Want to get to your next Career Level? Or into a role you'll Love? ◆ We help you get there! | Sr. Leads ► Managers ► Directors ► Exec Directors | $150K/$250K/$500K+ Jobs
2020 - No Pay Increase 😓 2021 - No Pay Increase 😓 2022 - No Pay Increase 😓 Employee - Boss please accept my resignation. Boss - Oh! What Happened? Employee - Got a better opportunity and Salary. Boss - How much more? Employee - 45% After few days..... Boss - We will match it, can you stay with us, we need you here?! Employee - Sorry it's too late. Moral of the story. Leaders should listen to and take care of the talent before it's too late. Because employees will go where they are valued and compensated.
If you want help, we can help level up your role and income... 111 offers to date so far! Just message me and let me know!
Are you expecting a raise this year?
I think this captures the reality of the workforce in the past number of years especially...I've heard stories of people handing in their resignations and literally being asked by their managers why they didn't come asking for a pay raise... I think this is all about being valued and having that value being reflected and acknowledged. Plus, I'd reasonably speculate here that regular check-ins and quarterly reviews aren't common in situations such as these and that's why regular updates with your top performers are so vital. Keep them engaged and feeling valued and you just may be able to avoid situations such as these.
I was advising some recent graduates and they asked what is the number one thing I have learned in my career. My answer? Leave. The only way to be paid what you are worth is to leave every couple of years until you reach that "Senior" position that affords you more negotiation.
Bottom line, most companies couldn’t afford to issue annual salary increases in 2020 due to COVID, supply chain issues, etc. Any company would have been “lucky” to retain someone who didn’t get a pay increase in 2021 during the great resignation because they were paying new people so much more than their existing staff. People were pissed that bonuses and promotions weren’t issued in 2022 during the economic decline. Now here we’re are at the end of 2023 and it’s not looking any better at a lot of companies. It forces good people to leave to get that saraly increase. Come bonus season March 2024, I believe even more people will be looking for something new✌️
The employer was so lucky his employee has decided to check his market value only in 3 years without pay increase. But really, it's too much to wait. Sometimes employers don't want to increase salary just because employee is not asking for it. What if employee is shy to raise such a discussion? Yes, employee waits and hope, until patience is over. And when it is, it's already too late to negotiate. Sure, counter offer might be, but both employer and employee knows this kind of relationship won't last long.
It’s true, why’s stay where your undervalued. Most employees have stayed as long as they have due to loyalty, fear of the unstable job market and hopes of their work being recognized in the forms of promotion and salary increases. While on the other hand, the employer increased their profits off of knowing that these fears exist. When the employer now looses that valued employee, often times someone is brought in at either a lesser rate or more willing to do the work that they are tasked with.
Want to get to your next Career Level? Or into a role you'll Love? ◆ We help you get there! | Sr. Leads ► Managers ► Directors ► Exec Directors | $150K/$250K/$500K+ Jobs
9moSome expert tips if you're in this situation: Don't wait for that annual bonus to move and level up. That bonus can almost always be negotiated into the new job as a signing bonus. And there are way fewer opportunities come April, than there are now!