Happy Friday, friends!
Just peeking in quickly today with some fun news…I got a raise!!! Wahoo!!!
My university is implementing institution-wide raises for ALL benefits-eligible employees as a way to try to address the compression that our university experienced during all the rough recession years and increase salaries to be competitive with other large research-1 universities. The mandatory raise was announced a few months ago, but the minimum raise figure was only $500/year. My department head has been working with our business manager to try to figure out the raises internally for my department. $500 is the mandated minimum, but my boss wanted to provide raises for everyone of much more than that (anything over and above the $500 minimum was performance-based).
It took some time for them to work through the details, but I just received notification that I’ll actually be receiving a 3% raise – significantly higher than the minimum $500 that was required.
The raise doesn’t go into effect until September and, spread across the entire year, a 3% raise doesn’t come out to too much more per paycheck (and, turns out, is a pretty average sized annual raise according to here and here). But even so, I’m excited. It’s great to have only been there for one year and already be recognized for my contributions, receiving a salary boost commensurate with my performance.
That’s it for now. Just had to give you guys the fun Friday morning news! I hope you have a great day!
Do you receive annual raises? What (%) does your typical raise look like?