Unexpected Raise

TechGromit

So I got a call from my VP a few weeks ago, they performed a salary survey and determined I was underpaid according to an industry salary survey and gave me a 9% raise to get me more inline with what my position is making else where. I tired to talk her out of it saying I didn't really do cyber security work anymore, I do networking now, but Cyber is still in my job title, so tough take the raise! My manager has been trying to get our titles changed, it's hard to hire someone that is experienced in networking when the job title is "Senior Cyber Security Analyst".  Anyway, has anyone else gotten unexpected bump in salary for employee retention? Several people recently left for more money elsewhere, but I felt they were short sighted. Chasing higher wages when the total benefit package is worth far more than an extra 20 or 30k raise. ie. JOB SECURITY, medical, 401k, stock options, pension, profit sharing, yearly bonuses, etc.

volfkhat

TechGromit said:

... JOB SECURITY, medical, 401k, stock options, pension, profit sharing, yearly bonuses, etc.

LAME.
If they were legitamate... they'd provide free pinp-pong tables & a slushy machine.

JDMurray

The largest salary adjustment I've ever received was 12.5% back in the 1990's as a software engineer. Only 4-5% adjustments since then. It was always for the sake of employee retention or to make my employer at the time more competitive in the job market.

E Double U

TechGromit said:

 I tired to talk her out of it...

Did I read this correctly? My first time hearing of someone trying to talk someone out of giving them more money 

Regarding your colleagues that left, I don't think it is short sighted to go for the salary bump elsewhere given the chances the other offerings in the compensation package also increase elsewhere. A lot of the things you mentioned are quite standard at a lot of employers. 

DatabaseHead

TechGromit said:

So I got a call from my VP a few weeks ago, they performed a salary survey and determined I was underpaid according to an industry salary survey and gave me a 9% raise to get me more inline with what my position is making else where. I tired to talk her out of it saying I didn't really do cyber security work anymore, I do networking now, but Cyber is still in my job title, so tough take the raise! My manager has been trying to get our titles changed, it's hard to hire someone that is experienced in networking when the job title is "Senior Cyber Security Analyst".  Anyway, has anyone else gotten unexpected bump in salary for employee retention? Several people recently left for more money elsewhere, but I felt they were short sighted. Chasing higher wages when the total benefit package is worth far more than an extra 20 or 30k raise. ie. JOB SECURITY, medical, 401k, stock options, pension, profit sharing, yearly bonuses, etc.

Congrats on the unexpected raise!  

volfkhat

E Double U said:

 Did I read this correctly? My first time hearing of someone trying to talk someone out of giving them more money...

Mo money, Mo problems...

E Double U

volfkhat said:

E Double U said:

 Did I read this correctly? My first time hearing of someone trying to talk someone out of giving them more money...

Mo money, Mo problems...

No money, even mo problems. 😇

DZA_

This actually happened to me back in the spring time frame that my manager indicated that the line of business did a compensation review and resulted us getting in a 20k raise. To be fair, I knew that I (at least) was being underpaid compared to some of my other friends in the industry, but hey, it's starting to look good. On top of this, this was in addition to any end of year salary increase for inflation/cost of living adjustment + bonus. 

Johnhe0414

Congratulations! 

DZA_

Johnhe0414 said:

Congratulations! 

Thanks! My boss laughingly said: "Never have I've seen someone get 4 raises in a year".

TechGromit

E Double U said:

TechGromit said:

 I tired to talk her out of it...

 A lot of the things you mentioned are quite standard at a lot of employers. 

Pensions are standard at a lot of employers? Only 17% of employers in private industry still offered pensions in 2018. Only 35 percent of publicity traded employers offer stock options, 33% offer yearly bonuses, with the average bonus 11% of salary (I get 15% plus adjustments depending on company performance),  somewhere between 19 to 23% of employers have offered some form of profit sharing in the past. I think my definition of most and your differ slightly. While 401k and Medical benefits are pretty standard, In 2019, the Average cost of annual health insurance premiums for employee share was $1,058 for single and $6,000 for families. My Families premiums are currently $4,100 a year with better coverage. I've seen other plans for other employers my wife works for, they cost more, cover less and pay a smaller percentage. As for job security, unless you been thru a couple recessions where you were unemployed for an extended period of time, you can't put a price in good job security.  

So I stand by my original assessment, Yes short sighted.

TechGromit

Johnhe0414 said:

Congratulations! 

Thanks!

