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I've been with my company 6 years but with this one department, almost 2 years. During the first year, I did reasonably well but only got a bonus worth 1600 and a 1.5% raise on my salary. My salary was originally 40K when I joined in 2011, so I've grown a bit. General background - my job is more a financial one that supports sales in acquiring new business.
This year in particular, though, I worked my butt off. I really felt I achieved mastery knowledge on all the things my team supports and the database that serves as the main vehicle for our work was completely revamped and overhauled by me. Every week I came up with some little improvement that made me and my team a lot more productive compared to how things were in 2015 and 2016. This was also in addition to handling the same volume of work as my colleagues on a day to day basis. I put in my 8 hours...that was enough to go balls to the walls and felt I didn't need to look like I was doing 10 hours a day (there are no expectations about the volume of hours you put it, just get your work done, but some people feel they get judged by how long they are in the office).
Overall, I've added a lot of intelligence, insight, and automation to our process that makes our team more productive and of greater value to our sales and business partners.
I expect to have my annual review in a few weeks and I've documented about 7 pages in a word document all the enhancements I made - some significant, others more of a nice to have, and some very creative. Most importantly, I thought of a lot of this by myself.
OK - I'll admit - the previous paragraphs are probably irrelevant to anyone who reads this thread - it's more to help me organize my thoughts in a quick manner, but my overall question, is it reasonable to ask for a 10K raise? Should I even ask for more?
Why 10K? Well, that would probably be the threshold for a higher job grade level for company's internal grade codes. I also filled out a survey on payscale and found that based on the type of work I do, I'm underpaid. I also got my MBA last year, which wouldn't warrant a raise directly on its own, but I feel should be considered in some way. Talking to friends and family, they all think I should be making at least 90K for having to schlep to the city and commute 4 hours a day, especially now that I'm almost 30 years old. Regarding preparation for my annual review, I already mentioned I documented all the improvements I made.
Only problems? My managers haven't really given me sufficient feedback throughout the year, whether it's good or bad. I really don't know how they perceive me - my gut says I'm well liked, but some days I feel like I'm in the dark. In previous roles, my manager was way more transparent, so while I feel I have done a lot of due diligence to prepare for this raise request, I also feel like I'm going in a bit blind. But in the absence of feedback from them, I can easily rattle off a bunch of business partners who can vouch me, whom I've built significant relationships with over the past two years. Some of them go to me directly for requests. Even my manager 3 levels ahead of me was impressed with the work I did the few times he called on me for something.
I also have some some anxiety about how me working only 40-45 hours is frowned upon. I come earlier than everyone else but I leave at 5 - there's no reason to stay later unless something is due. Missing deadlines is never on the table as a possible risk...I simply work more efficiently and don't waste time. The other thing is, we just hired two more people and it was my opinion that we didn't really need them. My company is known to underpay almost everyone but the company financials are showing good results and I'm optimistic.
Thing is, I love my job - I get excited coming in most days and figuring how I can improve our process and seeing those improvements materialize as I do my day to day work. I just want to know if my raise of 10k seems reasonable given all I said in the NYC climate. If I get a raise more akin to what I got last year (1.5% and 1600 bonus) then I will probably have no choice but to find a new job somewhere else. I love what I do now, but if I need 100K to stay afloat in NYC (I live on Long Island), then obviously my career isn't going to flourish at this company.
Sorry for the long wall of text...I appreciate any feedback you can give. Even if it's not something I want to hear, I think it will be helpful as I prepare for performance review.
I've been with my company 6 years but with this one department, almost 2 years. During the first year, I did reasonably well but only got a bonus worth 1600 and a 1.5% raise on my salary. My salary was originally 40K when I joined in 2011, so I've grown a bit. General background - my job is more a financial one that supports sales in acquiring new business.
This year in particular, though, I worked my butt off. I really felt I achieved mastery knowledge on all the things my team supports and the database that serves as the main vehicle for our work was completely revamped and overhauled by me. Every week I came up with some little improvement that made me and my team a lot more productive compared to how things were in 2015 and 2016. This was also in addition to handling the same volume of work as my colleagues on a day to day basis. I put in my 8 hours...that was enough to go balls to the walls and felt I didn't need to look like I was doing 10 hours a day (there are no expectations about the volume of hours you put it, just get your work done, but some people feel they get judged by how long they are in the office).
