Author Topic: Need advice on changing jobs, income, side hustles  (Read 2362 times)

jceo

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Need advice on changing jobs, income, side hustles
« on: June 21, 2017, 10:43:48 AM »
Hey Guys, I've been at my current job for around 8 years.  I make decent money (I work in IT) but I think I am still $10-20k+ below market rate.  It has been over 2 years since my last review and raise. I have asked my boss a number of times about it and was told that they are "accruing" something for me.  Health insurance and dental for the family is also steep in my opinion $12k for the year! Although I have a heavy workload, I like everyone I work with.  My commute is about 20-25 minutes.

What is the Mustachian thing to do here?  Get a new, higher paying job?  Ride it out and work more on side hustles to make some extra cash?  Your advice is appreciated! Thanks

apricity22

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Re: Need advice on changing jobs, income, side hustles
« Reply #1 on: June 21, 2017, 11:03:09 AM »
Look around, see what's out there. It's hard to know if you should give up your current job until you know more details of what you might be giving it up for. Put in some applications, see what happens and go from there!

AZDude

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Re: Need advice on changing jobs, income, side hustles
« Reply #2 on: June 22, 2017, 10:07:25 AM »
Check out the market for your skills and experience. Do an honest evaluation of your worth to your company and to a potential outside employer. Do an honest evaluation of your job performance.

If you are a high quality employee with very marketable skills making below market value, then find another company, get an offer and take it to your boss. Tell them to match/beat it or you are leaving. Be ready to leave.

Also, $12k a year for family benefits package($100 a month) is not great, but it sounds about right for a small/midsize company. Big corporate benefits should be better, but anything smaller than a Fortune 500 is going to have expensive health insurance.

EfficiencyNerd

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Re: Need advice on changing jobs, income, side hustles
« Reply #3 on: June 22, 2017, 11:23:45 AM »
Also, $12k a year for family benefits package($100 a month) is not great, but it sounds about right for a small/midsize company. Big corporate benefits should be better, but anything smaller than a Fortune 500 is going to have expensive health insurance.

Might want to check your math on that one... $12k a year is $1000 a month, not $100.

When I worked for a small company in the US, my insurance was just me and was around $60 a month IIRC. The employer paid 85% of the health insurance cost. Now I'm in Canada, and enjoying free healthcare with free "over and above" coverage from my employer, and my income tax bracket is about the same as it was in the US.

Just to echo others here - if I were personally in your situation, I'd definitely start looking at other places. If you really think you are being paid significantly below market value, and since you've asked your boss about a review and keep being told repeatedly "something's coming" - That's generally a sign that there isn't really anything coming. Perhaps they simply can't afford to pay you what you're worth, but that shouldn't be your problem; find someplace that can. I realize it can be tough when you enjoy the work and the people you work with, but - for myself at least - employment is primarily a means to get to financial independence, not a place to find friends. If that happens along the way, cool, but it's not my main reason for employment.

AZDude

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Re: Need advice on changing jobs, income, side hustles
« Reply #4 on: June 23, 2017, 11:27:06 AM »
Also, $12k a year for family benefits package($100 a month) is not great, but it sounds about right for a small/midsize company. Big corporate benefits should be better, but anything smaller than a Fortune 500 is going to have expensive health insurance.

Might want to check your math on that one... $12k a year is $1000 a month, not $100.

When I worked for a small company in the US, my insurance was just me and was around $60 a month IIRC. The employer paid 85% of the health insurance cost. Now I'm in Canada, and enjoying free healthcare with free "over and above" coverage from my employer, and my income tax bracket is about the same as it was in the US.

Just to echo others here - if I were personally in your situation, I'd definitely start looking at other places. If you really think you are being paid significantly below market value, and since you've asked your boss about a review and keep being told repeatedly "something's coming" - That's generally a sign that there isn't really anything coming. Perhaps they simply can't afford to pay you what you're worth, but that shouldn't be your problem; find someplace that can. I realize it can be tough when you enjoy the work and the people you work with, but - for myself at least - employment is primarily a means to get to financial independence, not a place to find friends. If that happens along the way, cool, but it's not my main reason for employment.

Yeah, that was a typo. $500/paycheck for family insurance feels like its only slightly more than the going rate. The average is like $1,500 per employee for a small/mid size business, so passing on $1,000 and paying $500 doesn't seem that unusual.

Axecleaver

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Re: Need advice on changing jobs, income, side hustles
« Reply #5 on: June 23, 2017, 03:32:30 PM »
This is how things are done in the US. The best way to get a raise is to change jobs. Keep in touch with your current job, leave well, and in two years come back for another 10-20% raise. Reach out to anyone who has left your company in the last year to see what the have going on at their new company. Network constantly. Good luck!

El Dinero

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Re: Need advice on changing jobs, income, side hustles
« Reply #6 on: June 23, 2017, 09:38:58 PM »
Check out this very insightful video by Ramit Sethi on negotiating your salary, especially if you're feeling underpaid.  I think it does a great job to give you leverage. 

https://www.youtube.com/watch?v=d3qfJeLQDoY