If you knew you were getting promoted and you think your company will offer a 10% raise but the market rate is probably closer to 20-25% raise, how would you go about it?

likesmart
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Get promoted and then move .

likesmart

Get the promotion. Be grateful and then have the honest conversation that you did expect a higher salary with these new responsibilities because of ABC. The market is hot right now so if you’re getting promoted that means you’re doing well and they want you there, but you deserve your worth so have a kind and honest conversation with some facts and see where that goes.

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Don’t give an ultimatum unless you do have another role lined up then more power to you. But no one likes those. It really depends on your relationship with your manager too. If they are decent managers, you should be able to share your honest and fact based thoughts about your increased responsibilities and what that’s worth in the market today. And just give them space to figure it out, likely they’ll need to go back and check with Comp. Let them get back to you and decide what you want to do with the info. If your relationship is toxic, then get the promotion with the new title and you’d be in a much better position to job hunt with that new title.

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Do you have an offer from another company? How soon is the promotion happening? Imo no reason not to take the promotion, get the 10% bump, and in the meantime search for another role.

likesmart

How about print comparabile job description with offers, or wherever you got that info and bring it to the negotiating table. Take the promotion but ask for more money and as proof use these print outs.

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This would be my suggestion, too.

Move

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Take the promotion, but ask for a compensation analysis to be done because market value is higher. Challenge whether they would offer the same comp to an external candidate. Chances are they don’t want to lose you bc they’d expend more resources sourcing and training a new candidate than just giving you market value.

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My thoughts, I never fault an employee for valuing themselves but a few things to keep in mind. Be knowledgeable, meaning know the position/responsibilities you are taking on and do your research, provide documentation of the market, not what I've seen, just because someone feels they are worth it (not saying that is what you are doing).
Also, understand total business picture, is the company financially doing well right now to support that type of increase. Also, be aware, just because we think the company is making a million dollars doesn't mean they are netting 1 million after expenses. Lastly, provide key insight into additional skills/assets you will bring to this new role which will add value and make or save the company money. Best of luck!

helpful

Is there any leverage u can use if u move right before promo, by saying ure about to be promoted?

100% take it for now, but don’t stop looking around - I tried to negotiate when I got promoted but when negotiating with HR, they let me know that their max raise for an internal step promotion is 5% regardless of what the market’s like at the moment. I received a market adjustment a few months after that reduced the gap but they repeatedly mentioned “internal equity” and how others coming in are receiving the same starting pay. There’s going to be other places out there who’ll recognize you later and having it on your resume just looks better now anyhow

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