TechGromit

JDMurray said:

The largest salary adjustment I've ever received was 12.5% back in the 1990's as a software engineer. Only 4-5% adjustments since then. It was always for the sake of employee retention or to make my employer at the time more competitive in the job market.

I got a salary survey bump about 5 years ago, but it was a smaller adjustment, somewhere around 5 or 6%. 

E Double U

TechGromit said:

E Double U said:

TechGromit said:

 I tired to talk her out of it...

 A lot of the things you mentioned are quite standard at a lot of employers. 

Pensions are standard at a lot of employers? Only 17% of employers in private industry still offered pensions in 2018. Only 35 percent of publicity traded employers offer stock options, 33% offer yearly bonuses, with the average bonus 11% of salary (I get 15% plus adjustments depending on company performance),  somewhere between 19 to 23% of employers have offered some form of profit sharing in the past. I think my definition of most and your differ slightly. While 401k and Medical benefits are pretty standard, In 2019, the Average cost of annual health insurance premiums for employee share was $1,058 for single and $6,000 for families. My Families premiums are currently $4,100 a year with better coverage. I've seen other plans for other employers my wife works for, they cost more, cover less and pay a smaller percentage. As for job security, unless you been thru a couple recessions where you were unemployed for an extended period of time, you can't put a price in good job security.  

So I stand by my original assessment, Yes short sighted.

I did not use the word most, but that along with a lot and a little are all subjective. My underlining point is that there are indeed other options out there besides the one you are comfortable with. I will not debate on numbers because I have none committed to memory and I do not know the source of yours nor the accuracy. I will admit that my view on that is limited to my bubble within Southern California and The Netherlands. If I consider my own marketability, I would take your numbers and say that I have a strong chance of getting into that 17%, 33%, 35%, or somewhere between 19 - 23% of employers that offer those packages. Maybe your former colleagues feel they can do the same. Perhaps they did go for the salary bump and still managed to get similar packages at their new workplaces. Since the percentages you noted are all above 1%, that means that there are indeed other employers besides your current one offering good packages. As an optimist and a risk taker, I like seeing people take the chance. I am silly enough to believe that if you can get it at one employer then you can indeed get it at another. 

I believe your view on why people leave employers might be short sighted unless you have a comprehensive view of all details that were factored into your former colleagues' departure. Money is indeed a motivator and one that people are comfortable with sharing, but there can be more factors. Not everyone has the same family situation requiring a similar health insurance package as yours for example. Some people can move on for the higher payday because they can rely on a spouse's coverage. That along with other variables makes me disagree with your position towards your peers. My former employer had a great pension scheme that fully vested after six years. I left after three to relocate to another continent. I would not say that I was short sighted for leaving good money on the table. Some people just want something different. 

Regarding job security, I simply do not believe that an employer offers me that. I believe the best job security that I have is acquiring and maintaing the skills that keep me employable. And that is coming from someone that has had contract jobs where work slowed up and being laid off (along with thousands of others) from a very large, reputable company where so many of my colleagues felt offered job security then still offshored our jobs (being unemployed with a pregnant wife and a one year old does indeed suck) 

Your post triggers me because I have worked with so many intelligent and talented people that never stepped out of their comfort zones for the sake of security. You guys might be missing out on some amazing opportunities. 

DZA_

E Double U said:

Your post triggers me because I have worked with so many intelligent and talented people that never stepped out of their comfort zones for the sake of security. You guys might be missing out on some amazing opportunities. 

This statement here hits close to home as I'm sure I would fully take advantage of the situation but when you have upcoming family commitments, it's hard to make the jump in such a uncertain world. But then again, the renewal and maintaining skills is skills, one can be always employable and taking advantage of those opportunities!

DatabaseHead

The 11% bonus is about what I have experienced myself EXCEPT, when working for Sales Orgs, not as a sales person either, but under a sales arm of the company in a IT, Database, Programming role.   

For whatever reason, probably HR etc...   Everytime and I mean everytime I have rolled up to a sales org, AKA reported to a sales director or higher my bonus level has been no lower than 25%.  

My good friend is in the same boat.  He was a solution architect under an IT group and his bonus was ~12%.  He took another role, same title, same industry, same duties essentially and picked up a 55% bonus, with the pay staying near the same ~150 k per year.  And 4 out of the 7 years he double bonused giving him 110% bonus off of the 150 k.  

UnixGuy

Did you actually try to talk your boss out of giving you a raise? How did that conversation go?

(congrats!!)

