In my monthly Q&A sessions, I commonly receive a lot of questions about raises. This one comes up frequently:
How long is “normal” to go without a raise? Is it a problem to have the same salary for 5 years or more?
Here are my thoughts on the subject and some key points you should keep in mind if you’re experiencing pay stagnancy.
Some organizations adjust pay annually by a minimal amount (like 2 or 3 percent) to keep up with inflation and the rising cost of living. This kind of pay adjustment is different from a merit-based raise. However, if you haven’t had any kind of pay increase for 5 years, including a minimal cost-of-living adjustment, it’s important to realize that you are now making less than you were 5 years ago due to inflation. Still, this kind of “raise” doesn’t do much for you in real terms.[Read more…] about How Long is Normal to Go Without a Raise?