Salary raise survey
Salary raise survey
(OP)
Ok, I dont want know how much you make. I just want to see the average raise per year (even if you move to different companies). Please do this calculation for me and give me your answer
CS = Current salary or hourly rate
SS= Starting salary or hourly rate (after you just graduated)
Y= Years since graduation
R = % raise per year assuming you get the same % per year
If you own a company then only put the data only when you still work for a company.
R = [(CS/SS)^(1/y)]-1
Could you post your R on this forum
CS = Current salary or hourly rate
SS= Starting salary or hourly rate (after you just graduated)
Y= Years since graduation
R = % raise per year assuming you get the same % per year
If you own a company then only put the data only when you still work for a company.
R = [(CS/SS)^(1/y)]-1
Could you post your R on this forum





RE: Salary raise survey
I got R = .0455 w/ 3 years of experience.
http://www.krmconsultants.com
RE: Salary raise survey
I'm in land development in Florida.
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I've never calulated that before. Interesting. I guess I've been fortunate to work where merit counts in the salary review process.
-Tony Staples
www.tscombustion.com
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http://www.krmconsultants.com
RE: Salary raise survey
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Also my first job was in the UK in an area with average cost of living, while I’m now in the US working in an area with very high cost of living. I used an exchange factor of 1.9 in converting pay in UK to dollars, not sure this is really accurate. My first jobs starting salary was competitive.
If I deduct the approximately 2 years from Y I get R = 13.6
If I include the 2 year in Y I get R = 10.2
Having compared this with what other people got:
A. I’m concerned I’ll get lynched if we all got together.
B. I’m questioning any advice I’ve ever given regarding expected salary as I’m well off the curve.
RE: Salary raise survey
13.6% (.136) & 10.2% (.102), I'm not sure even Bill Gates got what I'd put above
RE: Salary raise survey
http://www.krmconsultants.com
RE: Salary raise survey
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RE: Salary raise survey
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RE: Salary raise survey
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Good luck,
Latexman
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corus
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Using the salary from my first engineering job being paid at something resembling market rate I get a result of 8.94% over 13 years. Not too bad.
----------------------------------
Sometimes I only open my mouth to swap feet...
RE: Salary raise survey
the figure over the past 20 years has been about 4% in the UK. In my case of a 6% rise in earnings then this relates to an annual 2% growth in earnings over that period, approximately. As an investment it's a poor return. Back to the depression.
corus
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David
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Anyhow my R is 0.052 (5.2%) with 25 yrs and a PE.
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Changed company, changed country and now living in a tax haven.
The big jump was when I moved. If we only count after that then I get R=0.028.
Maybe time to jump again, my average is dropping...
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You'd be much better off looking at some sort of integral rather than base salary at t=0 and t=now, as the method you propose overemphasises starting salary.
Cheers
Greg Locock
Please see FAQ731-376 for tips on how to make the best use of Eng-Tips.
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http://www.krmconsultants.com
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Kevin Hammond
Mechanical Design Engineer
Derbyshire, UK
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Good luck with your situation!
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If you look at my first job to my second job... .11
That was $13/hr as a truss designer right out of college, then jump to structural work for a big company for 4 years til the bottom fell out and then I made virtually -0- for a year or so.
Now I've job-hopped 3 times in the last year, so my overall since graduation (7 years ago) is 0.04.
I'm still $7k per year below where I was when I was laid off. That's what's depressing.
But I'm $8k ahead of where I was a year ago with my first job after the layoff. I guess that's a bright spot, huh? Another jump or two and I might be back where I left off...what a depressing thought.
Geez, my career sucks...
RE: Salary raise survey
A) Increase
B) Decrease
C) Unchange
Its easy for management to increase us youngin's, it looks like if you are 15+ a 10% ROI looks to be a pipedream.
Another reason for me to wish I stayed 25 forever....*sigh*
I'm hovering @ 12.5% at 7 years.
Frank "Grimey" Grimes
Rule 25. of Swanson's "Unwritten Rules of Management"
Have fun at what you do. It will reflect in your work. No one likes a grump except another grump.
RE: Salary raise survey
Spent 5 years in the early 90's with a net of no increase.
Laid off from company A in 1989 at salary X, worked for company B for salary Y with raises, went to company C in 1994 at salary X. Company A was in defense, companies B and C were commercial work.
"Wildfires are dangerous, hard to control, and economically catastrophic."
