John Simons
speaker
46 appearances
2 recordings
1 series
first heard Sep 2017
last heard Sep 2017
John Simons’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Here's Why You're Probably Not Getting a Raise Next Year · 19 Sep 2017
podcast
Yeah, that's right.
In their sort of budgeting for this year and for next year, companies are kind of signaling that they're a little sort of hesitant and that they're worried about uncertainty on a lot of fronts across the global economy.
And what that means is that they are budgeting for about a 3% increase in raises across the board for people.
And that kind of covers roughly, you know, the cost of living increases and sort of keeping up with inflation.
And they're also a lot of companies are planning to make their their benchmarks for for bonuses a lot tougher.
They're sort of, you know, just just clamping down on on some of these budgets and and making it harder to get bonuses, essentially.
That's right.
That's right.
And the people at Aon Hewitt who put together this report and who have done this for about 41 years, surveying companies about how they plan to pay workers, they say that companies are signaling, like I said, uncertainty here.
and that they're uncertain about their own performance also, not just what's going on, you know, around the world and some of the political uncertainty here in the U.S., but they're concerned about their own performance in the coming year.
That's right.
I mean, what companies are doing is they're saying, look, we want to make sure there's one company I talked to in specific for the piece that said, you know, we want to make sure that people don't
come to expect these merit increases every year.
So we're basically changing the system a little bit to make it clear that you need to perform well, you need to outperform your peers in order to get these appreciable increases in your pay.
Yeah, it's really curious.
Usually at this point, you know, economists will say when unemployment gets below 5 percent, around 4.5, you know, in the areas that we've been hovering for the last maybe five or six months.
economists will say that wages start to tick upwards.
But everyone I talk to for the story, all the experts say that this is really a sort of disconnect between what's happening at companies and what's happening out in the world in terms of the tightness in the labor pool.
Yeah, that's right.
Forty percent of companies in this survey said that they plan to reduce or eliminate raises for low performing employees.
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