I had a big salary raise!
Posted by Frugal on March 20th, 2007
Finally just now, I think my salary is closer (although probably still below) to the my market value. For so many YEARS, it simply felt no good when you are underpaid days in and days out. Until I complained about my technical rank last year, my company had done nothing. I was almost going to make an internal transfer. So besides the big raise, I also got a promotion in non-managerial technical rank, an event that I have been waiting for too long.
To put this raise into perspective, I had a comparison point, an actual recent offer by my company to a new hire who is 3 years less experienced than I am, but had a 6.5% higher salary than mine (before the raise adjustment). Now my salary is somewhat higher than this new hire. If I assume a nominal annual raise of 3.5%, my base salary level is still about 3% less than what it should be for my level of experiences, not counting any credits from my above average performance at my job.
For all the regular blog readers out there, I also wish that you are compensated handsomely or at least fairly.
I have updated my net worth page to reflect my new option/share grants.
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March 20th, 2007 at 8:05 am
Congrats! It always feels good to be paid what you are worth.
March 20th, 2007 at 9:06 am
I’m suprised you haven’t left your company after feeling undercompensated for such a longtime. There is no stronger bargaining chip than another job offer. That said working at a job you like is more important than getting paid the most you can, but given that your company seems to have the money to pay competitive wages….
March 20th, 2007 at 9:47 pm
I was staying because of my “golden cuffs”. I have substantial stake in my company.
March 20th, 2007 at 11:24 pm
Congratulations Frugal! I’m glad you’re getting what you deserve. Having a new hire obtain a salary higher than you just isn’t fair….! Good thing your company wisened up.
March 21st, 2007 at 10:44 am
Congrats Frugal. Most technical people are not well versed with demonstrating our value to the business people who run the company. I am glad you are making great progress… Keep it up!!
March 29th, 2007 at 11:24 pm
Congratulations on the raise!
A question on raises … was it stated in your contract you’d be getting a certain amount? the reason I ask is because I’ve heard from coworkers who haven’t seen their annual merit increases reflected in the paycheck. i’m supposed to get a raise in may so I’m keeping my fingers crossed!
April 1st, 2007 at 8:39 am
Mike,
It’s hard to be outstanding when 85% of your colleagues are at least 5 years senior than you.
SFordinary girl,
My reason of being underpaid is mostly due to that I started with a good option package but a not so good salary. My annual raises have always been more than 5% every year at my company. It looks good on paper, but not when you started so much lower and simply trying to make up the lost ground.
May 25th, 2007 at 3:07 am
it’s good to you have big salary,i wish i get that too,it’s hard to live with small salary…