Can you explain that more. My corporate employer had promotions/raises based on performance scores (1=highest performer).
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Your annual raises may correlate somewhat with your past performances, but that isn’t what primarily determines your compensation. What really matters is what your employer think you will be able to contribute in the future and how much they need to pay you to keep you in your job.
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Also depends on the industry. Agree that salary compensation is usually based on anticipated future contribution, seniority and location as well as comparable salary data for the industry and region. However in bonus compensation driven businesses, including commission based businesses, this component will be driven by the results (personal, division, company) of the period being measured.
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Yes, there’re some employees whose compensations are more-or-less formula-driven. They tend to be among the very highly compensated. They’re the exceptions.
I think it is more than just the very highly compensated and it is not narrowly based. Any commission based compensation system (sales in retail, b2b, realty, auto, financial products, pharmaceuticals, list goes on) or where there is profit share of some sort (plenty of such programs for lower to mid management and even some non management workers in some companies), pay based on immediately past performance. If we include service workers who are tipped, the number of workers who have a significant component of compensation based on immediately past performance now make make up a significant part of the workforce.
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One of the ER docs I know has decided to do temp assignments in San Diego and FL. The increased pay for these temp jobs more than covers all travel and then some. It’s high risk and fast-paced.
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Yes. Fortunately, my local government does salary surveys every few years to stay competitive with commercial businesses for skilled and executive level positions and then makes salary adjustments However, was shocked at what my engineering grad student is being offered right out of college (well, in Dec) - was shocked and thought the first offer was an outlier - nope. I think all those old engineers that wouldn’t retire, decided not to come back after working from home during the frist round of C19 and have now decided to quit. It appears lots of engineering jobs at high salaries opening up for aero and mech engineers.
The ER doc tried to get his employer and insurer to raise pay and reimbursements 1st but gave up after a long battle and opted to do this instead. He’s still trying to keep 25% of his HI patients. We shall see how it goes. He has a teen D with his ex in HI.
My personal experience is that any jobs in the medical field, including physicians, work in different ways than other industries that I’ve have experienced.
No expert on any of this.