FY24 Pay Increase - How did you go?

Powershopz on 09/09/2023 - 09:03

I just got my annual remuneration review letter yesterday and have been left feeling very short changed. My salary is annualised and I've been with my company for 4 years now and have had a: 0% (COVID Peak), 5%, 5% increases the past few years and then this year only got a 2.7% salary increase. I went above and beyond the past 12 months busting my arse, putting in a bunch of OT and delivering on all my targets (same as the prior few years). In my annual performance review my manager couldn't fault me on anything and was marked as 'exceeds satisfactory job performance'. I was expecting a full 5% increase like the prior few years. My company generates about 550M revenue per year and faired quite well the past year with profits up 5.3%.

I flagged this with my manager and got told they could only afford the lower increase this year because of the 5.75% increase for staff on award rates.

With inflation averaging 6.7% the last 12 months stacked with so many cost of living increases, receiving only 2.7% has left me feeling very ripped off.

Did you receive a pay increase this year? How much and how do you feel about it?

Poll Options

  • 197
    0%
  • 7
    0-0.99%
  • 23
    1-1.99%
  • 58
    2-2.99%
  • 92
    3-3.99%
  • 87
    4-4.99%
  • 225
    5%+
Financial

Comments

  • kaleidoscope on 09/09/2023 - 20:55

    Just the yearly inflation adjustment 😂.

  • star-ggg on 09/09/2023 - 21:11

    In my industry the performance is mainly reflected in the bonus component not the base pay. The base pay is what everyone in the team gets. The bonus is for individual performance.

    • skittlebrau on 11/09/2023 - 23:43

      The bonus is for individual performance.

      How do they measure this? Meeting/exceeding KPIs consistently?

      • star-ggg on 12/09/2023 - 08:19

        My work is project based not KPI, so you need to provide evidence based on established criteria.

  • beyonddd on 09/09/2023 - 21:27

    2.8% increase as an inflation adjustment, rem review this coming january will probably be the extra 7.5% to make it 10% for the year.

  • Gelato on 09/09/2023 - 21:52

    Just curious, do you get end of year bonus as part of your performance rating?
    or normally just pay rise, no bonus?

    i havent got any raises in the past years…but got some small% bonus

    • Powershopz on 09/09/2023 - 21:57
      -1

      Yes, bonus as well. Have got a 5% bonus every year. I'm very good at what I do and go above and beyond to get results. FY23 - roughly ~500K additional revenue was directly attributed to my actions.

  • hash88 on 09/09/2023 - 21:55
    +7

    We got 0% increase not one but 2 years in a row! As a result, staff morale is down.

    I've personally decided to take my foot off of the accelerator and cruise. Not to mention, take sick days to prioritise my mental health whereas before, I would probably "soldier on".

    If organisations think its okay to screw over employees with a 0% increase for 2 consecutive years, then they better be prepared for staff to clawback what they're rightfully owed in other ways. As someone else has already mentioned, employee loyalty is dead.

  • GoIdDigger on 09/09/2023 - 22:30

    Got a company-wide 5% increase

  • jaimex2 on 09/09/2023 - 22:51
    +4

    Pretty pissed.

    I protested that I didn't get enough of a raise ( 2.5% ). Manager said they had to let a few people go as they reduce costs and I should be happy.

    I asked him to fire me so I can get a severance, he refused.

    Now I'm going to just have to find another higher paying job in my own time. God damn it.

  • Homr on 10/09/2023 - 00:23
    +1

    got 8% initially after 1st July then got another 10k in mid August after they announced our yearly result with record profit. The 10k was obligatory after 5 staff resigned within 2 weeks, reasons were burn out and got poached by other company with much higher pay.

    Now I'm only underpaid 10k below market. I've been underpaid 30k for the last 3yrs

    • Eeples on 10/09/2023 - 01:55
      -3

      You have been paid what you think you are worth.

  • whatgift on 10/09/2023 - 00:53

    I've always found comparing pay rises to inflation interesting - is it expected that employers should consider societal implications when determining pay rises, and not their organisation's financial situation? I feel like I'm missing something whenever I hear someone mention it at work.

    Edit: wouldn't inflation affect the financial position of organisations as well?

    • Eeples on 10/09/2023 - 01:54

      I think employers should consider their financial situation when determining dividends paid to shareholders.

      I think employers should consider the increased worth (if any) of employees based on employees productivity.

    • FezMonkey on 11/09/2023 - 16:40
      +2

      If a company experiences inflation in their costs, they have the ability to pass it on in the prices they charge, generally speaking.

      If an employee experiences inflation in the cost of living, what option do they directly have to increase their remuneration? None really, so they might look for another job to get it there. So it would make sense that a company is aware of this and makes their decision accordingly.

  • lunchbox99 on 10/09/2023 - 07:49

    22.5%

  • Ahbal on 10/09/2023 - 08:36
    +1

    Why are you busting your arse to begin with?

    You get paid the same as someone who does only what is required.

  • ReneeB24 on 10/09/2023 - 08:58
    +1

    The standard 4% but I did just get a promotion which bumped up my pay by 19% so overall 23% increase.

