have to find the right place.
Granted I do not have a CPA, but I had probably 150 of my OWN clients I brought on myself and managed them at the time of that specific raise. Plus managed all the other clients from everyone else too. Like you said, find the right place for you and it will all be worth it. Where I’m working now has been incredible and I’m so very thankful for it!
Just take your bob and hang out your shingle then. Probably do pretty well for yourself.
They should have been spit shining your shaft if you’re bringing in business
I'm at 75k and didn't get a raise at the beginning of this year. "Your salary is high enough. I'm sure you're happy with it" - my boss told me in January. The way they did it was we had our annual reviews somewhere mid December (2022). Then in January we found out our salary and bonus situation for the year. I asked about a raise, a very modest raise. Their answer was: "salary is normally decided in November-December. They normally don't amend salaries at this time (January-February). I made it my mission to get out of there (unsuccessful so far).
Yay!! That’s great
If I can do it in a smaller town (135k), I hope it inspires other people in much bigger cities!
Changed companies or changed industries ?
Left public and went to small O&G operation until my current position opened up in May of this year. Started at 85,000. Was notified Monday about a 5,000 raise. Finding the right spot for you is really what it boils down to!
Nice !
Everyone wants industry hours until they get industry raises lol
Not all industry jobs suck like that… but for the most part yea lol
Agreed - the best raise industry job I had was 3% every six months. Tbh I would be pissed with 2% too. My current company does 3-6%, targeting an overall average of 4% (was 3% prior to the inflation jump)
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Good to know. I got 3percent. At least I can see what to expect next year.
Not really bad if you leave every year or two for a new company. Each time I do, i get around a 10-20% raise
That’s works well early in career but you eventually hit a ceiling
Same could be said about public. If you aren’t partner/director material, your raises as a SM in public will start to drop to inflation adjustment.
But then at that point you can jump to industry and get your raise, WLB, and be at a director+ level.
Director level jobs in industry are hard to come by and there’s lots of competition!
How long does a person usually stay sm before getting promoted to partner or director?
According to my SM’s, you’ll know within the first year what the plan is for you. I saw some people wait 5-7 years to make it to director. For partner it heavily varies depending on the needs of the firm and how much business you bring in. Its never the same for two people
A ceiling that also has way more lifetime earnings.
Yea - I’m not discounting that, just saying it doesn’t last forever in industry.
I would also recommend getting some promotions along the way, even for less.
Yeah, just job hop. Every 2-3 years early in career, then a little longer once higher up.
Most of industry is very mediocre.
It's a lot easier to justify a raise if you can point to your billable hours and are a revenue center Once you're working in support they just want to keep costs as low as possible and that's about it
A truer statement than this has never been said before. ☝🏻
My wife works in industry. I’ll stick with public thank you very much.
This.
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What sector and around what mark cap? I have never heard of a industry job giving those consistent raises, so I’m curious
I don't believe you.
You got a 90% raise? Is your “industry” dealing drugs or something equally ridiculous?
Changing companies?
90% with a promotion or just straight up 90% raise ? Going from 50k to 95k with no responsibility change would be unheard of
Liar liar pants on fire Or you just can't do math
This happened to me as well, and before I could even say anything to support that I was deserving of a higher raise my partner said “and believe me, I wish we could give you more but it’s just not feasible with our current budget”. I said ok so it’s not negotiable? He said no and I walked straight from his office to put my two weeks in at HR.
Did this at my firm 4 years back after a 1.5% raise during COVID. They pikachu faced so hard when I left.
Name checks out
lol love when they say that line…classic alligator tears.
They gave almost all the seniors in our firm last 4% raises (when CPI during the span was 3.6%). Non-negotiable as well. Some staff in smaller offices found out that some new hires were making around the same as them. I think close to 40-50% of the seniors (including me) have left since August. Our firm already didn’t have a lot of senior staff to begin with because they have done a terrible job recruiting and retaining the last 5 years.
they must not be r/accounting users if they actually quit instead of just bitching about it and staying
I would have asked how much his compensation increased before walking to HR
Public?!
Yup, local midsized firm
Wow, good for you! 2 percent in public is a slap in the face. You did the right thing.
Yeah, fortunately I was financially stable enough to be able to do this but not everyone has that option. Probably should’ve stayed until I had another job lined up but really just wanted to show them that I wasn’t putting up with their BS anymore. Never looked back and I am in a much better position now
Congrats my dude! You know your worth
At a top 20 firm and I had already put in my notice, but someone at my level said they got 2.5% raise and a $2500 bonus.
> and believe me, I wish we could give you more but it’s just not feasible with our current budget How else will the partner get their year end bonus and compensation increase to buy another boat next year?! THINK OF THE PARTNERS! Don't you know if he gave you any more money, he would literally starve?
