Our annual merit increases came out the other day, and I was given 3.5%. My new salary is $119,025.
I am mildly disappointed by this, as others on the team who did not receive as high of a rating/are not as high of performers received larger percentages, however my overall salary is quite a bit higher than theirs so my raise in dollars was higher. My manager expressed that she felt that she should been included in the convo on how to allocate the pool of funds, but it is what it is.
It goes into effect for my next paycheck on April 15th. I ran an estimate and the increase to my net pay should be around $150. I am waiting to make plans for the money until I see exactly what it is. This will also lead to a small increase in my 401k contribution, since that's determined based on a percentage of my gross salary. I contribute 15%, and in order to max at this salary, I would need to contribute 17.2%. As already planned, I will probably not actively increase to get to maxing, as my next promotion will likely get me there with my current level, and that will be happening within the next year.
I could very likely make more money (potentially significantly so) if I were to change jobs, but there are other factors that make staying here worth it. My work life balance is excellent, I have tuition reimbursement, and excellent health insurance/short term disability benefits that are key for my surgeries this year. I am recruited often, but don't plan to make any moves until at least 2024 unless it's an opportunity I cannot pass up.