A reader writes:
I recently accepted my dream job. I’ve since learned that the company does not give out raises. They offer a small, variable, annual bonus depending on company performance instead of cost of living adjustments or merit raises.
I am getting by on my current salary in Expensive City for now and hadn’t planned to ask for a raise for at least a year. But I worry that I hamstrung myself by not negotiating for more initially. I’m happy in my position but have no growth opportunities aside from lateral transfers, which don’t interest me because I like my work and love my team. I realize my best option may be to negotiate for other perks.. But I already enjoy ample PTO and a generous work-from-home policy. I might sound like an entitled millennial, but I have medical bills and student loans … I could definitely use a little more cash!
I am tracking my accomplishments, owning my development, and brainstorming extra projects to show my increased value for an eventual conversation around my salary with my boss. Is there anything else I can do in this situation aside from get a side gig, move to the suburbs to save money, or look for another job? More broadly – am I naive for expecting my wages to grow with my value, or is the elimination of raises and COL adjustments just the reality of employment in 2019?
No, it’s not the reality of employment. Your dream job is not in fact a dream job, because your company suuucccks.
Here’s what not giving out merit raises means:
* As your contributions to the company increase, you won’t be compensated accordingly. When you’ve been in your job for a few years, they’re going to be paying you for the value you brought to the job in your first few months.
* If everyone in roles similar to yours starts at roughly the same salary and stays at that salary, you’re going to be paid the same as the slacker on your team who barely scrapes by.
* Unlike with raises, which become a fixed part of your salary, your company can decide at any time not to do those “small, variable, annual bonuses.”
* When you look for a new job, if you encounter a company that pegs their offer to your existing salary (which is BS, but still really common), you’ll be at a huge disadvantage because your salary will be out of date for your value.
* Most importantly, your company so devalues its employees’ contributions that it doesn’t think your value increases over time and doesn’t think it needs to pay you for that.
Here’s what not giving out cost-of-living raises means:
* Your salary is going to decrease in real dollars every year. You’ll have less buying power in three years than you have now. Not only will your company not reward you for performing at a higher level, they’re actually financially penalizing you.
You are not naive, and you are not an entitled millennial. And please toss that phrase, even when you’re using it ironically or to self-deprecate. Y’all were never entitled, and let’s not play into that narrative.
But if you otherwise like the job (and give it some time before you decide that!), there’s nothing wrong with staying a couple of years. You wouldn’t expect a raise during your first year anyway, and an additional year without an increase isn’t outrageous. But after two years, I’d plan to start looking for a company that doesn’t devalue employees this way.
my new job doesn’t give raises — ever was originally published by Alison Green on Ask a Manager.
from Ask a Manager http://bit.ly/2DL2xJH
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