Raises Are Back -- Some as High as 200 Percent
Raises are back, and what a difference a year makes in how employers view their manpower needs. In fact, if your employer sees you as valuable and at risk of leaving, you could receive up to a 200 percent raise, reports Virginia Backaitis in the New York Post.
Three human resources consulting firms -- Towers Watson, Mercer, and Aon -- have confirmed what we already know: Employers recognize that top-performing employees have the option to change jobs if they're not satisfied. In a survey, CareerBuilder.com also found that 43 percent of companies are nervous that the talent will fly the coop unless they can provide incentives.
Yes, money talks. It says: "Hey, wonderful employee, please stay. We value you." Actually, it screams that message, especially this year after so many hardworking, qualified people have been turned down for increases during the worst of the Great Recession.
However, this way of showing appreciation for the work force could come to bite employers in the rear end. That's because it's expected that there will be a big differential among what various employees will be getting. Laurie Bienstock of Towers Watson notes that the raises won't be evenly distributed. The average joe might receive a token increase while "those most likely to get snapped up elsewhere will get increases as much as 200 percent." Employers would be smart to keep the amounts under wraps.