Author Topic: Increase Salary by 20% in 2017  (Read 3308 times)

FIreDrill

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Increase Salary by 20% in 2017
« on: January 21, 2017, 03:48:15 PM »
I have a goal to increase my salary by 20% in 2017.  I believe my current compensation is lower than what I can get elsewhere and I've decided to finally take it seriously.  I will be working in multiple ways to produce this increase including applying for jobs outside my current company. 

Anybody want to join me?  I need some accountability!

frugalkristen

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Re: Increase Salary by 20% in 2017
« Reply #1 on: January 21, 2017, 04:09:50 PM »
I did this in 2016 (or 25%) by working as many OT shifts as I could get, working a few shifts with a second job and earning online (swagbucks, instagc, gifthulk, etc).  Having an extra $7800 at the end of the year was awesome!  Good luck!!!

marty998

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Re: Increase Salary by 20% in 2017
« Reply #2 on: January 24, 2017, 01:04:37 AM »
It's not really within my control at my current workplace, but I'd be hoping for a nice little bump later in the year to account for my increased responsibilities. 20% is a stretch, but 5-10% is more likely, but as they say, nothing ventured, nothing gained!

FIreDrill

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Re: Increase Salary by 20% in 2017
« Reply #3 on: January 24, 2017, 11:34:22 AM »
It's not really within my control at my current workplace, but I'd be hoping for a nice little bump later in the year to account for my increased responsibilities. 20% is a stretch, but 5-10% is more likely, but as they say, nothing ventured, nothing gained!
20% increase is in no way ordinary for my workplace.  I am supposed to get a promotion here soon so that will hopefully give me some negotiating power.   If they can not meet my expectations I will most likely take the promotion and then focus on finding a higher paying position elsewhere.  If my current employer wants to match what I am offered elsewhere I would stay with them.



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FIreDrill

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Re: Increase Salary by 20% in 2017
« Reply #4 on: February 08, 2017, 12:26:40 PM »
Just had my promotion go through and that came with a base pay increase of 8.67%.  Unfortunately I went from being hourly to salary so the raise isn't as nice as it sounds.  I'm currently in discussion with my manager about additional increases over the year, my goal is an additional 12% this year.

I'm also looking at opportunities outside of my current company.

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K-12FI

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Re: Increase Salary by 20% in 2017
« Reply #5 on: February 15, 2017, 12:16:54 PM »
Started an online teaching Job on the side, and may be switching districts for more pay, and cutting commute to a 5 min walk (previously a 40 min drive).

Looking at potentially a 20-40% increase in take home pay. Coupling that with student loan payoffs, I hope to soon be maxing a 403b, Roth, and contributing to a solo 401k

Woot!

chesebert

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Re: Increase Salary by 20% in 2017
« Reply #6 on: February 15, 2017, 12:20:40 PM »
I got dinged on my bonus this year. I am actively searching for a place that will not ding me on the bonus next year - the bonus would account for about 20% of the income.

Already unleashed my headhunter...

I'm a red panda

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Re: Increase Salary by 20% in 2017
« Reply #7 on: February 15, 2017, 12:35:02 PM »
To get a 20% increase, I would have to change workplaces- I've done that multiple times in my career.  I LIKE my workplace now, and feel somewhat stable, so it wouldn't be worth the money to me.

FIreDrill

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Re: Increase Salary by 20% in 2017
« Reply #8 on: February 15, 2017, 02:31:41 PM »
To get a 20% increase, I would have to change workplaces- I've done that multiple times in my career.  I LIKE my workplace now, and feel somewhat stable, so it wouldn't be worth the money to me.

This is part of the issue I'm having.  Overall, i really like my workplace, the people, my manager, and what I do.  I just can't justify being paid 15-20% less because of it.  I'm hoping it all works out in the end and they are able to pay me what I would be able to get in the market.  If I was coming in and interviewing for my current job I would still be asking for 20% more than I'm making now after my latest raise.

I'm a red panda

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Re: Increase Salary by 20% in 2017
« Reply #9 on: February 15, 2017, 03:14:19 PM »
To get a 20% increase, I would have to change workplaces- I've done that multiple times in my career.  I LIKE my workplace now, and feel somewhat stable, so it wouldn't be worth the money to me.