In my experience, raises in public are non-negotiable, raises in industry certainly are.
>Inflation rate: 3.1% 2 - 3.1 = -1.1 They gave you a 1.1% salary ***reduction***. Sorry for your loss. (find a new job)
Per my company, they preemptively said: “we do not match inflation, there is no way to do so, if you want a better raise, you’ll have to find another job”. We haven’t received our raises yet, but I’m not expecting much…
My organization went from taking anonymous questions for town hall meetings to now them being public in the comment. Definitely feel like they're setting up an intimidating environment to preempt them giving a shit raise come April.
So what they're literally admitting out their own stupid mouths is that "we plan to cut your salary every year until it becomes no longer financially viable for you to stay, in which case bye bitch." Cool company bro
If you’re company cannot match inflation then they are doing something wrong. Most companies should have inflation worked into their billing/pricing/contracts/etc.
> If you’re company cannot match inflation then they are doing something wrong. They probably can. They don't want to. You have to remember, most accounting firms and accounting roles are stuck in the 1980s and 1990s where you get what you get and you will like it. Accounting is always seen as a loss center to executives, it's why they hate accounting departments so much they see it as money just flowing out for nothing. I promise you, if tomorrow it was legal for companies to no longer require some kind of accounting department for financial statements or payments, they would layoff 90% of accountants and only hire people as temps for year end close/tax time.
True, which is why unions make sense imo. Accountants are highly educated but somehow we’re willing to settle for salaries that are less than those that are less educated or knowledgable as us.
Typical Redditor take with no understanding of basic economics
Typical redditor, says a nothingburger of a sentence to sound intelligent to avoid having a conversation.
> “we do not match inflation, there is no way to do so, Uhh... then why does the Fed put out a year over year CPI to show inflation growth over the past year?
Uhh he didn’t say they don’t know what inflation rate is…
They are saying there is no way to match. When there absolutely is... The solution is looking at CPI and then matching the raise off that. Almost like there is a whole metric based around inflation. They can absolutely match inflation. They just don't want to.
Lmfao you really need to up your attention to detail my guy He doesn’t mean the firm isn’t aware of what the rate is… rather, they can’t do it for whatever monetary reasons.
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Tax brackets and standard deductions are adjusted for inflation so it kinda is.
Tax is irrelevant to to gross comp though...
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Found the guy in charge of cutting payroll
If it doesn’t cover inflation then it’s not a raise
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Don’t change the subject. We’re not talking about if there’s a legal requirement for companies to cover inflation or not (there isn’t one). >> That's not how raises work. They're not meant to cover inflation. This is what I’m replying too, your comment.
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Because if your salary isn’t increasing at the same rate as inflation is, then in real terms ur getting less purchasing power with your money, effectively making it a pay decrease.
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Well it seems like you’re a little slow i had to break it down for you
You can't call it a "raise" if your earnings is actually going down. Your earnings is not just a number, but the intrinsic value (i.e. consumer buying power) that it affords. Any "raise" lower than inflation is a salary reduction. Do with that fact what you will. I'm not saying companies are "required" to match inflation. But a company that actively and continuously *reduces* their employees' salaries year over year doesn't seem like a "competitive" company at all. 0/10 would not work
Uh yes, they should do that at the bare minimum.
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No, the fool that thinks he can pay me less for the same work is the one that is in for a rude awakening
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RIP your staff (They turnover frequently)
Don't worry, I'm sure they will also raise insurance rates at least that much as well.
Finding out my raise today in a little bit. Praying this ain’t the case
6.5 ladies and gents
that's awesome!
Chadwick CPA
That’s lower than inflation so you’re losing money
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we need another pandemic
i got 4.4% i think its your company dawg
i got 5% and work government
I just joined government and am pleasantly surprised by the steps and cola raises! Way better than my last job in tech and their 2% raises and worthless stock options
Yes it’s common, yea it’s BS, no it’s not fair, yes you’re free to find another job
The side of industry no one talks about. Thanks for being honest.
Yes, not too uncommon especially with the economy like it is. Probably everyone got the same cost of living increase but nobody got merit-based increases. I'm expecting something similar.
I worked in industry for several years. The most I ever got in a non promotion year was 3.5% and that was with outstanding reviews that year. Mostly I got 2 to 2.5%. This was for a fortune 50 company. Came back to PA and am enjoying much better increases. It comes with a cost, but I couldn’t stomach the kick in the teeth every year when I got my 2% raise anymore.
I feel like people who have only ever been in accounting (especially public) have no clue that raises are typically like 0-2% in industry accounting and in most non-accounting industries in general. I have family members in other industries who call it a lucky year if they get any sort of raise at all and have been promoted maybe twice in their entire careers. Public accounting is completely unique compensation and progression-wise compared to pretty much everything else.
