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Home > Got my raise today!

Got my raise today!

July 31st, 2018 at 11:17 pm

I found out about 3 months ago that we were going to be getting raises. This came as a total surprise because I'm only in year 1 of a 3-year contract. Apparently, management realized that there was no continuity to what everyone was making. It varied quite a bit based on when they were hired. They decided to switch to a 3-tier scale based on years of experience and adjust everybody's pay to get them onto that scale, giving everyone some degree of a raise in the process.

The new contract actually went into effect July 1 but we weren't able to set up a meeting to review the new contract until today. Once I sign it, they will pay me the higher rate retroactively to July 1.

Anyway, the main changes are that:
1) my base salary went up 3.55%
2) my bonus went up 14.5%
3) my bonus is now spelled out in the contract; it was not previously, so they are now contractually obligated to pay it.

When you add it all up, assuming I earn the full bonus (which I always have), I will be grossing about $670/month more which is a nice chunk of change. Most likely my pay over the next 3 years will remain the same, but I see absolutely no problem with that. I'm very happy with the new number (I was happy with the old number too).

Posted in Personal Finance, Work/Career | 4 Comments »

4 Responses to “Got my raise today!”

  1. Dido Says:
    August 1st, 2018 at 02:15 am 1533089702
    1533089702

    Enjoy!

  2. North Georgia Gal Says:
    August 1st, 2018 at 02:20 am 1533090034
    1533090034

    Awesome!

  3. snafau Says:
    August 1st, 2018 at 02:54 pm 1533135293
    1533135293

    Well done! Lovely to get a new contract that significantly raises incomes True praise from a relatively new employer. It confirms you make the best choice if a major career change late in your career. Most of the people we know fear change.

  4. disneysteve Says:
    August 2nd, 2018 at 12:46 am 1533170764
    1533170764

    snafau, I agree. And trust me, I feared change too. One thing I loved about this opportunity is that I was able to "test drive" it before I jumped in full force. I started working per diem, doing one or two shifts a week, while still working full time at my practice. After 10 months of that, I reduced the practice to part time and increased to part time at the new job (and fortunately had a boss at the old place that was open to that). Only after 9 months of that did I leave the old job and go full time at the new one.

    If I would have had to make a decision to just cut ties with the old job and jump into the new one all at once, I'm really not sure if I would have done it.

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