This is part of the issue I'm having.  Overall, i really like my workplace, the people, my manager, and what I do.  I just can't justify being paid 15-20% less because of it.  I'm hoping it all works out in the end and they are able to pay me what I would be able to get in the market.  If I was coming in and interviewing for my current job I would still be asking for 20% more than I'm making now after my latest raise.

Although, if you get an offer in hand, you may be able to get your current company to give you the equivalent raise to keep you.  It costs a lot to train someone- might cost less to retain you, especially if you make it clear you weren't leaving because you were unhappy.

For me, the industry is limited, at least if I don't want to move. There is only one other local company I can go to, and I have heard horrible things about their work-life balance. I'm also pretty fairly paid, I'd just like to have more.  I know my name is up for a promotion, and it has been approved by my department, but whether it takes 2 months or 2 years to get approved by the board I don't know.  I could go back to places I worked before, but honestly, I left them for a reason, and it wasn't just money (though the money got better every time I left.) 

I do place value on working with intelligent colleagues, good management, and having work-life balance.  The only negative is my job requires travel and with a baby on the way, I'm not too sure about that... (Though I've negotiated 1 year off travel)

FIreDrill

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Re: Increase Salary by 20% in 2017
« Reply #10 on: February 27, 2017, 04:24:38 PM »
Quick update.  Received another 3% raise bringing my base pay up roughly 12% so far YTD.  I also landed a phone interview with another company.  Phone interview is scheduled a couple days after I get back from vacation.  I am also looking at going for my Masters which will help both for internal promotions and external job prospects.

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FIreDrill

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Re: Increase Salary by 20% in 2017
« Reply #11 on: December 12, 2018, 11:01:35 PM »
This is nuts.. Since creating this post we have moved and I have gone through 2 job transitions while perusing my Masters.  I just got offered another position at a different company with yet again a large raise.

My total compensation will have increased by roughly 65% since I started this thread nearly 2 years ago.  I think it's time to settle down for a while LOL....

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ItsALongStory

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Re: Increase Salary by 20% in 2017
« Reply #12 on: December 13, 2018, 07:15:58 AM »
How are the non money attributes of these jobs compared to where you were?

Duchess of Stratosphear

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Re: Increase Salary by 20% in 2017
« Reply #13 on: December 13, 2018, 07:27:18 AM »
What industry are you in, FIreDrill? I could never do this in my area of work. Good for you!

FIreDrill

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Re: Increase Salary by 20% in 2017
« Reply #14 on: December 13, 2018, 02:39:08 PM »
How are the non money attributes of these jobs compared to where you were?

The first job change was miserable... It was basically an opportunity for us to move to our desired location.  Financially it was like a 15% raise on base pay.

The second job has been good so far.  Fun work and decent people, but I quickly realized I came in much lower than my market value and was drastically outperforming my title.  This job came with another 11% base pay increase.

The offer I just accepted is with the only other company I would consider going to right now.  I have several friends and previous coworkers working at this company and it has a great culture.  Base pay increase of 20% from my current position with additional stock and yearly bonus which should bring my total comp up 40-50% from my current job. Ridiculous, I know...  But I feel this is definitely more in line with my market value.

Another thing to consider is we went from an MCOL area to an HCOL area.  So the numbers can be somewhat skewed because of this.

What industry are you in, FIreDrill? I could never do this in my area of work. Good for you!

Thanks!

I am in the Tech industry.  Specifically, Network&Systems Engineering.
« Last Edit: December 13, 2018, 05:18:39 PM by FIreDrill »

SKL-HOU

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Re: Increase Salary by 20% in 2017
« Reply #15 on: December 13, 2018, 04:53:40 PM »
Wow! Impressive improvement! I plan on switching jobs next year for an increase (estimate 15% salary increase plus a 10% annual bonus which is nonexistent at my current workplace). I already had this offer this year but i turned down for another one then ended up going back to thecompany i was with before for nonfinancial reasons. I wanna be like you when i grow up :)

