I have a question on salary.

Anonymous

January 21,2024 at 11:19PM UTC

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I have a question on salary. I'm making just $5K base salary more than I was in 2009. In 2009, I had an upwardly mobile and successful career, but then was affected by the recession (laid-off and out of work for nearly 2 years), and had not-so-great employers from 2010-2019. During the recession, it really felt like employers were low-balling job candidates and resented you when you asked for more. After all of that, in 2019 I found my current job, where I've been happy for nearly 5 years, but feel like I should be making more money. I've been accepting this salary level becuase my experiences before my current job have made me afraid to ask for what I would be making now if I kept getting 3% raises each year at the job I had in 2009, which is a lot more than I'm currently making. I realize I can't ask my current employer for that much if an increase. I'm also very happy and successful at my current employer. They are kind and I'm well-respected, work fully remote, and it's a great company culture. I feel like I finally found a place where I can do my job and be respected. But at the same time, would it be better to try and look elsewhere for the salary level I probably should be making?

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Vivian LeeJanuary 22,2024 at 12:17AM UTC
Those are good questions. What type of job function, company (large, small, start up) are you working?
How does your salary stack up per job duties and experience?
When is your next salary review?
AnonymousJanuary 22,2024 at 1:17AM UTC
You say you can't ask for more money. Why? If they have been lowballing you when the company is doing well, then that's a problem. On the other hand, if there are significant reasons for them being unable to provide increases (non-profit, company profits going down), then those would be valid reasons. It would be best to build a case for what you have provided for the company, how much you have accomplished, etc. Depending on your position, the more you can put it in the language of how much you have contributed to their profit margins, the better. (Sales, especially).
AnonymousJanuary 22,2024 at 3:18AM UTC
Remember money isn't everything but you should be paid fairly so do your due diligence, research your role, title, industry and level of expertise and figure out what your true range of pay is and then ask for an adjustment to bring you in line with the 2024 market for your role and level of responsibility and contribution.
It's a professional responsibility to seek proper compensation but within reason keep in mind you have a great situation with a company you love and remote work (which is scarce these days).
AnonymousJanuary 22,2024 at 10:40AM UTC
I got what you are saying.
And I understand why you were reluctant to ask for more money due to your prior job loss and then bad job experiences... But now you are feeling frustrated because you have been doing well somewhere for almost five years and you are not seeing much financial growth... Your frustration and feeling stalled is one hundred percent understandable. And, Even though you are treated nicely and you are respected, you will not be happy long-term.
. If you are not growing financially because money is the reward for good work... You need to be making your game plan ... Is it feasible for you to make a higher wage in your current field? If so, start applying other places and see what the market feels like. If you get another job offer, then go back to the table with your current employer and see if they would be willing to pay you more to keep you. You have nothing to lose by exploring some risk...
Maegan, Nike Sales Rep & Career CoachJanuary 22,2024 at 12:39PM UTC
GREAT questions!
Here is what I see from your post.
You are making assumptions, and letting that make you feel bad about the money you are making.
The best thing you can do is are yourself with the hard facts. Start by doing your own research.
*What is the market value for roles like yours? You can find this through salaries listed on job postings (in cities like yours) or take into account the cities and states they are listed for. I believe Colorado and NYC are legally required to post salary range. Look for jobs in that market with salaries listed, and adjust for your cost of living.
Next, you are assuming you can't ask your current employer for a raise, but you never try until you go for it. This is a totally valid concern. Schedule a 1:1 with your boss and let them know all those wonderful things you appreciate about working there, and ask how compensation works. Tell them you are wanting to increase your income and earn more, and really want to grow professionally within the company. Ask very specific questions to get answers to, Can I take on more responsibilities to increase my compensation? Is a role change the biggest opportunity for an increase?
These answers may let you know, yes you've hit a plateau and may want to look elsewhere, or there might actually be room for growth. Either way, you will get the answers you need from the conversation and I bet - earn more respect from them.
Last thing, it doesn't cost anything except your time to apply and interview for jobs. You might do it and be surprised with what is out there, or it might make you happier to stay where you are. :) GOOD LUCK!
Mary Elizabeth DavisJanuary 22,2024 at 1:58PM UTC
You can and should ask for what you deserve!
I was in your exact position recently! I love my job but the salary was not accounting for the changes that the world threw at us.
I would suggest starting by doing some research of the salary in your city for your position and experience.
Also pull data on inflation of groceries, rent, etc since 2020. While nearly every business sticks with 3% compensation YOY-Your increases are not covering the cost of living(ex- in my city, groceries are up 16%, rent is up 19%).
Bring this information to your employer(kindly) and suggest that your position be recosted to reflect a 2024 median salary in your city with consideration of cost of general cost of living. Good luck!
AyianJanuary 22,2024 at 11:48PM UTC
If you're only making $5k more than you did 15 years ago, you're being underpaid by $20k at the absolute bare minimum. Now, your current situation might be worth that amount to you, but there are certainly other places where you can be respected AND make a reasonable wage.
If you interview for and are offered a higher paying wage, advise your employer what the offer is and that you would prefer not to leave, but you also can't financially afford to stay. They may surprise you with an offer that they typically would not make just to keep you. With that in mind, however, statistics show that when a counteroffer is made, the employee rarely remains at the company for more than 2 years after accepting - either because the central issue isn't actually compensation or because the organization determines that the cost is actually higher than they were truly willing to pay.
JJJanuary 26,2024 at 3:52AM UTC
A good job is wonderful, but you are leaving a lot of money on the table. What is more important?