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Actually leaving is the only way to get a significant raise at most places.
Have you asked your manager for a growth plan that puts you on a track for either a raise or a promotion w/ raise?
I find this works well for me and puts them on notice that I am invested but questioning if they are
This is a great answer
Empty threats back fire. Leveraging a counter offer is better. Or leaving.
Bet on yourself and leave. If they don’t value you now, when will they ever? Go get what’s yours. All the best!
Be careful leaving right now. It’s brutal out here. Highly suggest lining something up before testing the waters.
What’s making you feel undervalued? Figure out what that is, why you’re worth more than you earn and what it is that you deserve. And go talk to your boss about it, touch in with HR. Maybe use my favorite phrase: what do I need to do to get to the number I want/convince I’m worth this much? Put it on your company to step up - having them work with you to get you where you want to be is 10x better than forcing their hand. Especially as they may need to move some numbers around to meet your expectations and giving them time to do that is good collaboration and awareness of corporate bullsh*t (also known as leadership skills that makes you look like you’re managing up).
And if they don’t play ball, go and find your worth somewhere else. Just be prepared that as some others have said, you may not be worth as much in the current market as you think you are
My advice is only threaten to leave if you’re ready to actually leave. You may have to take the other option if they don’t reciprocate
Yeah. Don’t threaten if you don’t mean it. Also, don’t be surprised if no one at your employer cares. You’re replaceable. Every one is replaceable.
Only do this if you have the chops to leave when they call your bluff.
I’ve only seen that work in movies.
Get an offer from a company that shows you your value financially and in other ways. Bring that offer to your current company, tell them to match or you'll be leaving.
It’s all dependent on your place in life…single, mortgage, car payments, married, kids in college, retirement coming quicker than you thought, etc.
ONLY YOU know what you can live with/without.
All companies know what you bring to the table. If they see your value, they’ll pony up. If they don’t, they won’t.
Either way, it reveals your next move.
Personally, I wouldn’t do it unless I had an out. I would want to control the entire situation.
I always prefer to have that out…
You may be in a position where your “out” is no backup and walking out the door…only you know.
Or, you may be like me…I would have to have another offer lined up.
Good companies tend to see your value and have no problem giving you a raise or even a bonus for some new goals to reach.
Not too long ago, I got a 20% retention increase to my salary…they just didn’t want me leaving. I want even planning on it. 🤷♂️👍
Threatening to leave is a weak move. Our HR dept specifically advises against using raises or promotions for retention. It signals that you're unhappy and probably already disengaged. In those situations, a raise rarely changes that long term. You'll be happy for a month or so and then back to disgruntled... at least that's been HRs experience in many cases.
Look at Ramit Sethi's briefcase model, or do what others suggest and get (or take) a competing offer.
This is how HR gaslights people into not asking for what they are worth. Asking for more money signals that you want more money.
The real reason they don't give raises in response to ultimatum is that If they do, all the other underpaid employees will also want one. it's easier to replace you than give everyone a raise.
Employees that stay with their company over 2 years on average make 50% less than those who move every 2 years or less.
The smart move is to apply elsewhere. If you want to give them a chance to beat your new offer then do so.
Also its hard to consider but maybe you're not as valuable as you think. The market will tell you.
No. Leaving for a pay increase is.
As everyone here has said, ultimatums always backfire. Securing a new offer and seeing if they’ll match is the only way.