    • chriise on 11/09/2023 - 23:54

      Actually closer to 24% :)

  • menocheapsk8 on 10/09/2023 - 09:27
    +3

    Was made redundant but luckily landed a new role within 3 weeks. I had no chance of a pay rise at my previous role, but managed a $20k (~15%) pay bump on my new contract. Thankfully, certain engineering skills are in demand and currently under supplied.

    I agree with what other above have said, your best chance of a pay increase is to jump ship and land a new role. This doesn't always work as I was being offered the same salary (or even a pay cut) by some of the roles I recently applied for. Healthy pay increases usually require a step up in the career ladder (and therefore an increase in responsibilities).

  • cmyk on 10/09/2023 - 09:47

    If you're a high performer, get a new job and use that as a bargaining chip. It's one way to get a bigger bump in pay.

  • 2esc on 10/09/2023 - 10:41

    Pay increases should be a dollar figure not a percentage.

    With percentage based increases the cap in pay gets larger and larger between low income and higher income. This is particularly noticeable in organisations.

    A 2% increase for a person on $50,000 is $1,000 a 2% increase on $300,000 is $6,000 yes different skills etc but the cap between the working poor and the wealthy is increasing every year.

  • xuqi on 10/09/2023 - 14:12

    ~$26K increase in March… 22-23 paid ~44K tax (prior to deductions)….

  • freekay on 10/09/2023 - 17:11
    +3

    I got a 41% pay increase. But that's because I move jobs every 2-3 years. In the same vein as paying a loyalty tax to telcos, banks and energy companies, you get shafted for being loyal to your employer. Sure, I'll not get long service leave, but every time I jump, it more than makes up for it.

    • techlead on 11/09/2023 - 12:01
      +2

      Loyalty doesn't pay, it has been proven time and time again.

  • solidussnake on 10/09/2023 - 18:03
    -1

    Nope Gov contractor don't get any of this thanks DAF 🤦

  • milkabuck on 10/09/2023 - 21:00

    At the start of the year I would have told you I had a fair chance of being made redundant… Instead got 8.8% pay rise. So don't ask me for a weather forecast - clearly got no idea

  • skeeo on 10/09/2023 - 21:26

    0% base salary increase, but got a 20% of annual salary bonus + more RSUs.

  • Rear CreviceEruption on 11/09/2023 - 07:04

    Some companies are doing it tough due to increased costs and shortage of materials, in addition to a potential mini recession in the economy due to lower spending by people with increased rent and mortgage costs. It would depend on the industry you're in and your company's situation. Companies don't automatically match the inflation rate when they give pay increases. Also it can depend on your role. If you're in a position that has helped boost sales or done something big for the company, you may get a big pay increase even without getting a promotion. In the last 15 years I've only once or twice had a pay increase that was higher than inflation, and the rest were lower than the inflation rate. And yet, when I look back 15 years ago, I was on median salary then according to the ABS, whereas I'm now on higher than median salary according to the ABS. This suggests the median salary is not rising faster than inflation.

  • Morphio25 on 11/09/2023 - 09:35

    State Government worker here. Just got the August pay rise everyone gets and will get another pay rise soon (anniversary). Totals about 3.65% if you just look at the figure before the first raise versus the figure after the second raise. They happen pretty close together for me so it's almost like getting one pay rise.

    Will happen again next year assuming I'm still here but after that I won't get any further anniversary raises, just the piddly 1.5% August raise.

  • eek on 11/09/2023 - 10:01

    Switched employers, still PAYG employee. Had a 28% increase. Was already in the top marginal tax bracket, so increase to net income as effectively half that :(

    • techlead on 11/09/2023 - 12:00
      +1

      Phase 3 tax cuts! Woohoo, us top marginal tax bracket earners will get the most benefit.

      • eek on 11/09/2023 - 14:16

        Woohoo, about freaking time we get a break after years of receiving pineapples from the ATO.

  • Drakesy on 11/09/2023 - 11:20

    Funny thing is average pay will always follow government salaries. So until they start raising government salaries everyone else is going to be getting shafted by inflation.

    I got a measily 3%, but technically am on 80% more than i was a year ago after changing jobs so not going to complain.

  • techlead on 11/09/2023 - 11:59
    +1

    I'm on $250+k and I got a 6% increase. Pretty happy, my salary is my pocket money, most of my income are from investments.

    • ar7ist on 11/09/2023 - 12:44

      I'm guessing you're no longer a techlead?
      What's your role now?

      • techlead on 11/09/2023 - 12:48
        +2

        Promoted, Head of the function now.

    • blitzzbargain on 11/09/2023 - 14:12

      Great stuff!
      I was wondering whether your salary $250k is including Super?
      How do you your journey from techlead to head of?

  • yamahamoto on 11/09/2023 - 12:13

    Last 2 years my pay jumped 60% with 2 promotions. However my annual take home amount didn’t really change as with higher position I am not allowed to do overnight oncall.

  • TEER3X on 11/09/2023 - 12:19

    3.5%, so about $26k/year extra

    • techlead on 11/09/2023 - 12:49
      +2

      You earn over $700k?

      • TEER3X on 11/09/2023 - 17:28

        Sorry decimal in the wrong spot.

        • techlead on 08/10/2023 - 18:15

          Thought so haha

  • furyou on 11/09/2023 - 23:02

    You get pay increase?

    • freekay on 12/09/2023 - 09:37

      You get pay?

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