How I Increased My Income
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.
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”.
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 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.