Question: If I work as an auditor or accountant, what can I expect my annual raises to be? Is the average around four to five percent? Would it be unrealistic, if I expect a ten percent raise?
Answers: Typically, during the summer of the prior year, companies will determine their merit budgets for the coming year. Merit increase will be determined by the organization and their ability to pay. Due to the current economic issues, several companies have elected to not give merit increases this year because they simply cannot afford to.
During the last four years, the annual median merit increase was around four to five percent, so it will be unrealistic to expect a ten percent raise. Generally, a raise as high as ten percent are reserved for those whose income is not competitive with the market. As part of a promotional increase, companies could give an employee a merit increase. Or, employees may expect a ten percent increase if they have completed an outstanding job within the past year and the organization would like to compensate them for their excellent work.
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