Ben Loosli
Sr IS Technologist
L-3 Communications
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Hence our 'rate of increase of value to the company' probably slows.
This probably corresponds to the slow in rate of pay increase as our career develops, and hence a lower average increase for those with more experience.
For instance an Engineer with 5 years of experience may well be one and half times more valuable than a new graduate so a pay level approximately 50% higher than that of a new graduate may not be unreasonable. This would correspond to a relatively rapid rate of pay increase, around 8.5% per annum.
However an Engineer with say 40 years of experience probably isn’t 50% more valuable than an engineer with 35 years of experience. In fact, other factors being even, they are probably of approximately the same value to the company and so may be expected to have similar pay. As such the pay increases from 35 to 40 years may at best be inflation/COLA.
Now there are a lot of factors that can make a difference, such as taking more responsibility, new qualifications, promotions changing jobs etc and the above examples make sweeping assumptions but I believe is basically true.
I forgot to take into account profit sharing at my current job, If I do then the higher figure (based on ignoring the couple of years I wasn’t a full time engineer) becomes about
.14 on 6.5 years
or .106 on 8.5 years (if I include them).
My starting salary was competitive, in fact it was better than many since at the time many large UK defense companies gave a slightly lower start salary with a hiring bonus and (more or less) guaranteed pay rises for the first year or two.
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I doubled my value to the company 5 years back, because I went into a new field and brought all my old skills with me.
That option is always available.
As to a better scoring system, I'm tempted to suggest an effective compounded interest rate backwards from your current salary to give the same total earnings, but I ain't gonna work that out. That doesn't work especially well if you've had years off, of course.
Cheers
Greg Locock
Please see FAQ731-376 for tips on how to make the best use of Eng-Tips.
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Like I said there are a lot of factors and my examples above are simplifications, but I think there's a grain of truth to it. Pay probably isn't directly proportionate to value to the company, and value isn't directly proportional to time at company, but I think there is a link most of the time.
Maybe what I put is nonsense but it makes sense to me
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Imagine that a company has a very profitable product but in some time in the future will be forbidden due to for instance health/environmental concerns. Even if now the company is profitable, most probably its share price will drop as the perceived value of the its future by the market is fuzzy.
Your pay is also related with the perceived value that the company has regarding your work. That's why that when you change jobs tipically you go for a raise even if the productivity on the new job is, for some time, lower than your actual job (you need time to know colleagues, process, clients, etc.) but either way the perceived value of your new company is higher than the older one.
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Or possible R=0.078 if I decide to take the job offer on the table at the moment.
The numbers don't totally match up - I started on an hourly rate for the first year or so and then switched to the starting salary i used in the calc. I think the hourly rate and salary matched at the time but I can't remember that far back anymore!
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but used a least squares fit to adjust both pay0 and R. This deemphasises pay0.
This gives 7.0% over 24 years - and clearly reveals that staying with one company and having more than 20 years experience is a bad thing - since the last few years are the only ones where I have consistently fallen below the overall trend.
Now that is not really doom and disaster - early on in my career inflation peaked at 18%, which will distort this sort of curve immensely.
Cheers
Greg Locock
Please see FAQ731-376 for tips on how to make the best use of Eng-Tips.
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Johnny Pellin
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______________________________________________________________________________
This is normally the space where people post something insightful.
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This is a nice posting that you started. I think the R values, especially of those with longer tenure, gives a very consistent picture of the expected pay/salary increases over a career. Gave you a star.
I wonder what the R values are for some of the other "professions". Then again, topic for another thread.
"Do not worry about your problems with mathematics, I assure you mine are far greater."
Albert Einstein
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R = 0.25 with 7 years experience since being in the HVAC industry
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I removed the 0.25 (WOW) and the .005 for someone with only 6 months.
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lots of international moves - expat contracting.
Forex rate differences skew the number.
FOETS
Social Drinker with a Golfing Problem
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R=1.05
9 years since graduated
started out with a really low salary
two job moves making at least 10% more with each change
2 grade level promotions accounting for 8-9% those years in addition to merit raise of 4.5-5%.
I'm now at the industry average!
--Scott
http://wertel.eng.pro
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Like I said, it wasn't just the one job, it was that my SS was REALLY low which I accepted just to have a job out of school unlike my peers. In those 9 years, I've held 4 positions in 3 companies and got a 8-10% increase for each position. Plus, starting out at Engineer I and now being an Engineer III, although I should be an Engineer IV, also helped because of the "promotion" raise for each grade level and added responsibilities.
