I am a member of a small profession (actuary) and feel that I am paid a below market salary for my experience level. There are a few salary surveys out there I have seen and while they vary a bit, it is clear I am paid on the low side of the scale. I would estimate I am at the 25'th percentile.
Like many companies, my employer is very tight with annual salary increases. 2% to 3% is where the aggregate average falls each year.
I believe I am still at a point in my career where my market value is increasing with each additional year of experience (say 5% per year) and with inflation at 3%, I feel that anything less than 8% per year puts me more below market for my profession. I am a strong performer as well.
I like my job a lot; I like my co-workers a lot but I need to earn more money and really don't want to go out and get a different job offer. I am confident I could do this; my company has tried to match offers before but this is not a road I would prefer.
Advice??
2007-09-04 14:15:38 · 4 answers · asked by berm100 1 in Business & Finance ➔ Careers & Employment ➔ Other - Careers & Employment
Ask for a raise. It can't hurt to ask. Then look around at other jobs in your field. If you get an offer then go to your boss and say i like it here but I have this offer. See if they can match it.
2007-09-04 14:20:37 · answer #1 · answered by hallock36 3 · 2⤊ 0⤋
An as Actuarial you should know that your profession is the apex of accountants therefore your boss, if he is an Actuarial, will pay you the least to maximize profit for them. If your boss is not fond of you there are legal ways that he can employ in justifying not giving you a raise.
Many companies are not allowing their employees to retire and most have eliminated pensions and many do not give you a chance to a 401K. Their goals is to control people by minimizing payroll which includes benefits and retirement packages.
Be happy that you have a job since the US unemployment rate is about 10% and the Department of Labor will not give a complete and thorough report.
If you complain too much you will be let go so be very careful in this area.
I know of someone who could not find a job in a year and he was the main store manager.
2007-09-04 14:26:15 · answer #2 · answered by MIE 4 · 0⤊ 0⤋
This is a tough situation. The truth is, usually, whatever the job is, if one person decides to leave, there is always someone else waiting to step in, even if the salary isn't great. I would advise setting up a meeting with your boss and discussing the research that you have found. However, you should approach the subject very carefully and remain positive about it, not negative. Tell your boss that you love your job and are happy where you are but you wish to explore if there are any opportunities within the establishment that would give you an increase in salary. Also, you can go out and actively look for another position; see what is really out there and if it is really any better than the situation that you are currently in. Sometimes good working conditions supplement a decreased salary-- my husband was in that situation. I wish you the best of luck.
2007-09-04 14:23:24 · answer #3 · answered by AmyBlue77 3 · 2⤊ 0⤋
Since you indicate the market pays better elsewhere ,
Then you need to apply with the company that can pay the wages you seek .
Not all employers have the revenue to keep up with the 'Jones' ( in a business sense ) .
Decide , do you want the more $$$ or Not ?
If you do not want to leave your current place ,
Accept the $$$ you make and learn to make do .
Complainers become very annoying very soon .
Either apply elsewhere , or accept your current status .
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2007-09-04 14:23:34 · answer #4 · answered by kate 7 · 1⤊ 0⤋