I Have a Life Question Regarding Jobs

[politenessman]

I've been having thoughts about my job recently. I am in IT and have been with my current employer for five and a half years. I enjoy my job and I enjoy (most of) my co-workers. I'm comfortable here.

The problem I have is this; the company I work for is notorious for low pay. The pay scale for my role is $95k - $120k+* at the top end.
Just over a year ago now I was earning $93k so I wrote an email to the director of my team outlining what I had achieved for the company over the previous year in terms of cost savings and new initiatives.
I asked for a $20K rise, knowing that I would not get the full $20k but hoping that I would get close to the median salary for my job title, years of experience and qualifications (~$110k). What I got was $10k so I am now (and am still at) $103k.

So here I am with above average employee reviews, a lot of responsibility, qualifications and experience, but a below median salary.
Other employers are paying (as far as my salary survey can tell) about $110k-$120k for what I offer.
So it would seem like a no brainer to go and get another job, right? If I can get $120k I'll be able to add a considerable amount to my savings and get to my FI number faster.

Here is my problem though; I work 100% remote and we are a one car family. If I were to get another job, chances are I would be required to go somewhere. This most likely means another car to purchase, and all the expenses that go with it, and a wardrobe upgrade.
In addition, I have just turned 54 so ageism creeps in. Also my stretch goal is to retire at 60, 62 at the latest.

So is it worth pursuing another role. Am I being complacent in my reluctance to look for something else?

*2018 salary survey numbers from glassdoor, salary.com, LinkedIn etc.

[BECABECA]

You’re in a good situation for negotiating: you like your job and like that you telecommute, but your company pays lower than average. What I’d do in this situation is go interview at a bunch of companies until you get an offer that is a decent bump up from your current pay. Then go to your management and let them know you have this other offer and that you’re really torn: you really like your existing job but this increase in pay that the new company would offer is pretty difficult to justify passing up. See if they can match it. If they can’t match it, they can probably give you something of a bump up. A lot of times management’s hands are tied on normal raises but when it becomes a matter of retention and you have another offer on the table, HR loosens the purse strings.

[Lucky Penny Acres]

As you seem to have a decent situation (full time remote work, just a little low on pay), you can take your time and specifically look for new jobs that also offer 100% remote work.  Just make full time remote work one of the criteria in your job search.

It will take longer than just applying for any place nearby that posts an opening, but you can find something that pays more and maintains what you need.

I have been doing full time remote work for ~4.5 years and have now switched jobs twice during that period - both times staying full time remote was part of my job criteria.

[kei te pai]

Seems to me that you are in a pretty comfortable space, how much sooner would FIRE come with an extra $10K a year?
Leave aside any feelings of being undervalued. Cruise along to the finishing line.

[politenessman]

Cruise along to the finishing line.

This is my current feeling, but then I'm kinda lazy :)

You’re in a good situation for negotiating:

That is also in my mind, hence the question. I think I will cast the net out and see what is out there that I can use for leverage.

Thank you all for your input

[WalkaboutStache]

If the top of the range is 120K and you get 103 for fully remote work, you may be extracting some additional value for that.  What would your yearly commuting cost be (including the extra car, maintenance, etc.)? Then add the time lost commuting - this is one of the few instances where you could value the time spent at the full value of your time, since it is tacked to the ends of your work day.

I imagine that the 2 figures above bring you closer to 120K.  Maybe 110K?  Now, consider the risk of ending up in a place you end up not liking because of the culture, people, hours, or nature of the work.  Would you be willing to take that risk for an extra 10K?

Off the cuff, it does seem like you got a reasonable raise. I think it is worth considering the intangible benefits you have.

[GoCubsGo]

FWIW, My wife is in the same boat.  Overall a good job, but she doesn't make a ton more than people she manages (and her boss'es role is the next step up which is unlikely).  She works remote which she loves.  We've done the numbers on a job switch. Basically jumping now would shave off maybe one year of working.  The risk of leaving a long time company for the unknown worries her (we are 5-8 years away from FIRE).

I jumped to a different company for money ($15K raise) and the culture was terrible and I ended up quitting 9 months later (Fortune 200 company, no red flags on the multiple interviews I had with them).  That is the scariest part.  I would figure out how a job change would change your FIRE date and assess the risk of leaving based on that.

[mm1970]

I feel you on this.  I'm underpaid also, and approaching 50.  So I really probably only have a few years left to look for a "better job" before ageism (and sexism) means I may have to take what I can get.

This depends a lot on your personality.  A change can be GREAT, or it may be a disaster.  I've seen both.

[Here4theGB]

Lets say you get another 17k gross, what is that after taxes?  Depends on where you live obviously.  Call it 12.5k?  Have to now buy a another car, probably have to commute in, perhaps your new boss is a tool, etc.........For me, no way I'm rolling the dice for that little of an unknown upside.

ETA:  And I'm a huge gambler.

[insufFIcientfunds]

You’re in a good situation for negotiating: you like your job and like that you telecommute, but your company pays lower than average. What I’d do in this situation is go interview at a bunch of companies until you get an offer that is a decent bump up from your current pay. Then go to your management and let them know you have this other offer and that you’re really torn: you really like your existing job but this increase in pay that the new company would offer is pretty difficult to justify passing up. See if they can match it. If they can’t match it, they can probably give you something of a bump up. A lot of times management’s hands are tied on normal raises but when it becomes a matter of retention and you have another offer on the table, HR loosens the purse strings.

This seems like a great idea. I had a few guys I know do that at my current job. Some stayed, some left. Dipping your toes outside your current role might provide either an opportunity or put your current role into perspective and you stay. Good luck!