Overall, I've added a lot of intelligence, insight, and automation to our process that makes our team more productive and of greater value to our sales and business partners.
I expect to have my annual review in a few weeks and I've documented about 7 pages in a word document all the enhancements I made - some significant, others more of a nice to have, and some very creative. Most importantly, I thought of a lot of this by myself.
OK - I'll admit - the previous paragraphs are probably irrelevant to anyone who reads this thread - it's more to help me organize my thoughts in a quick manner, but my overall question, is it reasonable to ask for a 10K raise? Should I even ask for more?
Why 10K? Well, that would probably be the threshold for a higher job grade level for company's internal grade codes. I also filled out a survey on payscale and found that based on the type of work I do, I'm underpaid. I also got my MBA last year, which wouldn't warrant a raise directly on its own, but I feel should be considered in some way. Talking to friends and family, they all think I should be making at least 90K for having to schlep to the city and commute 4 hours a day, especially now that I'm almost 30 years old. Regarding preparation for my annual review, I already mentioned I documented all the improvements I made.
Only problems? My managers haven't really given me sufficient feedback throughout the year, whether it's good or bad. I really don't know how they perceive me - my gut says I'm well liked, but some days I feel like I'm in the dark. In previous roles, my manager was way more transparent, so while I feel I have done a lot of due diligence to prepare for this raise request, I also feel like I'm going in a bit blind. But in the absence of feedback from them, I can easily rattle off a bunch of business partners who can vouch me, whom I've built significant relationships with over the past two years. Some of them go to me directly for requests. Even my manager 3 levels ahead of me was impressed with the work I did the few times he called on me for something.
I also have some some anxiety about how me working only 40-45 hours is frowned upon. I come earlier than everyone else but I leave at 5 - there's no reason to stay later unless something is due. Missing deadlines is never on the table as a possible risk...I simply work more efficiently and don't waste time. The other thing is, we just hired two more people and it was my opinion that we didn't really need them. My company is known to underpay almost everyone but the company financials are showing good results and I'm optimistic.
Thing is, I love my job - I get excited coming in most days and figuring how I can improve our process and seeing those improvements materialize as I do my day to day work. I just want to know if my raise of 10k seems reasonable given all I said in the NYC climate. If I get a raise more akin to what I got last year (1.5% and 1600 bonus) then I will probably have no choice but to find a new job somewhere else. I love what I do now, but if I need 100K to stay afloat in NYC (I live on Long Island), then obviously my career isn't going to flourish at this company.
Sorry for the long wall of text...I appreciate any feedback you can give. Even if it's not something I want to hear, I think it will be helpful as I prepare for performance review.
In most cases, the standard for raises is up to 5%. Am not sure where you came up with your numbers from but perhaps you should do some more digging regarding raises to make sure you don't look foolish when you go in for your annual review. You come in early to get you work done. Don't see anything wrong with that.
I've been with my company 6 years but with this one department, almost 2 years. During the first year, I did reasonably well but only got a bonus worth 1600 and a 1.5% raise on my salary. My salary was originally 40K when I joined in 2011, so I've grown a bit. General background - my job is more a financial one that supports sales in acquiring new business.
This year in particular, though, I worked my butt off. I really felt I achieved mastery knowledge on all the things my team supports and the database that serves as the main vehicle for our work was completely revamped and overhauled by me. Every week I came up with some little improvement that made me and my team a lot more productive compared to how things were in 2015 and 2016. This was also in addition to handling the same volume of work as my colleagues on a day to day basis. I put in my 8 hours...that was enough to go balls to the walls and felt I didn't need to look like I was doing 10 hours a day (there are no expectations about the volume of hours you put it, just get your work done, but some people feel they get judged by how long they are in the office).
Overall, I've added a lot of intelligence, insight, and automation to our process that makes our team more productive and of greater value to our sales and business partners.
I expect to have my annual review in a few weeks and I've documented about 7 pages in a word document all the enhancements I made - some significant, others more of a nice to have, and some very creative. Most importantly, I thought of a lot of this by myself.
OK - I'll admit - the previous paragraphs are probably irrelevant to anyone who reads this thread - it's more to help me organize my thoughts in a quick manner, but my overall question, is it reasonable to ask for a 10K raise? Should I even ask for more?
