Not sure how to approach
I have been with my current company for almost 6.5 years. Recently I have had several calls from recruiters and have had a few interviews with companies for positions above my current position (director, sr director) The work I am currently performing would normally be handled by a manager or director but I do not have the salary or title to go with my level of work or responsibility. All of the positions I have interviewed for have been between $30,000.00 to $90,000.00 more than I currently make. I have had a few offers that I have declined for various reasons. Now I am in a position where I need to bump up my pay (divorce) and I can't decide if I should discuss this with my current boss now and see if I can get a raise/promotion or if I should wait until I have another offer? I love the company I work for but it's a private university so the pay is lower than in private firms.
Dear Anonymous. I cannot tell you how your story is all too common. Regardless of whether it's a university, mid-sized company, or a behemoth, there is a complete imbalance for women when they stay in their jobs too long (without going after and getting promotions).
Those numbers are on par, we lose approximately 15% increases in our salary every 2 years we stay within an organization (without a promotion) and it can quickly add up to tremendous amounts like those you are stating above.
While you love your organization, you should never have to play hardball to get the money and promotion you want. It just means they may give you a $20,000 increase now and in three years you'll still have this tremendous pay gap between where you are and where you should be.
Don't undervalue yourself. There are a plethora of amazing organizations with great cultures that also pay market value. PLUS! Here's the kicker, this is the first time in decades where the power has shifted. There are more job openings than candidates. Don't settle!
Thanks, everyone for your great advice. I have a lot to think about. I'll update everyone if anything exciting happens. :)
A private university most likely doesn't have the money to match an outside offer. You may be able to get a raise, but it won't be for the amount you are truly worth. It might not be in the budget for that position to pay you more. Stop holding yourself back. Get paid what you're worth and with a title that goes with it. Clearly there's plenty of interest in what you've got to offer, so take advantage of those opportunities!
If you have a desire to stay with your current employer, ask! Don't give them an ultimatum. Be sure your energy and intentions are clear when you are asking for an increase. If there is no movement at least you know you have options should you choose to make a move.
You are worthy of more and you don't need another offer to prove that :)
I would not wait for another offer or mention other offers. As other commentors have stated, you are doing the work! Did you take on the responsibilities that are usually performed by a manager because someone left? If so- it is perfectly acceptable to ask if they plan to fill that role and to let them know you are interested in it.
You and your direct supervisor should also be reviewing your job description regularly. Has your job description changed? If not- use that to leverage why you deserve to be paid more and suggest adding these duties to your job description.
Unfortunately- regardless of gender or any other factor, companies are desperate for talent right now. So new salaries to attract talent are above what most companies think they can afford to pay to keep people.
The fact that you've turned down various offers to stay speaks volumes. I would definitely approach management with a plan to showcase what an asset you are.
I'm going to throw a word of caution out here that very well be poorly received. I have found it to be a mistake to leverage another job offer for a pay increase. When this is done the people in your company may, with unconscious bias, mark you as a flight risk. You clearly aren't happy where you are. You're all about the money. You'll leave at another offer. So all of a sudden it seems like you no longer see development opportunities. It seems like some of the people with influence who may have relied on you more start relying on others.
You are an asset! A strong asset! Leverage your worth and your skills rather than holding yourself and your job hostage.
The comments below are filled with great perspective and advice. It sounds like you have options, which is a great position to be in. I just wanted to be clear about one thing. If/when you speak to your management about a promotion/raise, your divorce should not be one of the reasons you deserve a raise. I am sure you know this already but I wanted to state it plainly. The divorce has motivated you to want to earn more and made you more aware of the value you bring to the company and your value in general, but it is not the reason you deserve a raise. Good luck to you in your conversations and decisions. It sounds like you are going after what you need and that is a HUGE accomplishment in its own right. You are not waiting for something to happen to you, you are making it happen and that should fill you with pride.
Consider: why should your current company pay you more because you are in the process of a divorce? As hard as that is (so sorry - I know that's hard!), your need for more income has little to do with their salary range structure and business model. If you can demonstrate that the market bears more for your education, skills, and experience than they are paying, but it's still outside the pay grade, they haven't budgeted for that increase (and they usually don't), and they have no open roles above you for which you may interview, the best you can hope for is a small bump if you are not already at the top of that pay grade, a one-time bonus, or a "No". Not that it isn't worth asking, but if someone is willing to pay you that much more elsewhere, and income is the key factor for you right now, why in the world would you stay?
First, congratulations on putting yourself first and finding out your worth by interviewing and successfully securing offers!
I think it would be helpful for you to understand the reasons why you were interviewing in the first place and why you turned down those roles, also weigh out the pros and cons for staying or leaving (consider $'s and other benefits).
Know what you want in a promo/raise by understanding your value to the company, and your market value.
I agree with what others are saying and that is to approach your employer first as it will likely take time to address internally. I would recommend being prepared to show why you deserve a promo/raise.
While I do think a good boss/leader should already know how valuable you are, some reminders of your strengths, contributions and accomplishments could better support your request.
Hope this helps. Good luck!
Present to your current company to allow them time to meet your needs, especially if you have a great relationship with them and enjoy being there.
They don’t need to know you’re looking. They should reward you based on your commitment, your work, and your outcomes so make sure you bring those to the table.
Continue your openness to new opportunities and should your boss decline, or should an excellent opportunity arise, you’ll know what to do.
First of all, jealous. I have been applying to jobs for two years and have had about three interviews and no job offers. I keep hearing that it's a job hunter's market but I really have not seen that. No idea what I'm doing wrong.
Anyway, I'd say it's fair for you to approach your employer and ask about a promotion and/or raise. That's a pretty standard thing to do, especially when you have been there so long. See how they respond. If they brush you off then you have a decision to make next time you get an offer. When you get that offer, you can go back to your current work and see if they suddenly "have room in the budget" or whatever but, honestly, if they don't appreciate you enough to give you those things now then they don't deserve to have you stay.
Thanks, believe me, it has not been easy. My first offer was from another university that approached me. It was Sr. Director position and $90,000 more than I currently make. I ended up turning it down because it would have had to move to Seattle as my daughter was in the middle of her Sr. year of high school and we had just lost my mom. So the timing was really bad. The way I started gaining momentum and getting contacted was by contacting recruiters on Linkedin and reposting my resume weekly on job sites like Glassdoor, Indeed, etc.