Today I have a guest post from Not the Jet Set.  I hope you enjoy it and I encourage you to see what else they have to offer.

About Not the Jet Set

He’s a spender, she’s a saver. Together, they’re Not the Jet Set.

Fed up with working too hard to not have any money, we made the decision to take control of our finances. We began a mission to get out of debt and stay out of debt - forever. On June 23rd of 2006, we completed Baby Step 2 by paying off over $42,000 in 20 months. During that time and ever since then, we’ve seen it as part of our calling to help others achieve what we have - financial peace.

not the jet set . net is a blog about money, stewardship, and frugal living - personal finance for the rest of us: one family’s story. We don’t claim to know it all. We won’t claim to make you rich. But we may get you to think a little differently about money and how it affects your life.

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Why I’m Not Getting A Raise in ‘09

I worked my butt off in ‘08.  It was my second year with this company - in many ways it felt like my eighth or ninth.  None the less, I was gunning for a good review this year.  I’d done well in my first year (2007), but was dogged by the fact that I was new.  There was this assumption that a new hire could not perform above par in their first year.  This was despite my manager continually asking how long I’d been with the company, as he was in disbelief of my newbie status.

I was having none of it this time around - no excuses.  To quote Step Brothers, “I’ve been snappin’ necks and cashin’ cheques”.  Literally, well… the second part at least.  Throughout ‘08, I received 3 performance based bonuses.  0-1 per year would be considered ‘on par’.  I even took on a new role in Q3 with about double the responsibility.  So far, I’ve handled it - cleaning up the messes left behind and avoiding new ones.

So how is it, dear reader, that I can tell you with such confidence that I will not be getting a raise this year?  A solid 2 weeks before my performance review??  It’s the economy, of course.  Few companies have gone through these times unscathed, and we are no exception.  So, the announcement came down, from the CEO himself: There will be no raises in 2009.  None.  Other rays of sunshine?  401k matching funds will now be given in the form of company stock.  Swell, huh?  Annual bonuses on the other hand, are still TBD.  Tax man steals about half of it anyways.  Still I’m holding out hope there.

I know this all could be far, far worse.  This post could have been a How To: on filing for unemployment (varies state to state by the way, check your state’s website for more info).  Or, we could be talking about getting by with less and handling pay cuts (I do know folks in this boat, and maybe that post is still coming).

So here is my plan:

  1. The company’s performance is not my own, so I expect a fair performance rating regardless of the company’s ability to compensate.  It may be possible to leverage that next year assuming that things improve by then.
  2. No money for raises - fine, I get that - so give me what you can.  I’m planning to ask for an increase in vacation time.
  3. Continue to work my butt off, and pray that there are better times ahead of us all.
I know it may not sound like much, but it’s the best plan I can come up with.  I’ll be posting updates at our site, not the jet set . net - pay us a visit or subscribe for all the latest and more.

Has this happened to you?  How did you handle it?  Let us know.
pic by: neubie

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