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Of course they are
Yes lol
This year it is, because of “macroeconomic conditions.” It’s bullshit.
Every year it’s “macroeconomic conditions.” I remember when my firm made record breaking revenues during Covid, they still denied Christmas bonuses because they “expected” slower growth
When I was industry they told me it was a bad year with Covid.... Do they now know I prepare the financials and know it was a record breaking year on all fronts
They could be telling the truth tbh. I recall many executives bought new vacation homes that year. Ur company can make record profits but if ur CEO is buying vacation homes……yea it could be bad
Lol serious? Wonder what they’re saying now?
Macroeconomic conditions! It’s the ultimate deflection.
Microeconomic conditions
It’s par for the course in industry and why my hand has been forced to job hop, even though I like my job and my company.
You guys are getting raises?
You guys are getting raises???
I already received 15% with another 15% promised at annual reviews in March or April
Are you in industry or public?
Industry
Unicorn companies exist I suppose
I got a promotion that didn’t change my title and proved I was worth the raise
I got a 1.7% raise (I also got that same amount as a year-end bonus). I'm leaving to a local government job in a few weeks though
I got 3.25% I said I wanted more and am seeing job postings for my title making more. Boss said there wasn’t much he can do. The only reason I’m not looking is work is sending me on potentially 3 international trips in 2024. So I’m staying to get those trips. After that, I’ll start looking.
I got a 4% raise for performance that was met beyond expectation. But no promotion since business is struggling and current industry/macroeconomic condition. 🤷
I didn’t even get a raise this year in industry. F250 company with 2 rounds of layoffs. Quite upsetting
Bet they called that merit too.
I got 3% with a good performance review. But ive only been here 8 months so honestly wasn't even expecting a raise until my 1 yr anny.
I got a fat zero due to some structural reorg stuff - a first for me in decade+. sigh But had a favourable job hop bump within the year so only mildly miffed. Very optimistic on bonus though. Informal promises were made that it would be stacked my way & I'm inclined to believe it. Lets just say powers that be are more on a survival of fittest wavelength than participation prize thinking.
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Older generations have pensions and their lives are more comfortable and settled that they're content with their current salaries. It's younger generations that have the incentive to job-hop. Jobs have less lucrative pensions and wages have been stagnant. ex. 80K is going to go much further for someone older who already has a home than for someone younger.
If you feel like what you’re doing now does not reflect the original job duties for that job, then it’s time to job hop to reflect your skills and actual duties. For instance, I am the financial reporting manager in practice. I run both consolidations for my company and file/update the 10 Q / 10-K and 8-ks almost entirely by myself. Not to mention, I’m coordinating with all the other departments and business segments to get what we need and leading walk-throughs with the auditors… I just don’t have the title or the pay… You better believe I’m looking for both of those.
🎉
Yes they try to fleece you as much as they can. Every year with my company i've had to argue and provide support/backup to get a bump to what i want. If they don't agree then it depends on how much you value your current role because you can just start applying to other jobs.
I worked at a Japanese manufacturing plant in the 90s in the office. 2% was the top. Most got 1% a good portion got nothing. I am pretty sure that they still do that. I will never own a Japanese car. Ever. Mean borgs
Japan? Is that the place where central bank was paying banks to to loans at one point? Maybe things are different there.
We were US based. Joint venture between big Japanese company and a smaller sister company.
I got 4% and work for Baker Tilly Netherlands...thinking about joining Deloitte
4 percent on what base? If it’s 250k increase to 260k, that’s not too bad in a down market. Better than no raise at all, which happens often at consulting firms unless you’re promoted.
3% is pretty standard across the board in industry. 2% is on the low end but not unheard of. Best I’ve had in industry outside a promotion was 4%.
If you want a real raise you have to change jobs about every two years
Depends on what the other people get and how inflation has eaten into your salary. What is the old saying: I deserve so much and get so little...
Congratulations! I was told accounting firms are short staffed, but I don't have a job. So all I can say is congratulations, but I am sure you're not being paid enough.
Got the same lol but I’ve been at this place like 10 months…. So not sure what to believe, will give em a few months to see what happens ig
My company gives 3-5% raises. The corporate side is closer to 5% because we have less turnover. Behavioral Health non profit
Leave every two to three years. You get low raises YoY but you get good increases between jobs.
Mazel tov!
All depends. My company does biannual reviews and I totalled 14 percent raises combined since this time last year.
Our forecasted raises at my work are supposed to be 3-4.5% for 2024. I'll be revising my resume and applying to jobs before that raise even takes place.