Why 10K? Well, that would probably be the threshold for a higher job grade level for company's internal grade codes. I also filled out a survey on payscale and found that based on the type of work I do, I'm underpaid. I also got my MBA last year, which wouldn't warrant a raise directly on its own, but I feel should be considered in some way. Talking to friends and family, they all think I should be making at least 90K for having to schlep to the city and commute 4 hours a day, especially now that I'm almost 30 years old. Regarding preparation for my annual review, I already mentioned I documented all the improvements I made.
Only problems? My managers haven't really given me sufficient feedback throughout the year, whether it's good or bad. I really don't know how they perceive me - my gut says I'm well liked, but some days I feel like I'm in the dark. In previous roles, my manager was way more transparent, so while I feel I have done a lot of due diligence to prepare for this raise request, I also feel like I'm going in a bit blind. But in the absence of feedback from them, I can easily rattle off a bunch of business partners who can vouch me, whom I've built significant relationships with over the past two years. Some of them go to me directly for requests. Even my manager 3 levels ahead of me was impressed with the work I did the few times he called on me for something.
I also have some some anxiety about how me working only 40-45 hours is frowned upon. I come earlier than everyone else but I leave at 5 - there's no reason to stay later unless something is due. Missing deadlines is never on the table as a possible risk...I simply work more efficiently and don't waste time. The other thing is, we just hired two more people and it was my opinion that we didn't really need them. My company is known to underpay almost everyone but the company financials are showing good results and I'm optimistic.
Thing is, I love my job - I get excited coming in most days and figuring how I can improve our process and seeing those improvements materialize as I do my day to day work. I just want to know if my raise of 10k seems reasonable given all I said in the NYC climate. If I get a raise more akin to what I got last year (1.5% and 1600 bonus) then I will probably have no choice but to find a new job somewhere else. I love what I do now, but if I need 100K to stay afloat in NYC (I live on Long Island), then obviously my career isn't going to flourish at this company.
Sorry for the long wall of text...I appreciate any feedback you can give. Even if it's not something I want to hear, I think it will be helpful as I prepare for performance review.
From my experience, if you working in bank's industry, it's better to jump to another bank and get even $20-25 grand raise. That what my former coworkers did to get more money.Or, you should apply maybe for the manager's position withing your company. Why not?
So, you think that you deserve a 14% increase when your increases have been very modest and I'll bet salary surveys the company subscribes to say that the companies wage schedule is market rate, or at least at the 50 percentile mark. You have stayed there 6 years, high probability you will stay a 7th year.
You have an employees perspective of your worth, not an employers perspective.
Here is your employers perspective:
I only need to pay our employees enough to keep them from leaving, not a penny more. I expect my employees to make improvements to their work performance - that's what I pay them for. If I have someone that does make improvements to efficiency and overall productivity I need to remember to say thank you, (an email will do) but I certainly don't need to pay them more annually, because that's what I expect them to do.
Here is some advice:
If you don't like the pay, leave. That is the quickest way do get a big raise. Your current employer is paying you for all the wonderful things you did at your last job and the skills those experiences provided to you on someone else's dime. That's why the hired you. They wanted you to do wonderful things for them too, which is also why they are paying you what you make now.
If you want to be appreciated for all the wonderful things you are doing now, find another job, go there, and have them pay for the experiences and skills you've learned at your current job.
The only way your current employer is going to approach what you think you deserve is if you have expressed the desire to go accept an offer you have, or if they think your pay is under market, or your particular skill set is so rare or difficult to find that they feel they need YOU. Otherwise, not happening.
I also have some some anxiety about how me working only 40-45 hours is frowned upon.
Are you kidding me? That is so old school. I only work 35 hours a week - come in at 8 and leave by 4:00 pm, and sometimes work from home and not one minute over. This is why I don't work for financials. Government and academics are always the best places to work for.
Anyway, asking for a 10K raise may definitely make you look foolish. How about showing your progress and then asking for a title change instead where you know the new title will pay more?
Also, if you received your MBA, you should probably explore other possibilities on the outside or look for other departments to work for.
Good thing to know is that should you seek other employment, your new employer cannot ask for your previous salary experience, so you won't have to worry about this situation as you will be paid market rate.
