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This is unfortunately absolutely very common. It’s called Salary Compression. It happens even in hot talent markets like insurance and even more in inflationary times. Quite simply the corporate world punishes loyalty. That’s not the intent. But it is the effect. The only easy solution is to change companies and negotiate smart on the way in. If you want, I’d love to have a career chat and help you come up with a strategy. You can book a time at ChatWithTony.com . It’s free
2 observations:
1) the squeaky wheel gets the oil. Companies rarely hand out promos or significant raises on their own volition to match what new employees are receiving for identical work. It is likely those colleagues making $98k - $105k were making what you're making - or even less - at their prior firm. The takeaway is you need to prepare a case to management why you're more valuable than your current comp. It would help if you had a competition job offer in hand. "I know you paid them X, so you need to pay me X, too" is not a sound argument to management.
2). this is the hottest job market in decades. I suggest you leverage your network or reach out to recruiters to learn more about opps and the state of the overall market. You may find you're selling yourself short at even $105k. Your reach should always extend your grasp. Do some homework and push!
For me personally I have always received a better pay increase when I have left one company and went to the next. When A company is hiring they have a Salary budget and as a candidate that the company is looking to hire from the outside you have more room for negotiation of salary. When you already work for the company and you change positions if the pay salaries from your current position to your new position don’t overlap, most of the time they will give you enough just to put you in the new pay grade range.
I would never make the argument saying I know what other people are making! My biggest complaint is that I am a top performer and far exceed my peers in claim count and metrics. So I'm being paid 20k less than others on my team, and exceed in all categories!
Yes it does. Large loss, field or commercial experience is a plus. I have large loss and commercial expenses. I got 20k pay increase when I moved to a different company.
You are being underpaid. I was offered a job at afics, entry level, making just barely under your new salary. Look elsewhere, and if you love amfam then bring over a competitors offer and barter with that
Working at multiple jobs the standard is internal candidates making career advancement tend to get an average of 10% raises from each promotional step. Unfortunately, the biggest opportunity is being hired from the outside and the timing of your hire vs the demand for the particular position available
It’s hard to get a raise like that when you are already working there. What you could do is request it and list out all of your contributions as your reason why you believe you deserve that amount. If they don’t give you the increase be prepared to walk….personally I’d be prepared to walk First, on the e chance that they refuse to give the increase.