> you never head a company say the following: "The market is competitive and your market rate has increased, so here's a raise (of more than 2-3%)"
That has absolutely happened to me at the company I'm with. And yes, the proactive stance of eng management around keeping up with the market is one of the factors that's kept me happy there for over 4 years now.
Amazing that 4 years at one place is A Long Time now.
I've also seem this sort of market matching stuff at my BigCorp in the Midwest, I've been at my company 10+ years now, and would need to take a paycut to leave basically anywhere close to local.
This also happened to me at my current employer. In fact every year they review all employees salaries compared to the market rate and compensate for any difference with a raise. This was in addition to the yearly raise based on a performance review. I think companies serious about retaining talent are starting to employ this practice.
Curious, do you know what data is used in order to estimate the current market rate for a given position? As an individual employee I am very interested in figuring this out for my local region, but I really don't know what data sources are accurate.
That has absolutely happened to me at the company I'm with. And yes, the proactive stance of eng management around keeping up with the market is one of the factors that's kept me happy there for over 4 years now.