Submitted by sdh91 on
I have had a few recruiting calls over the last 6 months from the HR Department of competitors in my industry. Since they are contacting me, I have been asking about compensation earlier in the discussions than I would if the tables were turned. What I have discovered is that my current compensation is approximately 25% below what these companies are offering someone of my experience.
My desire is to stay with my current employer. I have listened to the podcasts about how to ask for a raise and while I beleive my performance can be part of the conversation, it seems that a market based adjustment should be a larger part of the discussion as I am looking for more than amstandard 5%-10% raise. Wondering if anyone has been in a similar situation or has input on how to approach such a situation.
Thank you in advance.
Focus on results...
Can you prove you gave them 25% increase in results or profits? That's a LOT for a salary to increase in one single jump! Market rates don't mean a lot to organisations if they really can't afford it and when you factor in goodwill and various salary compressions that occur internally; not to mention other non-cash benefits. Managers (and HR) have to also ensure there is parity within the organisation so if giving you a gigantic leap puts you way out of whack with others and the benchmarks, that's not a good look and difficult to justify without then flowing that rationale on to everyone else.
You can touch on it in conversation but I wouldn't make it a larger part of the discussion. Be wary; some managers will see it as an ultimatum and they're more than willing to say 'ok, see ya later then'. If the money is more important, follow the money. If your desire is to stay where you are; then focus on delivering exceptional results that knock their socks off and you'll see that increase come without even asking for it :)
ps - I make these decisions and/or recommendations almost every week to the CFO and I *always* push back to the manager for more evidence on what is being delivered. Invariably the manager comes to me after the employee went to them and the manager's rationale is "because I'll lose them" or "he's a nice guy and he works hard and everyone likes him". REALLY?? No. I will always do a market evaluation as well and then see if it fits within our own remuneration structure. If it does and there is a valid reason, then by all means it will go through. But there is rarely a valid reason. Sadly. And market offerings is not enough. Sorry.
Great input, thank you for the detailed response.