In my EOY performance review/summary, I told I would only receive (along with everyone else) the standard cost-of-living increase of 3%. I'm OK with that, with my tenure/seniority, 3% is a good bump, but I had to make a comment.
Me: "With Biden's inflation between 7% and 10%, its actually a pay cut, right?"
Boss: "Yea, I know."
Me: "Our insurance went up around 5% and they cut some of the benefits, so that's a little more of a pay cut, right?"
Boss: "I know that too. With the economy and cuts to margins, there won't be any profit sharing this year. We have a hiring freeze for the foreseeable future."
Me: "Recruiters have been offering sweet work-from-home compensation packages, what's the likelihood that these young guys will move to greener pastures?"
Boss: "Hard to say. I think the ones that wanted to quit already have. Company already gave a generous industry level-up pay adjustment back in November. Those guys are all single and the 3% is icing on the cake. I don't think 3% will look very good next year."
Me: "Agreed. Looking forward to a wonderful year"
Boss: "Yea, sure.. smart ass."