Locked: Performance review raise: what to expect?

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Mar 1st, 2022 3:04 pm

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Dec 16th, 2021 5:17 pm

gabe549 [OP]: Banned; Dec 31, 2019; 33 posts; 2 upvotes; Canada

Dec 16th, 2021 5:17 pm

Performance review raise: what to expect?

Hi all,

I currently work as an analyst in an investment management firm (which is more known for its activities in sectors other than investment) that is similar to let's say RBC or Desjardins. I'll complete my first full year at the company this year end and had discussions with my boss about the performance review. I was graded as "exceptional" or some other rating that "puts me in the top 5% of performers" and apparently they use a normal distribution so that there is always a top 5% and a bottom 5%, etc.

The point I'm trying to figure out is what will it mean for my pay? I'm at 60k base and honestly I've never negotiated an offer in my life (I'm 23 yo). Should I expect a 3% raise or a 6%? Is 10-15% too much? In case I'm promoted to senior analyst - which is apparently in discussions, but has been vetted by everyone according to my boss - how much of a raise should I expect, combined with my good performance rating?

Thanks in advance for any insights.

5 replies

Dec 16th, 2021 7:10 pm

martin88: Member; Jul 26, 2007; 266 posts; 160 upvotes

Dec 16th, 2021 7:10 pm

I'd say $12,000 to $15,000 raise should be expected based on your description, to land you in low to mid $70Ks.

Managing a team of ~25 finance and accounting department and this is what we're giving out for top performer.

During discussion try to move away from the % raise, but focus on the $ amount and where you end up and how it compares to market.

Dec 16th, 2021 8:03 pm

gabe549 [OP]: Banned; Dec 31, 2019; 33 posts; 2 upvotes; Canada

Dec 16th, 2021 8:03 pm

martin88 wrote: ↑ I'd say $12,000 to $15,000 raise should be expected based on your description, to land you in low to mid $70Ks.

Managing a team of ~25 finance and accounting department and this is what we're giving out for top performer.

During discussion try to move away from the % raise, but focus on the $ amount and where you end up and how it compares to market.

Thanks, to be honest I was a little concerned as I read that annual raises were between 2% (bare minimum that won't even cover inflation) and 7% (for good performers) and that for 10-15% and + raises you'd need to jump ship - which is something I absolutely don't want to do for the moment. Thanks for the advice about % vs $ amount, I'll keep that in mind.

Mar 1st, 2022 9:44 am

Andro: Deal Guru; Jan 8, 2006; 10768 posts; 5051 upvotes; Ontario

Mar 1st, 2022 9:44 am

How nice of you to look for a job. All the best from Ukrainian people. We hope you have a successful career in all your endeavors. Let your conscience guide your spirit.

I have multiple hire up contacts in banking industry, please don't hesitate to post your LinkedIn)

Mar 1st, 2022 10:55 am

BananaHunter: Deal Fanatic; Sep 23, 2007; 5640 posts; 2139 upvotes

Mar 1st, 2022 10:55 am

Most large enough companies will have HR who determine the merit % increase. My experience is at large companies is that it's set in stone and not even your manager can affect the %. If you're already at the top performer's bracket, not much more to do than wait. And chances are good your manager can't make an exception for you beyond what HR defined.

I agree you should not be aiming to jump ship so early in your career. Don't worry about the $ too much for now. Focus on networking so that when you DO jump ship, you will get the increase you deserve. In Canada, salary increases mostly come from promotions or jumping ship. Never expect much from merit/inflation increases. All the companies I've worked at gave out 5% or less. Basically just to match inflation.

Mar 1st, 2022 3:04 pm

MyNameWasTaken: Deal Fanatic; Aug 31, 2017; 5167 posts; 3030 upvotes

Mar 1st, 2022 3:04 pm

.... and OP is gone lol .... what a character he was.

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