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That is so out of touch. Cost of living has changed so much, and $58k does not stretch like it used to. Honestly, I would start quietly looking for a new role while you still have this one. A boss who laughs at a raise request is not someone who is going to invest in you.
". . .Invest in you." He probably won't, you're right, and thank you for being supportive.
You should not be asking for a raise “since your salary isn’t keeping up with the cost of living.” If you’re asking for a raise, it should be because you’re providing more value to the company in some way. Because you’ve grown your skills, because you’ve exceeded the expectations they had for you when you were hired, because your responsibilities have changed, because of something else. When costs increase for you due to inflation, they increase for the company as well.
Median household income in Memphis is $51k. For “non-families” (single people living alone or with others) is $38k (according to worldpopulationreview.com, which I know nothing about). So that would indicate that $58k is, in fact, more than enough to live on. But you might have to find a different place to rent, or get some roommates.
Others have said he isn’t qualified to say what you can live on. That’s true - but OP brought it up. If you bring up your personal finances in a conversation with your boss, then he’s entitled to tell you his opinion. Keep it professional. Don’t talk about your personal finances; talk about your value to the company.
Yeah, I was gonna say, 58g in Memphis is pretty do-able, then again it depends on what the job is, education, training- but as far as keeping up with the cost of living, 58g is more than most teachers make in larger more expensive cities- not saying it's right, but...
Ask him if he could take a pay cut and live on what you are. I guarantee he makes at least twice what you do. I'm tired of us all giving up our lives and time with our loved ones for greedy corporations that don't give a damn about you and continue to line their pockets with the money the front line workers are making them.
Apparently, he is greedy. If you take the job, no loyalty. Best decision is to go work for someone else because you will never grow with him as your boss.
I am sure who ever they hire it will be for more than $58k, And probably not as loyal or productive you are. Good Luck in your search.
I live in MA, and I work in Boston. My salary is $55,000 a year and I'm married ( my wife doesn't work) and have a son, and I'm expecting another baby in August. My rent is $1750 a month for one bedroom apartment. I know life is not as it used to be back in 2002, but I think $58,000 a year for a single person is more than enough ( considering that you live in Memphis). You have all the rights to ask for a raise, but to use the cost of living as an excuse is not a good move. If you are a valuable employee they should give you a raise if not then you have to look for another company that will value your worth. Just remember that it's not about how much you make, it's about how much you save. Best of luck.
Median U.S. annual salary for full-timers is $60,070. That includes all wage earners, high school to PhDs. Your salary seems low. Check out what others are earning on Glassdoor in your area and job type. You may be able to make a case for more. My concern is his response: he laughed? It seems like he's a bottom feeder when it comes to compensation!
Maslow's Hierarchy of Needs comes into play heavily here. You will never achieve your own desires professionally if you cant make rent or pay for your daily living expenses. If you are not familiar Maslow's theory suggests that individuals must satisfy lower-level needs before they can focus on higher-level aspirations. I.e - before i can focus on bringing all I can to the company I need to get my mind off things like rent and groceries.
Keep the job you dislike or get paid crap for your values BUT keep looking for other compnies to work at. Don't get on the wrong side of your boss or he won't give you a good reference and that wouldn't be good for the next position
First of all, is your boss the person in charge of salary allocation? Sometimes they have no power and it's more about what Corporate has planned.
Honestly your 'best' move if to be prepared. Show him what others in your area are offering employees in your role. Look up what your company is currently offering new hires for your role. Show him how that doesn't match up with your experience, not needing to go through on boarding. Be willing to compromise on exchanging pay raises for huge benefit increases for PTO, plan coverage, premium reductions, decreased deductibles, increased employer contributions for HSA/HRA/FSA.
If that fails to get you something you can both agree works then start applying elsewhere.
If you believe your skill set and contribution to the success of the company isn't being properly compensated, then start looking for another job. But first, do some research to see what is the reasonable compensation for your job. The Department of Labor is a good resource, although the wage range might seem to be on the low side.
Y'all vote for Democrats and then don't connect the dots as to how importing millions of illegal aliens causes housing prices to increase. SMH.
Your next move should be to increase your income along with putting together an exit strategy to get you the heck out that job & in the company of a better boss. I'd say do some research and find something you can sell (ideally something that's not connected to your physical labor & or associated with a hobby you really enjoy or both) and partner with chat GPT to do it. It's never easy in the beginning but it's worth it.
There is a poster on this thread that said it right we have to show your boss how much value we have brought to the company. Show the evidence to prove beyond any reasonable doubt what we did. This will put the conversation in your favor along with having everything we have done in one spot in case we need to look someplace else. Keep in mind changing companies most of the time will get you a better raise then your current employer. Another thing the company may put in place a raise increase freeze due to whatever reason. Me personally if my boss says no or there is a freeze, my resume is ready and is being sent to new employers .
Did you offer to take on more responsibility or just assume you are owed something due to circumstances that have nothing to do with you. For example cost of living. Too many people want hand outs rather than bettering themselves.
I agree with an earlier commenter—cost of living isn’t a valid reason to ask for a raise. Raises are based on individual performance and market compensation benchmarks, not personal expenses.
Compensation is tied to the cost of labor in a given market. For example, Hawaii has a high cost of living, but salaries there are often lower than in cities like Seattle, SF, or NYC, because local labor markets drive pay rates.
Here’s how to prepare for a compensation conversation:
Do your research. Look at what similar companies (in your industry and region) are paying for your role and experience.
Match location and job type. Ensure you're comparing roles in markets and companies similar to yours.
Finally, reflect on your performance. If your most recent review was strong, and market data supports it, then you have a solid case to bring to your manager.
Lastly, if your company practices pay transparency, you could ask them to provide you with the salary range for your job function and see where you sit in the comp range.
Good luck!!
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If it's your first CSM role out of college or under 2 years of experience, then he could be right but communicated it wrong, he should not have commented on it being enough to live on, he should of instead said for your tenure you're making what x coworkers are making. However if you have 3-5 years of experience or 5-10 years I'd start looking elsewhere based on his response. Most CSM's I work with in the SaaS space make 70k+ easily but like I said have 3-10+ years of experience.
I'd be interested to know when their last raise was? I do agree that raises should be on merit and not simply for the ability to fog a mirror but clearly you must be of value if you are still there.
Salary discussions always start best with how you're performing above the level at which you're being paid. Expecting salary increases because you've been there a long time, the market is paying more or cost of living has increased are all weak. Tell them how the work you do or the knowledge you have is of greater value than what you are being compensated for will almost always be a winner. If you are truly a key contributor then a threat to leave or go to a competitor is also a good play, just be sure to be willing to do that in case they call your bluff
You know your worth. Apparently he doesn't appreciate you if he's laughing about your salary. Find a new job.
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