Looking for some fellow UK PM thoughts, please!

Work in Tech in the UK. Appraisals have started, everyone is being given a 5% raise, base, due to inflation. I'd been told I would be getting more than that to then be told it was < 2% more. Am I wrong to feel ungrateful?

For context, I've seen recruiters post about PM's with similar YoE asking for > £60k and I'm on less than 75% of that after this 'rise'. I have ~4YoE and been in this role about 18months. Business is not yet making a profit.

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It's fair to feel that way. If you're not keen on this market comparison, you can continue working there. But if this appraisal is something you are depending on, then I'd suggest you look elsewhere. PM with 4YoE, should fetch you more. Good luck! :)

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Is it a good time to be searching? I barely got a raise this year whereas other people in my org got between 7-11% which feels like a kick in the teeth

At <2% they gave you a pay cut. Find market rate elsewhere and thank your current company for the nudge to find better.

It’s a hot market, for context I’m close to 2 YoE and I’m getting HH for roles between £50k and £60k as a B2B PM

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60k is median for London IMO, a lot of PMs I know with 4 YoE and up are on 70-100 (again B2B)

No, it’s not wrong to feel ungrateful. Your company just told you they don’t value your work enough to pay you at market rate, it’s as simple as that.

With 4 YoE you could be going to a place that would value your skills and pay you what you deserve, so unless you have other reasons for sticking around I’d start preparing for interviews and reaching out to hiring managers and recruiters.

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Sounds like you’re working in a start up, do you have options then if you’re payed below market rate salary? Have you had a fundraising recently?

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OP, what type of company are you at if you don’t mind me asking?

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