I was promoted to management level about 1 year ago for the first time and now manage the group I was in before (my boss took another opportunity). I manage a team of 8 in Oil & Gas, Engineering. I knew when I received the offer that it was low (an increase of 10% although I had jumped two positions), but was grateful for the opportunity. There were more senior applicants, and I knew this, so I accepted. I did let HR know I was concerned and thought the salary increase was low, but they mentioned that the bonus and stock options at management level make up for the low increase in salary.
After accepting, I realized that my new salary is less than 2 of my employees (and another contract employee). These employees have more years of experience, but their value added to the company is not as much- In fact, one of them is even on a PIP . Is it ok to earn less than your direct reports?
It has since been a year, and I have done great things for the team and to progress the department. I know my team and my bosses are very pleased. Is it too late to negotiate a bigger bump? How would you go about this?