How I Increased My Income

How I increased my salary

I think it’s no surprise that to really increase your income significantly, you have to show value to your current employer or you have to leave your current employer.  I currently work at a large Fortune 500 firm and have been there for about 4 years.  Approximately 1 year ago, a new manager entered into the scene.  She came from another company and we have not gotten along.

My Current Job Situation

I’ve been at my current employer for 4 years.  I’ve had one significant job change during that time and received a small bump in pay as a result.  I’ve enjoyed my job and the people, until I inherited a new manager in mid-2017.  We just didn’t get along.

I needed to make a change.  I made several attempts to switch jobs within the company with no luck.  I needed to do something.  I started searching for jobs at other companies.

The Job Search

I started the job search in October 2017.  After a few months of sending out resumes, I was finally called into an interview at another Fortune 500 firm.  I interviewed on May 3rd.

I came in very confident and prepared for the interviews.  I knew this was my only shot, so I had to make it count.  I met with 6 different people, including 1 panel interview with 4 people!  I answered their questions, and asked insightful questions.  They knew I knew what I was talking about.  Within a week, they called to offer me the job.

The Offer

But first, HR needed to speak with me about my salary expectations and what I would be walking away from my current company.  I told them my current salary and that I wanted to be treated fairly, but made it clear that an offer would have to be enough to make me want to leave…and left it at that.

I had to send in some documentation on some unvested stock I was leaving on the table at my old employer.  Within a few days, HR had an offer ready for me.  We set up time to speak on the phone.  The offer presented was more than what I was making now.

However, this was my only time to adjust my salary…it’s very difficult increase your salary once you’re employed in a company.  I was an my current employer for 4 years and salary increases were minimal.  I was at another company for 9 years with minimal salary increases.

Now was the time to negotiate.  I knew the hiring manager really wanted me.  You can tell by the tone at the interview and by the words HR used when making the offer. I figured the worst they could say is “no”.

The Negotiation

So, I asked for $5,000 more than their initial offer.  I submitted the request via email with rationale for my ask.  I mainly cited industry averages.  My bonus is 20% of my base and my 401k match is 10%, so in reality, I would be getting a $6,500 bump in total compensation which will compound over time.  Within 24 hours, they accepted!

Makes me wonder whether I could’ve asked for more!  Oh well, its a good job, pays more, its at a decent company, with good people, and gets me out of my current situation.  I really can’t complain.

The Lesson

The lesson here is when you take a new job, always negotiate your salary!  The extra $6,500 can now compound over time.  Don’t just ask to ask…but make sure there is a clear reason WHY you’re asking for more.  The worst they can say is no.

One comment

  • Great job! I wouldn’t assume that you can’t keep on getting raises at the new place though. If you convince them that you are so good that it would be impossible to replace you and that other companies are interested in hiring you away from them they will probably find raises for you every year. But they have to be scared you will leave if they don’t so you have to convince them you are exceptional and rare.

    Every time I told my boss I had an exceptional team member I feared I was going to lose over money, every single time, they found the money.

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