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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...
Your next move is find a new job and put in 1 week or less notice. That man has zero respect for you and does not value you. You are replaceable to him. Remember, this is how the entire workforce functions outside of professional careers (attorneys, physicians etc). To get a decent increase, you need to change jobs every 2-3 years. That’s just the way the world works. Loyalty is a farce created by Corporate America to make the worker believe they owe the company something. They don’t, and they’d drop you with zero regard if needed. Be loyal to yourself and remember you are selling your time and expertise - there’s zero room for emotion in the transaction.
Put together your monthly cost of living and annualize it. Show that clown the data and if he laughs show him your resignation letter.
Maybe I’m missing something but I was working a government job in Washington state, very close to Seattle. which is notorious for being in insanely expensive place to live. I was making $28 an hour which is roughly your $58.000 a year. My take home pay after taxes and insurance was roughly $3500 so I’m not sure where the $1800 I saw is coming from. I make $20/hr now living in Alabama, only a few hours from Memphis and I take home more than $1800.
In the Seattle Area I was doing just fine with the $3500 a month. I had a roommate but I could’ve afforded to live alone if I had no debt (which was my fault). I’ve been through Memphis and I’ve looked up their cost of living. Are you living beyond your means because that should be enough?
However, if it’s because you think you’re qualified and worth more than what you’re being paid based on education, skills, and experience, that would be a different story.
It boils down to how valuable you are. Attempt to leave if you’re replaceable you won‘t get a retention offer. That’s how its been and ever will be.
So sorry to hear this but if you really like your job, just chill for now. Right now with ppl losing their jobs in this uncertain economy, try to scale back on expenses if you can, just until the economy gets back on track. #Hint- when eggs go down to $2.00, that’s your queue to bounce! Good Luck🍀
Same - my ops manager is making 6 figures and I'm making $55K but doing the job of multiple people and expected to cover a larger location when their admin is out but I don't get extra pay for it and I had to cover that location by myself for 4 months (I was covering 4 locations alone) and upper management knew but didn't care - all I got was "thank you". Ops manager bought himself an $80K truck after telling us the company has no money and recently he had the nerve to tell me that my 78 cent "raise" was the best they could do and when asked what he could do for me, I told him I need money, desperately, he just looked at me. He was trying to tell me that we're "outside of a COLA year" (whatever the #@$ that means) so he couldn't do anything for me other than the 3% "raise" that everyone got (he, along with all the managers and supervisors got their yearly bonus of course). I've been looking for a higher paying remote job for months but getting nothing but auto rejections or no response 😒
58,000 should be plenty. I am wondering what else is in your budget?
By your definition, every teacher in Florida shouldn’t be able to pay their bills. (Bigger problem there is the fact that a teacher with 2 masters degrees and 26 years still makes less than that AND they only make 3-5000 more than a teacher in their first couple years.
I was forced to retired due to software automation taking my job. I HAVE to live on $1800/mo. I was an engineering tech II for 28 yrs...and, employers DO NOT want to talk to me because of my age (65). I'll gladly switch w/ you. You're making MORE than twice what my salary is, today. How can you not make it on $58K per yr? HOW?
You may want to look for other opportunities; you'll have a greater chance to increase your income with the base starting at $76K.
I did this at my last job Requested a raise and showed proof. told my boss “ I believe I’m worth it “ then I also told him I don’t really have enough to pay bills or eat some days and he just laughed and said “ I mean if you go get a 6 pack of beer and drink it. That’s carbs! enjoy being young”. I walked out went to HR and was fired the next day. Be careful you are not valuable and replaceable
I had a similar discussion but my salary range had been adjusted twice since taking the role yet I was stuck at nominal merit increases throughout my time. My bosses said, I would have pursue promotions (in jobs that are not available) or leave to see the change I am looking for. I am choosing to leave.
Find a new job. Then let him try to keep you.
find a new position. It's about respect and dignity as well as knowing your worth.
Memphis is cheap. The problem is that huge companies are buying up apartments all over the country and jacking up rent.
Make a new resume and get a new job
Your approach is not ideal. Its not their business as to your personal spending habits.
Your value to the organization should be your strategy.
What new skills have you learned during your tenure?
What does your research of comparable salaries and skills for your area support? If you are in the median for your market, you'll need to lean more on additional useful skills you have beyond your original job description. If you are out of alignment with the market, bring 2 or more sources to show that as reason for a raise.
If you have learned no new skills and are within the market pay scale, then thats your guidance to start working on new skills that bring more value and demand more compensation.
Its all about what you bring to the organization.
A tip for the future, base your salary conversations on providing a case for the value you provide vs. keeping up with the cost of living. Focus on what you bring (and by default what they lose if you leave) and make the case that this, based on salaries for similar roles (easy enough to get publicly available data - here on Glass Door, or Salary.com and demonstrate what it will take to replace that value.
That said, any leader who will wax poetic about existing on $17K a year (I'm old enough that I started at that - which was low at the time by average standards, but comparable by the industry I was in standards) without being open to the idea (which you've just showed him/her by laying claim to your value and what the going rate on the street is) that times have changed - then prepare to walk. Always give them a chance to respond so that when you resign and go to your exit interview and the HR person asks why, you can say, well my preference was to stay here, but I'm underpaid based on my value (show them what you showed your boss) and since Boss was not willing to even entertain the discussion I needed to go elsewhere. I love working here, but not to the point my ability to pay me bills becomes jeopardized.
Professional feedback like that will have you leaving on good terms, and sending a clear shot across the Boss's bow for HR to do with as they see fit.
Good companies will follow up and ding the boss for not having a different conversation with you. The boss may not have the ability, but that conversation differs from "back in my day, I walked uphill both ways in the snow to go to school, stop you whining!" As a leader on a couple of occasions I've had honest conversations with people I didn't want to lose, but for reasons beyond my control, I couldn't adjust their salary, and so I shared the realities of the situation and told them I'd do what I can when the situation changes, but I don't know when that would be and would no blame them for looking elsewhere (this hasn't happened a lot over the years, but I had some people stick it out because I was honest, and some who I lost for no good reason then had an argument why I was now hiring a replacement at more than what would have kept that person satisfied and growing with us and that it would take a good 6 months for that person to really get up to speed so how much is that worth! but I digress)
In order to live on your own in a city in the south you would need to make $72K+ per year, bc the rent is $2k/month & you need to make 3 times that amount, which is $6K/month.
Do not quit...until you have a better job. Keep your mouth shut for now. Any person in management who laughs at you has the emotional intelligence of a toddler and shouldn't be in charge of employees. He could have responded in a 100 different ways, not by ridiculing and demoralizing you.
Find a new job...