Any one know when State Farm will get more competitive with the wages they pay their employees? They got rid of the pension. I’m looking at the starting salary for people who work in claims at other companies and State Farm isn’t even competitive with the other companies.
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It depends on the department. SF started doing salary adjustments a few years ago. I got one, and I know many others who did. It got me where my pay should be. These can get approved quickly depending on the area, usually for areas considered critical skills. Unfortunately I doubt they are offered in operations or call center environments.
The term right now is ‘great resignation’ and it’s happening everywhere due to the greater demand for labor than supply. I also know they watch turnover very closely, so as it speeds up, they will be forced to increase pay.
By the way, I wouldn’t bag SFs new 401k. The match is better than 80% of companies out there; although I’m glad to keep the pension. If it weren’t for that and the generous time off (in my area, we have the freedom to take it), I’d look around.
After a big raise and bonus in 2020 I am now being paid closer to what I am worth. I definitely deserve another large bump in compensation but I will stay with State Farm. If you don't like it you are free to leave.
There are two types of employees. One that is motivated enough to take a risk and seek better employment and higher wages and the other who is unmotivated and waits around for a company to give them more money, or worse yet, a union boss to get them more money.
Employers prefer the former. They seek motivated people.
Many employers are having to compete for workers by offering attractive signing bonuses, higher pay, better benefits, and more accommodating work schedules.
The quitting spree in the US is going strong. People are quitting their jobs and finding jobs paying 7% or more elsewhere in this tight labor market. Maybe it’s what you’ll be forced to do too for a raise.