--Scott
http://wertel.eng.pro
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I'm with PMR06 are you hiring?
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Last year was UK inflation + 0.5%, I think.
Bill
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And by the way, I forget to subtract 1 each time I performed the calculation. So it the correct answer is really .0483.
Sorry to get all your hopes up.
Like I said, even if I didn't mess up the calc before, I'm just now at the industry average. You sure you want this job?
--Scott
http://wertel.eng.pro
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If not, then R = 0.0671
If so, then R = 0.103
9 years, 3 companies
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1 company, started low and up to speed with industry now.
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From a percent standpoint I don’t feel too bad now:
8.9% for 11 yrs – 9.3% if you count the bonus that has been pretty steady.
I think this was with low starting pay, up to about average current.
As a side note, with the recent debate of the minimum wage here in the US, a lot of people brought up the Congressional raises over the last 10 years. From data that I found: Ave Salary: $168,500 and 9 raises over 10 years totaling $31600. That number calcs out to 2.09% per year .
Definitely illustrates the starting pay aspect.
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that is a low number, percentage wise, but I believe that they receive that salary for the rest of their life once they leave Congress!!!
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.201 - 41 years.
But...
30 GBP/week in the late 1960's and early 70's was a "good" salary!
I do not feel any more wealthy! (Thanks Mr G Brown!)
Cheers
Harry
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Of course, I'm presently out of work with no immediate prospects so fat lot of good it does me now...
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Matt
CAD Engineer/ECN Analyst
Silicon Valley, CA
sw.fcsuper.com
Co-moderator of Solidworks Yahoo! Group
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You are either the highest paid engineer or there is a arithmetical blunder. Are you making 1117% of your original salary?
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Heckler
Sr. Mechanical Engineer
SWx 2007 SP 3.0 & Pro/E 2001
XP Pro SP2.0 P4 3.6 GHz, 1GB RAM
NVIDIA Quadro FX 1400
o
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Chose to retire rather than relocate and be integrated with an acquired business unit. Received total value of approximately 10.2 X final salary in lump sum retirement, continuing medical insurance and severance. Retirement included both my own and company contributions to company plan plus investment earnings on contributions.
The relocated operation was closed about three years after I left.
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civilperswon:
Well spotted! Gotta stop posting after a night in the pub!!
Ignore that - correct figure should be:
.094 - I always new I was underpaid!!!
Cheers
Harry
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COEngineer:
Is it? I must admit to being "comfortably well off", but that I guess is because I really left engineering around 12 years ago and started a manufacturing business. I enjoy actually making stuff!!
Rgds
Harry
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From PE license to present: R = 0.095
From SE license to present: R = 0.063
General trend I see is that later on in one's career the percentage increase in salary levels off.
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R= .111 Y=6
Although the R-value is quite good, my CS is still close to 25% below what the salary surveys say. And my SS was very low.
I've changed from a sweatshop to a global leader in the components we make, and got an R of .5 at that time, if I calc it for this employer only I get:
R=0.058 and Y=4
Hmmm and the COL increase last year in my area was ~4%. If I include the ~75% increase in fuel costs to get to work I probably make less money now.
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R=0.83333 with Y=1.
Starting salary was slightly above average.
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I would be proud of an 83% raise in one year's time also. Hope it happens consistently!
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Sorry 0.08333 8.33%
I just had my review today, I was a little excited.
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Work for myself now, though.
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y = 35
I've had to work hard to avoid management positions and stay in a technical jobs.
Life is good!
Timelord
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After my last performance review it dropped to a 5.4% raise annually for the past 6 years with the same company.
Pretty depressing I'm almost the lowest in the entire thread.
Would you consider this underpaid?
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Bear in mind that between when you are say 32 to 38 you probably don't change much in value to the company. At 32 you are a valubale project engineer. When you get to 40 (ish) you reach old fart status, and have a good chance of having seen it all before. At which point your value to the company rockets, at the same time as your personal interest diminishes somewhat, since fresh challenges are few and far between.
Cheers
Greg Locock
Please see FAQ731-376: Eng-Tips.com Forum Policies for tips on how to make the best use of Eng-Tips.
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On the other hand I just changed jobs so we will re-up this later.
David
Mechanical Engineer
Tulsa, Oklahoma
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I'm 29 years old. I've been with the same company since graduating. I think I'm getting screwed.
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Y = 2.0
If this trend continues another 10-20 years I might just end up owning a house in Sydney.