Ask HN: Settle for less salary or change to make more in prime years
30 comments
I think you already know that practically, it is pretty much impossible that you will close the gap at your current company. The fact that such a large gap has persisted over multiple years demonstrates that your management doesn't reward performance in a competent manner.
If you land a position at a Big 4/5, you can expect to make 300k+ (total comp), and still retain flexible work hours, PTO, etc. Competition for dev talent is fierce, and with good interview / negotiation skills, it is possible to make integer multiples of your current comp without sacrificing perks such as a good team and flexible hours.
Also, read this: http://haseebq.com/how-not-to-bomb-your-offer-negotiation/
If you land a position at a Big 4/5, you can expect to make 300k+ (total comp), and still retain flexible work hours, PTO, etc. Competition for dev talent is fierce, and with good interview / negotiation skills, it is possible to make integer multiples of your current comp without sacrificing perks such as a good team and flexible hours.
Also, read this: http://haseebq.com/how-not-to-bomb-your-offer-negotiation/
> The fact that such a large gap has persisted over multiple years demonstrates that your management doesn't reward performance in a competent manner.
The fact that the OP has been paid 25% below his peers for years shows that his bosses did a good job managing the budget and OP didn't really have a sense of what he was worth or what comparable positions like his should be making.
Turning the tables it is entirely possible he can make up most or all of that gap. Whether he still wants to work there after being paid 25% less than everyone else is another issue.
The fact that the OP has been paid 25% below his peers for years shows that his bosses did a good job managing the budget and OP didn't really have a sense of what he was worth or what comparable positions like his should be making.
Turning the tables it is entirely possible he can make up most or all of that gap. Whether he still wants to work there after being paid 25% less than everyone else is another issue.
Thank you ! that sounds about right and is inline with my thinking. checked out the link & bookmarked it - would be useful when I negotiate.
People always mention the big 5 but what are they? Are there any major companies outside these 5 that pay 300K+?
I was massively underpaid in one of my past jobs, when I found out I just asked for a 25% pay rise, I didn't have another offer back then but was approached by recruiters. Then my boss gave me a 30% pay rise, make me realise I was even more underpaid than I thought, so after that I ask for pay rise every year and get it most of the time.
I didn't have the baggage you have, but if you like your job, ask for a pay rise, if they like you equally, you'll get it, it doesn't always come with a better annual review. Meanwhile prepare to leave for a better company.
a fintech company in nyc, bloomberg? :)
I didn't have the baggage you have, but if you like your job, ask for a pay rise, if they like you equally, you'll get it, it doesn't always come with a better annual review. Meanwhile prepare to leave for a better company.
a fintech company in nyc, bloomberg? :)
Thanks for the data point. I feel that this is rare, but you make a good point, worth a try I guess.
If you're underpaid by 30% and ask for a 20% raise it's unlikely your boss will put up a huge fight. They may do less just to see if you accept it, but it's rare for them to both know you're underpaid and refuse to bridge part of that gap.
It's completely obvious the situation you are in is not going to improve significantly according to your description. Rarely established situations change, and you've been there for 5 years. You have learned what you needed, move on. The immigrant status is something to be considered, make sure you make your move with your eyes wide opened. Out of curiosity, why are you still on a work visa after 5 years? Usually employers... help after all that time. Does your employer plan to help you get a permanent visa?
Thanks ! Thought so, this is a reality check in a way. Regd the visa, yes companies do sponsor for perm, but it still takes many years to get a permanent one depending on the country of origin due to the current immigration system.
> should I work hard in the current company trusting them to right the wrongs...
Senior executives (especially in FinTech) do NOT think in these terms. Their focus is purely bottom line, what have you done for us today?
> I am on a work visa...
Apply for a permanent status, you will be free to chart your own course. Pay for your own attorney to navigate the system. Do this TODAY!
> I am worried about losing some perks ...
Easily negotiated into your next compensation package. Simply let a potential new company know your current perks-- expect they will meet or beat what you have.
Senior executives (especially in FinTech) do NOT think in these terms. Their focus is purely bottom line, what have you done for us today?
> I am on a work visa...
Apply for a permanent status, you will be free to chart your own course. Pay for your own attorney to navigate the system. Do this TODAY!
> I am worried about losing some perks ...
Easily negotiated into your next compensation package. Simply let a potential new company know your current perks-- expect they will meet or beat what you have.