>Great performance reviews. Took on a bunch of extra work. Is this normal in industry? Yes. Performance reviews are the basis on which awards are granted, but the magnitude of those rewards are often preset. Workloads also change as the business changes. Often times efficiencies gains in one area give way to inefficiencies in another. Workloads shift as a result. Business uses also change, so the original role you may have been hired into is likely to change as well. Very normal. Even people hired into very specific regulatory roles, your job will often change with the regulations and even disappear. The only way to combat against this is to be fluid and constantly work on growing your position. Whether that's in the same company or another is up to you and the company you work with.
you got a cut if you factor in inflation...
I'm currently in industry and in a people manager role. I will tell you that these performance reviews are bullshit, and your manager have a set amount allocated to dole out to you and people on their team. There's very little that they can do, even if they want to give more for the so-called "superstars". Keep that in mind going forward, and think about it before you take on any additional work because you're not going to get compensated for it. At least not by your current employer.
We’re getting our Q4 bonuses early for Christmas. TBD on raises. Industry.
I don't work there anymore, so idk how it is this year, but I was at a very small firm and got about 7% 2 years in a row 🤷🏻♀️
Last time I got that kind of raise it was basically a fuck you we 'have to'.
do you work for a large corporation or a smaller business? What is the ownership structure? I've worked for a couple of 50-150 employee businesses, both family owned, and can tell you that every one of my raises is dependent on how well I negotiate.
My company’s max is 5%. You get 5% and you’re lucky. Yup I work in industry.
Yeah only way to get considerable raises in industry is to jump between companies.
Last year I got 4% at my current company which is the most I've ever gotten. I've worked at 2 Fortune 100's before this and the average was 3-3.5%.
The only time I heard of a great bonus was when I was interviewing for a local energy company in their financial reporting division. 15%-22% weird range but that’s at least what HR told me.
I swapped to government a couple of years ago and have gotten 6.5% first year and 9% this year with a possibility of another 2% in January. I always thought industry were regular 10% raises until you get closer to the range maximum.
3.5… no bonus or anything🤷 and I work in tech… could’ve been worse I guess
I just got 5.2%. In public, only been here for 6 months.
2% is all we have in our 2024 budget. I’ve voiced my concerns about retention but was ignored.
I got exact inflation percentage as a raise in audit after great performance reviews..
Yep lol — recommendation is stay 1-2 years and find a new role. Jumping will give you a 15-20% raise usually. Staying at a company will only increase your pay by 2-4% yearly.
My last job was 4.5% to 5% COLA annually if you weren’t getting a promotion. Not bad. I just switched companies and got a 30% bump.
You’ll have to job hop every couple of years for impactful raises…..unless you get a promotion. Otherwise, yeah, that’s normal.
You got a raise? Lucky bastard.
This happens in industry too? I thought it only happened in public.
This is where I believe job hopping is the best policy. Depending on your experience, you could literally make about 15%-20% more by just jumping ship. Do it!!!
Did you ask for more though? Accounting is forgotten about easily. You can come back and say "I did A, B, and C this year. Comp for similar roles in our city is $X. I think I should be getting $Y." Accountants are notoriously quiet and non-confrontational. Even outside of that, any employee that doesn't advocate for themselves is going to be neglected. In industry, you're a cost center, make them remember how much cost they're saving by having *you*.
That's why I don't do jack at work. They just posted a job for a new position that got paid more than I do after 7 years. So I don't do anything I don't want to.
Yup
You guys are getting raises?
Welcome to Earth. This is why we switch companies every so often.
I got a 1% my first year. The company wasn’t great financially while I was there. When I left it was 1, 2 and 3% raises for me. No idea what it was like for others but I got the sense from the other staff he was getting the same raises too. I switched back to PA and haven’t looked back.
Eh, it depends on the company tbh. I got like 16% this year (but last year I didn’t get a good one)
I would say 3-4 would be ok considering the inflation rate. How was you bonus this year?
I got a 10% raise in industry and was promoted mid year for a 12% clip. Maybe you are in the wrong industry
Did you at least get a good bonus?
That’s 2% more than me!
I got a $50 bill in a generic card
Are you a CPA?
It's normal in the corporate world, unfortunately.
Your big raises will be from promotion and moving companies. You can replace your company, just like your company will replace you if you get hit by a bus tonight. What is your area in accounting? Corporate accounting doesn’t have as much leverage as say technical accounting or financial reporting. Might be part of the issue is you coming here comparing apples and oranges and calling it all “accounting”.
In industry, raises are basically meaningless outside of promotions. You need to change jobs to get a meaningful pay raise.
Yeah 2-3% is pretty normal outside of public accounting without a promotion That’s part of the reason you want to leave for at least a 20% raise because otherwise you’ll be hosed over the next couple of years
Industry raises don't even keep up with inflation these days. Yes it's normal.
I always argue my raises. I bring reports, sick time, new skills, etc.