{ "media_type": "text", "post_content": "Does pretty much every company require you to fight for raises in order to keep up with market value or are there companies that exist who are good about paying you your worth? If so, which companies are good at this?", "post_id": "6252d343147b73002d66252b", "reply_count": 63, "vote_count": 39, "bowl_id": "55375ce690f5eebe1d2a0f88", "bowl_name": "Tech", "feed_type": "crowd" }
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Does pretty much every company require you to fight for raises in order to keep up with market value or are there companies that exist who are good about paying you your worth? If so, which companies are good at this?

likehelpful
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As a people manager, who experienced exactly this while I was an individual contributor, I believe it all ties to your people Manager. On the company side, they have to make sure they’re consistently updating salary bands based on market but ensuring that existing team members are being paid as much as new hires is the responsibility of the people manager. And I’ve realized that a lot of managers just don’t care about their teams, they just care about how they look to senior leadership. “Oh I’m hiring new team members so I’m doing well”, not really caring about compensation of your current team. Personally, if someone on my team is earning less than their market value, I’ll do everything in my power to change that. A lot of times that requires fighting with senior leadership to make it happen but I don’t care, I’ll do whatever I can. Because these are people with families and responsibilities, and it’s just atrocious to use people for their skills and not pay them what they deserve. It’s stealing and bullying, taking advantage of people just because you can and I’ll never stand for it.

In the end, it’s really not just the company but also your people manager because I have colleagues who really don’t care and don’t see it as something important. Sadly, it’s majority of my colleagues

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I completely agree that there are a lot of people managers that just don’t care. The only caveat I’ll offer is that a lot of those managers don’t have the influence or say so in the end. It comes down to finance and what the salary bands are at the company. If that company lags the market and you argue and fight for your direct report to be at the top of a pay band it does no good. The top of that pay band often lags the market significantly.

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Perhaps biased by my employer 😉,
but salary transparency seems key. Glassdoor is doing a good job internally, with published pay bands, so each person can see where they stand.
Having that across companies would be awesome. So share your salary & title at Levels, Glassdoor, etc.
This can put more negotiating power in employees hands without incentivizing them to job hunt just to have leverage.

I doubt most companies will ever beat the pay bump available to someone interviewing frequently and well, and negotiating well.

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No - you are with a company for up to 2 years and already loosing on 💰 . They pay more to get new hires but don’t increase the salaries of current employees even tho they are often more valuable IMHO.

While culture is important, it is also not going to pay my mortgage and knowing I am payed less than others who just joined or at other companies , is demotivating.

CULTURE EXTENTS BEYOND the chit chat in the office and socials, and saying how much you’re appreciated — it includes how much you’re getting paid.

likeupliftingsmarthelpful

Culture is about how much everyone gets paid also because better compensation means less attrition, and attrition kills morale. A well compensated team isn’t looking to jump ship and is more likely to invest in their team.

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The market is crazy right now. Your worth today may not be your worth next year. It sort of reminds me of the .dot com bubble. I had opportunities to
to leave for more money but I didn’t and I was grateful i stayed at the time. People are jumping for more money. I get it but I hope they are jumping ship for more than just money - better culture, remote work if that is important ect., learning new tech. Bigger companies are slow to adjust their ranges so they really need to ensure they can retain people in other ways.

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Q1, I agree that there are things more important than money. At the same time, when salaries are increasing everywhere, inflation is on a runaway track and your annual raise is less than what your electricity bill went up last year, there’s a clear line in the sand. That being said, it is completely subjective for the individual once you hit a certain dollar amount and point in your career.

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My company couldn't pay me what I was worth on the open market so I left.

A big pay increase and finding good culture are NOT mutually exclusive. Go get paid my friends!!

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Is paying people their market value in the best interest of the shareholders?

likesmart

I think they should pay Above market value for A players and fire B players

Also agree that hiring new people is expensive - first finding them, then offering them lots and then training them up. They only start giving back after several months , possibly longer if junior (and I say that being junior myself !)

I’ve only seen people get significant (20k+) raises when they jump ship. Other than that raises are typically in the single digits and perhaps 10-20k with a level change. As a senior consultant I made as much as the directors did at the company I worked at before entering consulting. As a senior manager I now make at least 50k more than they did. They’d grown up in that company and they refused to rotate.

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Doesn’t answer your Q but I’m currently in negotiations with other firms. Tried with current employer to get a market adjustment… was told I basically had to re-write my own job description and get it approved.

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We do a reasonable job of keeping up with the market, although the last year has been a little difficult as salaries in the market have gone crazy. It's difficult because we go through a benchmarking exercise when we change our salary model which is non trivial and time consuming (so when the market is fast changing we can't instantly adjust).

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A1, at a smaller company you can talk to the recruiters you are working with and they will tell you what they are placing staff at. They don’t lie about it as it’s unproductive for them to do so as there’s enough information out there to cross reference (such as glass door).

However we are big enough that we use an external company who aggregates salaries from the companies that use them and allows you to breakdown salaries paid for comparable grades based on criteria you provide (e.g. Scala programmer), including distributions (so for example you can work out what the 75th percentile is for a given type of job). It’s not a perfect system, but still does a good job of giving good insight into salary data.

I got an 8% raise during last summer and an additional 5% for this review season. I didn't have to fight. They keep my happy so I don't leave.

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Maybe we quit and REAPPLY to our current jobs. Will they give it to me a second round tho 🤣🙋‍♀️

likesmart

I’ve never worked anywhere that did that. I wish that weren’t the case, but it is.

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The question lack many details. For example, which country are we talking about? Further to your question.

- market has, shifted inflation is on rise
- most large enterprises have pit of money for pay rise, the manager needs to "bid" for the pot.

It all depends on your position in the company and how loud you scream.

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It depends on retention. If your org has a retention problem, or predicts one, they will issue raises. Otherwise, it is what the market will bear.

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Not pretty much. Absolutely every company does that. You get only when asked

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Y’all act like you should get paid the same as someone taking risk and resume tainting (job hopper) to make a few extra bucks. If you want to get paid more in line with what you’re worth, take risk with a variable income based on your success or deliverables. Obviously this is less possible with entry level roles. Stability to you is increased risk (higher obligation) to your employer.

funny

You understand that isn't an option for most positions (salary or not) right?

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I was given a 3% raise in December. This equates to a pay cut even in a normal inflation year when average inflation is a little higher. Other people I’ve talked to say that’s the same at other companies they’ve worked at. They aren’t given market based raises and their raises only sometimes beat inflation

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I got 2% raise and that’s it. Company is loosing good people because of no raises no adjustments and nothing has been done. They promised to review it by the end of 2022.

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Even with high attrition and employees voicing concerns over inflation, my last raise was in 2019. Managers and Executives fair a bit better as they still get big bonuses and equity, which I don't get.

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Honestly, I’ve always felt the same before I started at my current company. They do a very good job of recalibrating multiple times a year to make sure no one feels like this.

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