Actuarial Outpost
 
Go Back   Actuarial Outpost > Actuarial Discussion Forum > Careers - Employment
FlashChat Actuarial Discussion Preliminary Exams CAS/SOA Exams Cyberchat Around the World Suggestions


Upload your resume securely at https://www.dwsimpson.com
to be contacted when new jobs meet your skills and objectives.


Reply
 
Thread Tools Display Modes
  #31  
Old 01-05-2018, 04:34 PM
George Frankly's Avatar
George Frankly George Frankly is offline
Member
SOA AAA
 
Join Date: Aug 2011
Location: CO
Favorite beer: Sam Smith Oatmeal
Posts: 8,602
Default

Quote:
Originally Posted by NormalDan View Post
So you periodically just walk into your boss' office and demand a raise?
Maybe their company is doing so well they're getting quarterly raises? #semantics
Reply With Quote
  #32  
Old 01-05-2018, 04:35 PM
jyz002 jyz002 is offline
Member
SOA
 
Join Date: Jan 2012
Posts: 827
Default

Quote:
Originally Posted by NormalDan View Post
So you periodically just walk into your boss' office and demand a raise?
I walk into other boss' offices and see if they can give me a raise.
Reply With Quote
  #33  
Old 01-05-2018, 04:36 PM
Westley Westley is offline
Member
 
Join Date: Nov 2001
Posts: 26,216
Default

Quote:
Originally Posted by NormalDan View Post
So you periodically just walk into your boss' office and demand a raise?
I don't think it's all that unusual - especially in a low-inflation-environment - to just say that there aren't raises except for promotions. Students would probably get an exam raise as well, but that still isn't part of the "annual" raise process in most places.
Reply With Quote
  #34  
Old 01-05-2018, 04:46 PM
Colonel Smoothie's Avatar
Colonel Smoothie Colonel Smoothie is online now
Member
CAS
 
Join Date: Sep 2010
College: Jamba Juice University
Favorite beer: AO Amber Ale
Posts: 45,565
Default

The company has 30 different titles between analyst and CEO, so you get a raise and promotion each year unless you don't perform.
__________________
Recommended Readings for the EL Actuary || Recommended Readings for the EB Actuary

Quote:
Originally Posted by Wigmeister General View Post
Don't you even think about sending me your resume. I'll turn it into an origami boulder and return it to you.
Reply With Quote
  #35  
Old 01-05-2018, 05:03 PM
DataDan's Avatar
DataDan DataDan is offline
Member
SOA
 
Join Date: Feb 2012
Location: East Coast US
Posts: 2,887
Default

first year of all of my jobs have been very light workload. I was able to pass exams in those periods and get some raises/bonus.

If you have a good relationship with your boss, then annual review is just a formality. If boss tells you all year you are doing good work, and then you get no raise, then you have a bad relationship with boss and need to consider options.

The 'you weren't here long enough for raise/bonus' line is kinda BS unless you started in Q4.
Reply With Quote
  #36  
Old 01-05-2018, 05:06 PM
George Frankly's Avatar
George Frankly George Frankly is offline
Member
SOA AAA
 
Join Date: Aug 2011
Location: CO
Favorite beer: Sam Smith Oatmeal
Posts: 8,602
Default

Quote:
Originally Posted by Westley View Post
I don't think it's all that unusual - especially in a low-inflation-environment - to just say that there aren't raises except for promotions. Students would probably get an exam raise as well, but that still isn't part of the "annual" raise process in most places.
Really? I'm not being snarky, I just sort of assumed people were getting raises, just small ones. We've been hovering around 2.5% for a few years.

Survey says...
Reply With Quote
  #37  
Old 01-05-2018, 05:09 PM
nonlnear nonlnear is offline
Member
Non-Actuary
 
Join Date: May 2010
Favorite beer: Civil Society Fresh IPA
Posts: 28,100
Default

Quote:
Originally Posted by Westley View Post
I don't think it's all that unusual - especially in a low-inflation-environment - to just say that there aren't raises except for promotions. Students would probably get an exam raise as well, but that still isn't part of the "annual" raise process in most places.
"We don't believe the experience you got working here last year added any value to your resume."

