younginvestor2013
Recycles dryer sheets
- Joined
- Feb 6, 2013
- Messages
- 226
In your experiences of being promoted internally (i.e., not leaving your company but staying at the same company and getting promoted, whether in the same or different department), what has your overall pay increase been just on salary alone (and on bonus if applicable)?
Is a 20% raise on salary reasonable, or too high? I think it is reasonable and fair, especially since 3% of it is essentially COL increase.
I am learning/realizing that the salary you start out at a company is so important because it is the basis for which all of your raises will be based from.
If you accept a very low ball figure and salary to start out with, then the magnitude by which you are underpaid will be magnified overtime. For example if you are underpaid by 10% (arbitrary, I know..but based on "your research), and you are eligible for a raise/promotion and get a 20% raise/promotion, then you are still being underpaid 10%. Your employer has no incentive to give you a 30% raise because you were previously 10% underpaid.
Just curious what your experiences have been. With my new job (which I am liking, a lot, and have a ton of room for growth and think it is probable that I will be promoted just after about 1.5 years of being there), I tried to negotiate my salary up about 7% higher than the offer I accepted (didn't want to risk them retracting the offer or me coming off as too aggressive so I accepted the lower offer, but wish I would have been more firm in my counter).
I am young in my career, and most of my peers at my company are "industry veterans" and have 10+ years experience (vs my 3 years). I recently was able to learn how much some of them make by stumbling upon some files (accidentally, but I did begin to snoop...) - and in doing the math of my assumed career path with the firm, it seems unlikely that I'd be able to "catch up" to their compensation with promotions unless the raises were substantial (at least 20% or greater) with each raise. This doesn't offend me or make me mad a ton, because there is still opportunity for me to grow quickly (along with my income) for being so young, but it just shows how large the gap can be with pay amongst colleagues.
Is a 20% raise on salary reasonable, or too high? I think it is reasonable and fair, especially since 3% of it is essentially COL increase.
I am learning/realizing that the salary you start out at a company is so important because it is the basis for which all of your raises will be based from.
If you accept a very low ball figure and salary to start out with, then the magnitude by which you are underpaid will be magnified overtime. For example if you are underpaid by 10% (arbitrary, I know..but based on "your research), and you are eligible for a raise/promotion and get a 20% raise/promotion, then you are still being underpaid 10%. Your employer has no incentive to give you a 30% raise because you were previously 10% underpaid.
Just curious what your experiences have been. With my new job (which I am liking, a lot, and have a ton of room for growth and think it is probable that I will be promoted just after about 1.5 years of being there), I tried to negotiate my salary up about 7% higher than the offer I accepted (didn't want to risk them retracting the offer or me coming off as too aggressive so I accepted the lower offer, but wish I would have been more firm in my counter).
I am young in my career, and most of my peers at my company are "industry veterans" and have 10+ years experience (vs my 3 years). I recently was able to learn how much some of them make by stumbling upon some files (accidentally, but I did begin to snoop...) - and in doing the math of my assumed career path with the firm, it seems unlikely that I'd be able to "catch up" to their compensation with promotions unless the raises were substantial (at least 20% or greater) with each raise. This doesn't offend me or make me mad a ton, because there is still opportunity for me to grow quickly (along with my income) for being so young, but it just shows how large the gap can be with pay amongst colleagues.