Curious what everyone thinks. I work for a large global conglomerate and they have globally standardized pay “bands”. This is a fine structure but it really is detrimental to some employees depending on where they live. For example our NA HQ is in Cincinnati, but some employees, depending which brand you work on, live in New York or Baltimore. But there is absolutely no cost of living adjustment to our salaries. I was moved to New York about four years ago from Miami and fought really hard to have my pay raised to reflect cost of living changes as well as dramatically increased tax rates. Couple all these issues with insane inflation that they don't recognize and people base din NY especially are leaving due to non-competitive pay. We can't even hire people because the global pay standardization won't allow NY competitive salaries, even when our NY based competitors clearly are offering that.
I'm just so frustrated because I actually really like my job but the pay is awful and our company culture is being ruined because we can't keep team members bc of pay.
I should also note that my brand doubled revenue from 2020 to 2021 and received large bonuses, but the fact remains that our salaries barely change. It's very hard to listen to top brass rave about success and then we get nothing.