If you're 80 and tomorrow is your last day, what advice would you give to your 30 year old self? Then I suggest listening to that advice.
Go get the best offer you can. If you're still conflicted about leaving, and the offer is substantially better (not sure why you would be), you can use the offer as leverage to get a raise and improve your position. But only go that route if you're truly prepared to leave.
If I were you I wold check my motivation before jumping ship. There will always be people working less and earning more than you. Just think of the lottery winners. Following this path you may hit the line of 300k/yr but won't find contentment. Don't get caught by the hedonic treadmill!
https://en.wikipedia.org/wiki/Hedonic_treadmill
On the other hand if you just want to earn 300k/yr regardless of the salary of others than you know what you have to do.
https://en.wikipedia.org/wiki/Hedonic_treadmill
On the other hand if you just want to earn 300k/yr regardless of the salary of others than you know what you have to do.
True, this is one of my worries, but honestly, I don't feel happy knowing that I am underpaid than my market value too. Thanks for the input.
It's hard to give good advice with this much information it's all up to you in the end. However I can tell you sticking around and hoping for a company to "wake up" and so on is a delusion.
I think in general people should appreciate that a lot of jobs are not as special as you might have come to believe.
So if I were in your shoes I would probably interview and find something I'm happier with and then jump.
I think in general people should appreciate that a lot of jobs are not as special as you might have come to believe.
So if I were in your shoes I would probably interview and find something I'm happier with and then jump.
Thank you. Reality check, done.
One thing to keep in mind are retirement goals. If you want retire early or do your own startup someday I'd say go straight for the money. If you're planning a full career, retirement shouldn't matter too much and work/life balance is more important.
Sometimes it's better to invest in yourself, if your current role is helping your grow. You want to make sure, you're not only enjoying your current role but you'll be more marketable as well if you continue.
The only time I've ever heard of someone getting a raise to market was when I left the company and they were the last developer left. As the sales guys say: "Your W2 is your review"
Yeah this is rare I feel. Oh well, worth a try. Those sales guys surely know better in this case :)
After tax and living expenses , how much can you save annually?
I save some after everthing, but I don't see how this relates to the situation as I still would be leaving money on the table regardless.
If you are over 30 you might be too old to get a job in the valley.
That's some nonsense right there.
So you're saying experience doesn't matter. We just need people who use whatever trendy frameworks this month?
Sounds about right. /s
Sounds about right. /s
Lets put it in another way - when you're over 30 you don't have that much naivety anymore to waste your life working on somebody others ideas and be underpaid, and you understand that startup stock options are bullshit.
I'm a bit worried about this -- assuming you are over 30, how will they decide you "have the vitality" aside from all the other interview stuff?
I'm pretty sure that there's no Cool Tech in the valley anyways
I am in a tricky situation and hoping someone here can provide some guidance. Also figured the answers might help someone who has a similar situation.
I am a sr dev with ~8 yrs of experience currently working in one of the top financial tech companies in nyc for ~5 years. I work in a good team and clear a little more than 150K/yr, but I recently got to know that my total compensation is quite low (~50K) compared to others in the same grade that doesn’t sit with me well.
My responsibilities have been growing, but I feel I don’t see the same growth in the salary. I’ve thought about asking my lead/managers about the difference, but I know it would backfire since I know the managers well and they would just say I have to work really hard to close the gap. I also believe that this gap will never close since the review is dependent on previous reviews and impressions. (Long story, my first reviews took a wrong turn due to bad managers and it took me years to get it above the average).
My dilemma is should I work hard in the current company trusting them to right the wrongs knowing its unlikely, or should I find a new job and invest the effort there outright. Also, I know the I will get a increase of ~50-75K or higher total comp if I jump ship to a good company (think Big 4) with similar benefits, but I am worried about losing some perks (flexible working hours & ~7hrs/day, work from home ~20d/yr, hike rate of ~7% etc). Being in my prime years(early 30s now), I feel I should make as much money I can before I become the older person in the group. Lastly, I am on a work visa so thinking about the risk of landing in a bad team/company only to change again.
Appreciate the opinions.
New user here so let me know if I made any mistakes in posting or if I missed anything important.
TL/DR: Good position at good company with ~30% less pay than others, settle for less money for comfort/perks/culture or jump ship for maximum value in prime years.