Pay raise in our industry?

[doombuggy]

I have been in this industry since 1991 and experienced a year without a pay raise only once before, in 2002. With the problems in our economy and the market, we have not recieved any raises in our office since April 2008 (we all get a raise in pay by the end of April, as opposed to our anniversary). We did our EGTRRA restatements from November 2009 through April 2010, and billed for them too. While our employer hasn't let us know if we aren't getting a pay raise, she's hinting that it won't happen for the second year in a row. We are concerned.

Is anyone else out there in this business experiencing this? Yes, we have lost some clients - some have gone out of business and some have elected to terminate the plan to save money. We have aquired some new plans, but not as many as we have lost. My co-workers and I are worried that we billed out so much extra with the restatement, yet no raise? We also completed the ERPA at our owner's request.

Your thoughts?

[K2retire]

Because this industry is such a small part of what my company does, I'm not sure this is an apples to apples comparison.

Our 2009 raises were delayed by 6 months and about half of the previously typical percentage. This year we are told the same will be true, despite restatement fee income and a company wide lay off earlier in the year.

[doombuggy]

Thanks for replying. At least your employer made some effort and did communicate to the employees.

In our case, the whole thing was just ignored by mgmt in 2009. About a week & a half ago, I brought up the subject at our last staff meeting, and made the suggestion that if for some reason the company can't afford some kind of pay raise, maybe some time off compensation would be a solution. The owner liked that idea, but has yet to meet with our boss (the vp) to discuss it. We are a small office of about 8 people, but can't help feeling like we are forgotten or getting the shaft.

anyone else have some thoughts to share?

[Guest Mauiorbust]

You are not alone. A number of administrators and account managers are experiencing pay freezes or smaller than usual increases. I know of one product provider that doubled plan loads then told everyone a month before merit increases were scheduled that only the top 20% of performers would receive a merit increase. For the other 80%, thanks for doing twice as much work for no increase in pay. Good luck with alternatives such as time off. If your employer takes the time to think it through, it makes sense to offer days off since the work still gets done.

[Andy the Actuary]

It would seem that an equally great concern is the possibility of functions being outsourced (to India). We can only thank Congress for reverting our work back to the noncommodity bucket.

[doombuggy]

You are not alone. A number of administrators and account managers are experiencing pay freezes or smaller than usual increases. I know of one product provider that doubled plan loads then told everyone a month before merit increases were scheduled that only the top 20% of performers would receive a merit increase. For the other 80%, thanks for doing twice as much work for no increase in pay. Good luck with alternatives such as time off. If your employer takes the time to think it through, it makes sense to offer days off since the work still gets done.

Thanks. We were thinking that if she gives us some additional time off, until she can give us a pay rasie, it would be pretty cost effective for her. It's a plus for me, since I work two jobs, so I don't get a day off unless the office is closed or I take a day off from either job.

[doombuggy]

Thanks for the thoughts. We were told that we are going to get extra time off, earned each pay period. Better than nothing and it works for me, since I work 7 days a week!