Alternatively: "If you believe that your last year of experience added any value to your resume, we don't care to compete at the margin to retain your now more valuable services."
Reply With Quote
  #38  
Old 01-05-2018, 05:49 PM
Colonel Smoothie's Avatar
Colonel Smoothie Colonel Smoothie is online now
Member
CAS
 
Join Date: Sep 2010
College: Jamba Juice University
Favorite beer: AO Amber Ale
Posts: 45,565
Default

Quote:
Originally Posted by nonlnear View Post
"We don't believe the experience you got working here last year added any value to your resume."

Alternatively: "If you believe that your last year of experience added any value to your resume, we don't care to compete at the margin to retain your now more valuable services."
I wonder how much effort goes into these calculations. I think management just picks an overall raise % and then delegates responsibility to the department heads on how to allocate that to their staff, which they do judgmentally.

However, I bet an elasticity model similar to insurance price optimization/retention models would be useful...maybe even more useful than human judgment on identifying whom you can skimp on and who would need a raise, and what the optimal allocation is.

How much $$$ could you get by selling consulting services for that kind of work? Is it already being done?
__________________
Recommended Readings for the EL Actuary || Recommended Readings for the EB Actuary

Quote:
Originally Posted by Wigmeister General View Post
Don't you even think about sending me your resume. I'll turn it into an origami boulder and return it to you.
Reply With Quote
  #39  
Old 01-05-2018, 07:44 PM
jyz002 jyz002 is offline
Member
SOA
 
Join Date: Jan 2012
Posts: 827
Default

Quote:
Originally Posted by Colonel Smoothie View Post
I wonder how much effort goes into these calculations. I think management just picks an overall raise % and then delegates responsibility to the department heads on how to allocate that to their staff, which they do judgmentally.

However, I bet an elasticity model similar to insurance price optimization/retention models would be useful...maybe even more useful than human judgment on identifying whom you can skimp on and who would need a raise, and what the optimal allocation is.

How much $$$ could you get by selling consulting services for that kind of work? Is it already being done?
pretty sure HR consulting is already a thing, and right now the focus is not on giving raises, it's all about offshoring and cutting benefits and salaries
Reply With Quote
  #40  
Old 01-05-2018, 07:55 PM
George Frankly's Avatar
George Frankly George Frankly is offline
Member
SOA AAA
 
Join Date: Aug 2011
Location: CO
Favorite beer: Sam Smith Oatmeal
Posts: 8,602
Default

Quote:
Originally Posted by Colonel Smoothie View Post
I wonder how much effort goes into these calculations. I think management just picks an overall raise % and then delegates responsibility to the department heads on how to allocate that to their staff, which they do judgmentally.

However, I bet an elasticity model similar to insurance price optimization/retention models would be useful...maybe even more useful than human judgment on identifying whom you can skimp on and who would need a raise, and what the optimal allocation is.

How much $$$ could you get by selling consulting services for that kind of work? Is it already being done?
My guess is you're pretty spot-on. Management looks at top-line P&L numbers and maybe a bit of forecast and says 'this is the amount of money we have for raises.' It gets doled out by division, the higher-performing divisions probably get more, and then it just cascades down like that.

Exceptions get made here and there, a manager might go to bat for a strong employee, and sometimes that works.

If it gets to a point where you have people leaving due to low salary, and they cannot be replaced quickly enough, then people freak out and HR makes adjustments.

I think that's about typical.
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 01:25 AM.


Powered by vBulletin®
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
*PLEASE NOTE: Posts are not checked for accuracy, and do not
represent the views of the Actuarial Outpost or its sponsors.
Page generated in 0.15135 seconds with 9 queries