Something interesting has been happening to salaries in my industry. In the last couple of weeks, several people have left my company to competitors for significant salary increases. Often in the 50% range! The salaeies are jumping in some instances from about $50K to about $75K.
While my company is notorious for underpaying their work force, this huge discrepancy is very surprising. There is a buzz around the office and it seems like the flood gates are about to be opened with a lot of people looking at other options. My company will be forced to react and incease salaries of not only current employees but also in the offers they make to perspective employees. This will have a ripple effect in the industry as a whole.
Judging by the comments on this board, this seems to be the exception as most indusrties are seeing flat to minimal increases in salaries. Has anyone else seen these sorts of increases in their respective industry?
I’m starting to see this in my environment (UC system) as well. My group is getting an equity increase shortly (after a few years of essentially flat salaries) and there is a rumour that there will be a system-wide salary bump with my job class to keep us competitive against the private sector.
My take is everything trends and for the last couple years especially there has been a ‘f!ck the employee’ mentality amongst big employers. Cut salaries, raises, benefits, outsource, lay people off, etc. Basically cost cutting instead of growing business.
This policy is starting to cause some blowback, as the smart folks realize they have to change jobs to make more money/benefits. This results in a brain drain, as well as accumulating lots of dead wood in their place. Hardly a recipe for success. Places like Google, on the other hand, realize that top employees are literally worth their weight in gold and are doing everything they can to attract and retain them. This has worked well for them, if you check out their stock price. Their competitors are starting to take note as well.
I’m starting to see this in my environment (UC system) as well. My group is getting an equity increase shortly (after a few years of essentially flat salaries) and there is a rumour that there will be a system-wide salary bump with my job class to keep us competitive against the private sector.
My take is everything trends and for the last couple years especially there has been a ‘f!ck the employee’ mentality amongst big employers. Cut salaries, raises, benefits, outsource, lay people off, etc. Basically cost cutting instead of growing business.
This policy is starting to cause some blowback, as the smart folks realize they have to change jobs to make more money/benefits. This results in a brain drain, as well as accumulating lots of dead wood in their place. Hardly a recipe for success. Places like Google, on the other hand, realize that top employees are literally worth their weight in gold and are doing everything they can to attract and retain them. This has worked well for them, if you check out their stock price. Their competitors are starting to take note as well.
