tl;dr - I got a rolling raise/bonus schedule to get me up to six figures.
I'm a software developer, but I don't have a CS degree or any formal training. My current employer (CE) had a special hiring program that I used to get in and learn how to code. That was in 2012, and they knew that since I was depending on them, they could pay me a lot less than other developers. Fast forward to two weeks ago and I'm making good money, but I didn't realize how much I could be getting for my knowledge in a specialized area of software.
To make a long, stressful story short, I got scouted by a prospective employer (PE), launched a bidding war, and had to balance some family issues.
- PE calls me up, offers me $25k more than I'm making now. They're in a new city.
- I notify CE, they ask me to stall while they come up with a counter.
- I go on a long weekend out of town.
- Meanwhile, PE badgers me asking me to accept. They're on a deadline and need me soon.
- Eventually, PE gets worried that I'll decline and they up their offer an additional $20k for a total increase of $45k.
- I notify CE of increased offer.
- Initially, my wife was excited about things, but then the reality of having to move cities hit her hard. We're planning on children soon, and she wants to be near all the grandparents.
- Now I'm stuck. The new money is amazing and I don't think CE can match, so I'm torn between what to do. My weekend turned into a mess of stress.
- I call my CE and let them know that if they cannot at least match the first offer, I will for sure walk. Now I'm all talk with CE and still stalling PE.
- I return to the office yesterday (Tuesday) and learn CE's counter, which is the following:
- Immediate promotion, $20k pay bump
- Guaranteed $5k bonus in November
- Normal raise/bonus/profit sharing stuff next year like always
- Another $10k pay bump to my base pay in summer 2020
- A guaranteed $5k bonus in fall 2020
- Normal raise/bonus/profit sharing stuff the next year
CE wants to give me what I want, but spread it out a little so they ensure I stick around. Kind of a win-win, and I end up sort of in the middle of PE's two offers. I also don't have to move, which makes my wife very happy. I got really lucky that things worked out.
But now I'm going to be making over $100k/year! This is a figure I never dreamed of because I didn't realize how in demand my skills were and how much people like me are worth. And as a side bonus for those around me, now that CE knows what people are paying for what I do, those in my office who do the same might have reevaluated pay structures as well. I may have just gotten others a raise accidentally.
Now my wife and I are getting serious about house hunting and getting real plans together for future kid(s). I'm on the moon right now.