Raises after partial year?
I was hired last summer at a development company in a gateway market. Was told that my bonus (which is distributed in February) will be pro rated based on my partial year spent at the company. But we never established whether a raise would take place this February or after my first full year at the company (in retrospect I should have asked about this during interviews).
in your experience, should I expect a raise conversation to happen in my upcoming performance review next month? I know it varies from company to company, but it would be great to hear about others’ experiences.
Yep, you can expect a raise discussion to coincide with your bonus.
If not, would probably just dip barring you don't already have a solid comp structure. Junior recruitment still pretty hot, can see it taper down my mid-to-late this year.
Think of it this way, every model in excel has growth rates that go in to effect january 1. Your salary was based on 2021, now an inflationary rate should(SHOULD), be applied. 3%-6% should not be ridiculous.
You may get nothing, and should probably not make too big of a deal of this.
Most places I've worked give raises at the same time and bonuses at the same time, irrespective of start date. Makes it easier to do reviews and discuss pay all at the same time, instead of scattershot throughout the year.
If pay raises go into effect on Jan 1, and you've been there 6 months, I'd expect to wait til the 18 month mark and then ask for your salary to be brought in line with an assumed year and stub year of raises (so... if firm policy was a 4% COL increase in 2021 and 4% in 2022, a 6% raise at the end of the year). If I were an employer I'd be loathe to hand out raises to people who hadn't even put in a half year of work at the company; that's basically still probation period
A ton of "it depends" and most that being on your firm's policies with regards to merit raises, COLAs, and market adjustments (note, all three are different, and may have different policies depending on firm). So, really, best to ask someone at your firm for how they "usually" handle this with less than full year hires. Noting as "usually" because with all the noise on hiring/inflation this year, they may break with tradition if they so choose! Some firms will have fixed corporate policies, some will have pure 100% manager discretion, and some will be in-between... so its all a guessing game for people outside of your firm.
FWIW, when I joined my current firm (also mid-year/summer at the time), I received a prorated bonus (was specified in offer letter), but got the full 100% of COLA/merit (set by corp policy in our case) about 6 months or so later (raises were not listed in offer letter, so I can't even tell you what our full policy is/was).
When I started at my current firm, it was in mid-July. My bonus & vacation days were pro-rated, and I received a ~3% raise after my performance review.
It was somewhat of a slap in the face, seeing as we had done record business that year and my colleagues were getting nice fat checks for it, but at the same time I was straight out of school and still learning the ropes - so coming up with an argument for why I deserved more was tough, to say the least!
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