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Locked: Performance review raise: what to expect?

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  • Mar 1st, 2022 3:04 pm
[OP]
Banned
Dec 31, 2019
33 posts
2 upvotes
Canada

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.
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5 replies
Member
Jul 26, 2007
257 posts
125 upvotes
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.
[OP]
Banned
Dec 31, 2019
33 posts
2 upvotes
Canada
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.
Deal Guru
User avatar
Jan 8, 2006
10397 posts
4279 upvotes
Vaughan, Ontario
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)
Deal Fanatic
Sep 23, 2007
5264 posts
1412 upvotes
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.
Deal Fanatic
Aug 31, 2017
5052 posts
2863 upvotes
.... and OP is gone lol .... what a character he was.

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