It makes a lot more sense to go after job openings in another company if you want that bump. It doesn’t hurt to ask for a raise though I think that percentage of increase isn’t that common so they may counteroffer lower.
Again though, changing orgs completely usually net you far higher salary increases and can trigger a better counteroffer from your current company if they are afraid of losing you.
Thanks all - when I say raise, I also mean a grade level promotion...usually a significant raise comes with that in addition to yearly (COL) raises that everyone gets. I think finding a new bank is the most viable choice...one good thing about where I am now is that I can work from home 1-2 times a week (mostly just once though), but whose to say I couldn't do that at another company. I'd give that up for a bigger raise though.
I've been with my company 6 years but with this one department, almost 2 years. During the first year, I did reasonably well but only got a bonus worth 1600 and a 1.5% raise on my salary. My salary was originally 40K when I joined in 2011, so I've grown a bit. General background - my job is more a financial one that supports sales in acquiring new business.
This year in particular, though, I worked my butt off. I really felt I achieved mastery knowledge on all the things my team supports and the database that serves as the main vehicle for our work was completely revamped and overhauled by me. Every week I came up with some little improvement that made me and my team a lot more productive compared to how things were in 2015 and 2016. This was also in addition to handling the same volume of work as my colleagues on a day to day basis. I put in my 8 hours...that was enough to go balls to the walls and felt I didn't need to look like I was doing 10 hours a day (there are no expectations about the volume of hours you put it, just get your work done, but some people feel they get judged by how long they are in the office).
Overall, I've added a lot of intelligence, insight, and automation to our process that makes our team more productive and of greater value to our sales and business partners.
I expect to have my annual review in a few weeks and I've documented about 7 pages in a word document all the enhancements I made - some significant, others more of a nice to have, and some very creative. Most importantly, I thought of a lot of this by myself.
OK - I'll admit - the previous paragraphs are probably irrelevant to anyone who reads this thread - it's more to help me organize my thoughts in a quick manner, but my overall question, is it reasonable to ask for a 10K raise? Should I even ask for more?
Why 10K? Well, that would probably be the threshold for a higher job grade level for company's internal grade codes. I also filled out a survey on payscale and found that based on the type of work I do, I'm underpaid. I also got my MBA last year, which wouldn't warrant a raise directly on its own, but I feel should be considered in some way. Talking to friends and family, they all think I should be making at least 90K for having to schlep to the city and commute 4 hours a day, especially now that I'm almost 30 years old. Regarding preparation for my annual review, I already mentioned I documented all the improvements I made.
Only problems? My managers haven't really given me sufficient feedback throughout the year, whether it's good or bad. I really don't know how they perceive me - my gut says I'm well liked, but some days I feel like I'm in the dark. In previous roles, my manager was way more transparent, so while I feel I have done a lot of due diligence to prepare for this raise request, I also feel like I'm going in a bit blind. But in the absence of feedback from them, I can easily rattle off a bunch of business partners who can vouch me, whom I've built significant relationships with over the past two years. Some of them go to me directly for requests. Even my manager 3 levels ahead of me was impressed with the work I did the few times he called on me for something.
I also have some some anxiety about how me working only 40-45 hours is frowned upon. I come earlier than everyone else but I leave at 5 - there's no reason to stay later unless something is due. Missing deadlines is never on the table as a possible risk...I simply work more efficiently and don't waste time. The other thing is, we just hired two more people and it was my opinion that we didn't really need them. My company is known to underpay almost everyone but the company financials are showing good results and I'm optimistic.
Thing is, I love my job - I get excited coming in most days and figuring how I can improve our process and seeing those improvements materialize as I do my day to day work. I just want to know if my raise of 10k seems reasonable given all I said in the NYC climate. If I get a raise more akin to what I got last year (1.5% and 1600 bonus) then I will probably have no choice but to find a new job somewhere else. I love what I do now, but if I need 100K to stay afloat in NYC (I live on Long Island), then obviously my career isn't going to flourish at this company.
Sorry for the long wall of text...I appreciate any feedback you can give. Even if it's not something I want to hear, I think it will be helpful as I prepare for performance review.
If you're more specific with your exact role, I could probably give you better advice. I do agree that you should probably look to jump to another bank to get that big raise.
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lyla45
Dreaming is good
