Wage Increases for 2010?

Posted By: Yavanchi

Wage Increases for 2010? - 09/29/09 08:01 PM

Our bank has announced that the average wage increase for 2010 will be 2% (previously 3.5 to 4.0%). What are others doing?
Posted By: BurntSienna

Re: Wage Increases for 2010? - 09/29/09 08:32 PM

Complete freeze here, no wage increases at all this year, no holiday bonuses, no employees who leave are being replaced, etc. We are cutting costs to the bone, trying to improve the balance sheet. I suspect we aren't the only ones.
Posted By: Yavanchi

Re: Wage Increases for 2010? - 09/29/09 10:42 PM

Thanks for sharing this information. It will make it easier when employees find out that ours is not the only bank cutting back. Sure will be glad when (or if) life gets back to normal!
Posted By: waldensouth

Re: Wage Increases for 2010? - 09/30/09 12:55 PM

They should be glad they're getting anything! We got nothing at all in 2009. Haven't heard a thing about 2010.
Posted By: Skittles

Re: Wage Increases for 2010? - 09/30/09 01:06 PM

And many banks - especially in the southeast - have made mandatory wage cuts. Your employees should be thankful they have jobs. Seriously!
Posted By: HappyGilmore

Re: Wage Increases for 2010? - 09/30/09 01:18 PM

Baton Rouge, we are 3.5%, and hiring to cover our growth.
Posted By: Anonymous

Re: Wage Increases for 2010? - 09/30/09 01:19 PM

Officers took pay CUT this year, no raises planned for next year.
Posted By: Darylena

Re: Wage Increases for 2010? - 10/05/09 03:06 PM

No raises for senior management; 0-2% for all others.
Posted By: fla banker

Re: Wage Increases for 2010? - 10/06/09 05:31 PM

2009 wage freeze along with no longer providing the 401K employer match. we also shopped our PEO vendor/benefits and got both better pricing and health insurance plans. We have lost some staff to lay offs as well. Converting all the PEO items was a job, but you can save some serious money if like us we had been with the same company for a number of years and had some serious rate hikes over the past few years.
Posted By: doorsfan1974

Re: Wage Increases for 2010? - 01/03/10 03:41 AM

With the recent economic "recession" the companies want the employees to think, "well, I need to be thankful that I have a job, and not worry about a raise." Yeah, corporations take advantage of the recession and they want you to think that!
Posted By: JBledsoe

Re: Wage Increases for 2010? - 01/26/10 10:23 PM

We got about a 2% raise. and we did get a holiday bonus but that is never very large.
Posted By: madukes

Re: Wage Increases for 2010? - 01/27/10 02:53 PM

No raise in '09. at first we were told no bonuses either but we ended up receiving a small bonus. Have not heard anything for 2010 yet.
Posted By: Anonymous

Re: Wage Increases for 2010? - 01/27/10 03:10 PM

Nothing official, but I expect no raises this year either. No raises last year, pay cut, no bonuses.
Posted By: DerrickAuditor

Re: Wage Increases for 2010? - 01/27/10 06:09 PM

No cost of living or raises or general bonuses in 2009 (some bonuses of course for lenders and brokers who exceeded their sales goals).

No cost of living adjustments in 2010, but 0-2% for promotions or exceptional work. Expect no bonuses for 2010, but not yet official.

No changes so far to benefits such as 401k.
Posted By: ahkcompliance

Re: Wage Increases for 2010? - 01/27/10 08:11 PM

3% for 2010.