FIreDrill

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Re: Increase Salary by 20% in 2017
« Reply #16 on: December 13, 2018, 05:28:14 PM »
Wow! Impressive improvement! I plan on switching jobs next year for an increase (estimate 15% salary increase plus a 10% annual bonus which is nonexistent at my current workplace). I already had this offer this year but i turned down for another one then ended up going back to thecompany i was with before for nonfinancial reasons. I wanna be like you when i grow up :)

Yeah, the non-financial reasons for working somewhere are hard to quantify.  I expect this new position to be extremely challenging, busy, but also fun.  It should be a good place to gain knowledge and grow my career.  If it turns out to be too crazy I can always stick it out for a couple years and then move on to a different company at similar pay.

The company I currently work for could easily pay me more but they are restricted to how much they can increase your salary or how quickly they can promote you.  It's a company that is a great place to come into when you have already climbed the ladder and want to "settle" your career.  I'm not at that stage yet. :)

marty998

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Re: Increase Salary by 20% in 2017
« Reply #17 on: December 25, 2018, 04:31:15 AM »
It's not really within my control at my current workplace, but I'd be hoping for a nice little bump later in the year to account for my increased responsibilities. 20% is a stretch, but 5-10% is more likely, but as they say, nothing ventured, nothing gained!
20% increase is in no way ordinary for my workplace.  I am supposed to get a promotion here soon so that will hopefully give me some negotiating power.   If they can not meet my expectations I will most likely take the promotion and then focus on finding a higher paying position elsewhere.  If my current employer wants to match what I am offered elsewhere I would stay with them.


Ok it's not quite 65%, and it might be a year or two late, but I was a little shocked to get 20% plus an increase to my bonus potential from next week.

A lot can happen in a timeframe just over the horizon.

marty998

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Re: Increase Salary by 20% in 2017
« Reply #18 on: December 25, 2018, 04:41:01 AM »
Wow! Impressive improvement! I plan on switching jobs next year for an increase (estimate 15% salary increase plus a 10% annual bonus which is nonexistent at my current workplace). I already had this offer this year but i turned down for another one then ended up going back to thecompany i was with before for nonfinancial reasons. I wanna be like you when i grow up :)

Yeah, the non-financial reasons for working somewhere are hard to quantify.  I expect this new position to be extremely challenging, busy, but also fun.  It should be a good place to gain knowledge and grow my career.  If it turns out to be too crazy I can always stick it out for a couple years and then move on to a different company at similar pay.

The company I currently work for could easily pay me more but they are restricted to how much they can increase your salary or how quickly they can promote you.  It's a company that is a great place to come into when you have already climbed the ladder and want to "settle" your career.  I'm not at that stage yet. :)

This is an interesting policy. If you're good enough for the job that should be enough. If the policy is strictly enforced, the odd shooting star is going to go elsewhere very quickly.

FIreDrill

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Re: Increase Salary by 20% in 2017
« Reply #19 on: December 25, 2018, 02:20:50 PM »
Wow! Impressive improvement! I plan on switching jobs next year for an increase (estimate 15% salary increase plus a 10% annual bonus which is nonexistent at my current workplace). I already had this offer this year but i turned down for another one then ended up going back to thecompany i was with before for nonfinancial reasons. I wanna be like you when i grow up :)

Yeah, the non-financial reasons for working somewhere are hard to quantify.  I expect this new position to be extremely challenging, busy, but also fun.  It should be a good place to gain knowledge and grow my career.  If it turns out to be too crazy I can always stick it out for a couple years and then move on to a different company at similar pay.

The company I currently work for could easily pay me more but they are restricted to how much they can increase your salary or how quickly they can promote you.  It's a company that is a great place to come into when you have already climbed the ladder and want to "settle" your career.  I'm not at that stage yet. :)

This is an interesting policy. If you're good enough for the job that should be enough. If the policy is strictly enforced, the odd shooting star is going to go elsewhere very quickly.
Yep, it's a horrible policy that makes retaining rapidly progressing talent very hard.  Three people in my team have left for this same reason over the last year.  It really is unfortunate because the company is great. But in the end I can't delay my salary and career growth by 5 years just because I like the company.

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