Raise with inflation

[uksho]

Employed physicians . Are you getting any raise ?

[burritos]

No.

[wideopenspaces]

My boss says I should be getting a 35k raise soon. At the VA. Fingers crossed it pans out!

[FIREshrink]

Psych, about ten percent this year. It has nothing to do with inflation, more to do with delayed implementation of 2021 E&M coding changes, which favored OP cognitive specialties.

Another way to think about this is in 2021, we got no raise even though we should have gotten ten percent.

[legobikes]

I just get a consistent yearly 4%.

[HikingDO]

I just laughed so hard that I spit out my milk.

[JBME]

I don't think anyone is ever told by their employer that "inflation is high so we're giving you a raise to match inflation." My employer gives a consistent 2% COL increase each year. So yeah I'm falling behind technically.

[Larry Ragman]

I don't think anyone is ever told by their employer that "inflation is high so we're giving you a raise to match inflation.".

We just did. Already had a raise planned in for the staff for the year. Looked at inflation and provided a mid year 3% across the board bump. Well, across the board for staff, not execs. But to your point this was a very unusual and controversial move. We probably wouldn’t have done it everyone weren’t already reeling from the pandemic.

[billy]

I just used market forces to secure a raise.

For those who get yearly COLA adjustments, does the boss take that into consideration when setting starting salaries? Are they slightly lower than the competitors since the employer knows in a few years you'll likely be matching the competition? It seems salaries in anesthesia (for employees not partners) stay stagnant for a little, then jump, then stagnant, then jump- at least since Ive paid attention.

FWIW- its a hot anesthesiology market right now around me

[Tim]

We just did. Already had a raise planned in for the staff for the year. Looked at inflation and provided a mid year 3% across the board bump. Well, across the board for staff, not execs. But to your point this was a very unusual and controversial move. We probably wouldn’t have done it everyone weren’t already reeling from the pandemic.

The recognition of cost of living in a comp plan goes a long way.
Add in comp ranges for job grades competitive with the local market gives room for increases in incentives. New hires come in at the bottom 50% of the range. The manager can adjust up for existing employees so they don’t get screwed.
Once you are at the top, that’s it. Long time employees are capped without a promotion.
No cola, no raise, nothing unless the cap changed.
Never a cut unless the job was considered for a demotion.
Works well in a stable or growing business.
The downside is cost reductions require hiring freezes or headcount reductions.

I would expect physicians to be handled different than staff. Unfortunately, the MGMA and data is a year old at best. Not so with staff.

[Lithium]

They told me I’m a hero and gave me some free apple pie for Doctor’s Day. Isn’t that worth more than a raise?

[Larry Ragman]

The recognition of cost of living in a comp plan goes a long way.
Add in comp ranges for job grades competitive with the local market gives room for increases in incentives. New hires come in at the bottom 50% of the range. The manager can adjust up for existing employees so they don’t get screwed.
Once you are at the top, that’s it. Long time employees are capped without a promotion.
No cola, no raise, nothing unless the cap changed.
Never a cut unless the job was considered for a demotion.
Works well in a stable or growing business.
The downside is cost reductions require hiring freezes or headcount reductions.

I would expect physicians to be handled different than staff. Unfortunately, the MGMA and data is a year old at best. Not so with staff.

For us physicians are staff. The context is the professional R&D staff (primarily scientists and engineers) though we also provided raises to the administrative and support staff as well.

[Larry Ragman]

I just used market forces to secure a raise.

For those who get yearly COLA adjustments, does the boss take that into consideration when setting starting salaries? Are they slightly lower than the competitors since the employer knows in a few years you'll likely be matching the competition? It seems salaries in anesthesia (for employees not partners) stay stagnant for a little, then jump, then stagnant, then jump- at least since Ive paid attention.

FWIW- its a hot anesthesiology market right now around me

Not sure if this is common, but we do consider COLA for starting salaries, both for new grads and laterals. There is actually more dynamic range for mid career hires, but we strive to keep our salaries slightly better than market.

[Tim]

For us physicians are staff. The context is the professional R&D staff (primarily scientists and engineers) though we also provided raises to the administrative and support staff as well.

Those are the most difficult to motivate with comp., typically a satisficer.
”Maximizers are people who want the very best.Satisficers are people who want good enough”
Diminishing returns, slightly above market makes them feel appreciated and content.