JDMurray

There is a business difference between a raise in pay and a salary adjustment. A raise is based on the individual worker (performance, merit, etc.), while a salary adjustment is based on industry baseline pay-scales and other business factors. Be flattered that you get a raise and be thankful that your job title is trending upward in industry value to get you a salary adjustment increase.

volfkhat

E Double U said:

Regarding job security, I simply do not believe that an employer offers me that.
I believe the best job security that I have is acquiring and maintaing the skills that keep me employable... 

YEP!
I've quit my job in 2016, 2018, 2020, and will again in December 2022.

And i can do it because... i have REAL Job Security.

E Double U

volfkhat said:

E Double U said:

Regarding job security, I simply do not believe that an employer offers me that.
I believe the best job security that I have is acquiring and maintaing the skills that keep me employable... 

I've quit my job in 2016, 2018, 2020, and will again in December 2022.

Quitter lol

shochan

I've rec'd a 1% raise last year and the year before...it's definitely not keeping up with inflation!!! 

volfkhat

shochan said:

I've rec'd a 1% raise last year and the year before...it's definitely not keeping up with inflation!!! 

Might be Time to RAISE yourself outta there... and land a better job.

E Double U

shochan said:

I've rec'd a 1% raise last year and the year before...it's definitely not keeping up with inflation!!! 

Is that performance-based? 

shochan

it's a self review and mgr reviews it.

TechGromit

E Double U said:

Regarding job security, I simply do not believe that an employer offers me that. I believe the best job security that I have is acquiring and maintaining the skills that keep me employable.

Your post triggers me because I have worked with so many intelligent and talented people that never stepped out of their comfort zones for the sake of security. You guys might be missing out on some amazing opportunities. 

We are in agreement there, having certifications and skills make you more marketable in the job market, but doesn't make you bullet proof.

 Perhaps I'm a little shell shocked, Twice I've been unemployed, once when I was younger and had less knowledge and marketable skills starting in 2009, for 14 months, and again in 2013, for about 3 months and only because I settled for a contracting role for 10 months, for lousy pay and no benefits, but it ended up leading to something better. I had a co-worker who lost his job around the same time I did in 2013, he didn't take his job search quite as serious as i did, he thought it was great, he got to take the summer off and got paid for it. It wasn't so great when I didn't land another job for two years.    

volfkhat

TechGromit said:

...I had a co-worker who lost his job around the same time I did in 2013, he didn't take his job search quite as serious as i did, he thought it was great, he got to take the summer off and got paid for it. It wasn't so great when I didn't land another job for two years.    

I believe you meant, when 'HE' didnt land another job for two years



As for me,
my project comes to an end this December.

I can't wait to to kick back, decompress, and collect that sweet sweet F'unemployment for a month or two!!
 

TechGromit

volfkhat said:

TechGromit said:

...I had a co-worker who lost his job around the same time I did in 2013, he didn't take his job search quite as serious as i did, he thought it was great, he got to take the summer off and got paid for it. It wasn't so great when I didn't land another job for two years.    

I believe you meant, when 'HE' didnt land another job for two years

Yes, I meant he / him.  You must not have very many expenses, the max unemployment benefit for my state is $504 a week, that will barely cover my mortgage, let alone other expenses. Like Cobra, food, utilities, car insurance, etc.   

volfkhat

TechGromit said:

Yes, I meant he / him.  You must not have very many expenses, the max unemployment benefit for my state is $504 a week, that will barely cover my mortgage, let alone other expenses. Like Cobra, food, utilities, car insurance, etc.   

Not many expenses at all.

I no longer have a Mortgage... i walked away from mine back in 2010.
I made the calculation that continuing to 'Follow the Rules' would ultimately lead me NOWHERE but the Poor House.

So Instead, i squatted in my condo for 1.5 years... and was eventually able to buy a foreclosed unit (in my same subdivision).
Cash was King back then... so i was able to get my new place at a 70% discount.
(Probably the Best Financial move i made in my Life)


COBRA definitely stinks, you got me on that one.
When i quit my last employer... the COBRA premium was $465/month 
But I went with Obamacare and found a plan for $255.


I don't drive a fancy car... and i don't have a car note.
i bought my current car from a buddy who was looking to trade it into the dealer; so it ended up being a win-win for both of us :]

Last time i filed back in 2012... my state's Unemployment was $360 a week.
it may have risen a little higher since then... but i'll take whatever they give.

Having some degree of Financial Freedom is a wonderful thing...