r/personalfinance • u/FapForYourLife • Mar 20 '19
Got a performance rating of Exceeds Expectations. My boss requested a significant salary adjustment and I was denied and given the standard 2.5%. Should I quit my job? Employment
I was originally promoted within my company to create a new department about 1.5 years ago. I’ve since worked my ass off and spent the last year doing managerial level work for non-managerial pay ($47k).
I initially accepted this offer as it was in line with my experience at the time but I’ve now shown that my capabilities go far beyond what was originally expected of me. My market value is between $60-75k based on the title I should have.
My boss agreed with this and requested a large pay bump prior to my review. He was denied and told I’d receive the standard 2.5% that everyone else got and could renegotiate in 6 months.
The problem with this is that I was told the same thing the last time I requested a raise and it was never followed up.
I’ve set up a meeting to ask what specific goals and milestones are in place for this 6 month period.
Are they saying to renegotiate in 6 months because raises were already budgeted for review time, or are they just trying to pay me as little as possible.
Worth noting that I love my job - I self manage with hardly any supervision as I chat with my boss every Friday about what’s going on. Should I just leave now or wait until I discuss why my salary adjustment was denied with the CEO?
Edit: I don’t plan to quit without receiving an offer from another company - just asking if it’s worth negotiating with my current employer or if I should just take more money somewhere else.
Edit 2: Holy hell I only expected to get 5-10 responses. Thanks everyone for the help!
Current plan is to discuss why this happened and to also shop around for other jobs. Probably won’t use an offer as leverage although I’ve seen others here do so successfully. Cheers, all.
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u/ga-co Mar 20 '19
I don't enjoy the office politics game, but at a previous job I was underpaid. I wanted more money to reflect the value of my work, but that just wasn't happening. I had brought this up with my manager who was really powerless to do anything. Other than COLAs, no one really got raises at this place. So... I applied for a job elsewhere and then told the most gossipy person in the building. This was a 700+ employee healthcare organization. The CEO knew me by name, but had never sat down in the cafeteria to eat with me. Shortly after the rumor mill indicated I was leaving, he asked if he could share a table with me. I knew my value to the organization and thankfully the CEO did as well. We talked candidly and I was offered a 17% raise. I'm not suggesting this will always work, but it did work for me.