DISQUS

Consumerism Commentary: Don’t Expect a Big Pay Increase: Other Options

  • Hustler · 2 years ago
    tighten your budget and create side income are the best options. There are always methods to cut your bills. Side job could be as easy as sign on bonuses.
  • Compounding · 2 years ago
    Well, I have not yet stayed in a job for much longer than two years. This strategy has paid-off well for me, to this point. My last two job changes have each yielded ~20% pay increases for me. I will likely stay in my current position for at least three and one-half years, which is until I am 30, because I want my next move to be towards management, and I have a lot that I can do in my current position that will lend well towards a move in that direction.

    However, these job changes do provide for interesting challenges. For instance, I would say that I have missed out on several thousands of dollars in opportunity to invest in 401(k) accounts, because of the waiting periods. Also, I am gone without insurance for a month here, and a month there, because of it.
  • Matt · 2 years ago
    As a general rule I find companies don't like to give out big raises and if you look at it from their point of view it makes sense but sucks as an employee.

    I think the best suggestion is to make money on the side - there are many ways to do it especially if you have hobbies that lend themselves to this.

    Finally you can always change companies/jobs often just going to a competitor will give you 5-10% (though I guess that depends on your industry and where you live)
  • Jason · 2 years ago
    Another option is to negotiate for some short term (or immediately) vesting stock options. It is very much like a bonus, but easier on the companies balance sheet since they don't have to allocate the money. This works very well with start-up tech companies, but likely will work just as well with more established companies.
  • thomas · 2 years ago
    "But loyalty has to be earned, and corporations must act in a way that shows their employees are their most valuable assets."

    Very good point, especially for the Gen Y crowd. Fortune magazine just had an article about Gen Y and the workforce. They have zero loyalty and will change jobs/quit for numerous reasons.

    If your company is large enough, you could also look internally for a new position. Hopefully one that allows you to grow professionally and maybe even financially.