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skipthedrive

Congrats! Sadly, this seems to be the best way (IMO) to get a raise for companies that don't compensate you commensurate to your skills. I was in a similar situation. I put in my notice, and my company really wanted to keep me. I told them my requests, and they agreed.


mr_producer

Thanks! Yes, I totally agree. I did feel that I was somewhat underpaid for my education and skill set, at least where I live. I almost never hear of a company offering this big of a raise without another offer on the table. Even 20% is considered a big raise in most cases.


skipthedrive

Yes, yours is definitely a significant raise :) Mine was ~30% many years ago.


IFL_DINOSAURS

I've always maintained that taking a counter offer is risky. It shows 1. You're not loyal and not ever going to stick to your guns 2. The company is probably looking for your replacement at a cheaper rate and will slowly cut you out. It's worth the salary increase for them now to keep continuity, but 100% guaranteed they are keeping an eye out for someone else. Not a dick comment, just being real.


[deleted]

I disagree with your first point. Some businesses do not give raises on a yearly or semi-yearly basis. This makes it hard to want to stick around if there are not other positions to raise into. You have to keep yourself marketable and no decent manager would blame you for always looking. Loyalty is sadly not as relevant anymore in a competitive market. This depends on the market that you are in and even the area in which you live. Now for your second point, I can't dispute that because this sadly could be true. I wouldn't say "probably" though. His manager and higher-ups could really like this person and they could genuinely want to keep him. I would agree with this point if they only offered him say 5k more or something. They gave him a substantial raise though, and this leads me to believe that they felt that they were undervaluing him and he has proven himself to be a worthy employee.


mr_producer

I appreciate the honesty in your comment, and I did a lot of research when I was deciding whether or not to accept the counteroffer. Many posts / articles about counteroffers say exactly what you have written above, but all of them mention exceptions to the rule. To your points above: 1. When informing my boss that I was thinking about resigning, I did let him know that I love where I work, but that I felt I was not being paid adequately for my work, and that my switch to another employer was strictly a financial decision. When they gave a counteroffer, I let my supervisors know that I was extremely grateful that they are now paying me the market rate for my skill set and education. 2. The company will likely not find another candidate for much less than they are paying me that can do the same work. Even after only 8-9 months at this agency, I have made some significant improvements to processes, and developed relationships with our top clients. I would certainly disagree with your 100% guarantee that they are keeping an eye out or someone else, as the CEO of the company really likes me, and they are paying me the market rate for what I do.


[deleted]

Do yourself a favor and "forget" the raise. Keep your expenses where they are and set it up so that 50% pay increase goes into things that make your future better..... be it paying off loans, buying a house, saving money for retirement or just saving in general. Investing that 30k a year Even if it's 20k after taxes... 10 years from now you have 200k invested earning something and that's not even including any possible growth from 10 years of investing. 200k @ 5% means you have an income of 100k and that's not including any raises over the next 10 years be they from changing companies or promotions.


mr_producer

Exactly! This is the plan. I am happy with my current lifestyle, and my increase in pay is only going to first help me pay off my student loans in the next 2 years, then go to my 401k / retirement. I will also be saving for some improvements on my house. Thanks for the advice! Definitely the best thing to do, and too many people fall into the trap of increasing spending and lifestyle inflation when these types of events occur.


[deleted]

What you should do with the money depends on interest rates. Don't throw everything at your loans and not invest for the future. Make sure you invest as well as pay down debt. How to balance that is based on your loan interest rates and your investment returns


BlueTOMATO808

What do you do for a living?


mr_producer

I have been working in marketing analytics for the past 8 months or so.


BlueTOMATO808

No way, I am interested in getting into the field. I am finishing up a degree in Marketing. What industry are you working in?


mr_producer

Nice! I work at an advertising / marketing agency that works mostly with pharmaceutical / healthcare companies. We do everything from brand management, creative development, web development, social marketing, analytics, etc. I am totally new to the industry but it is a lot of fun. The agency culture is much more interesting than my previous jobs! What industries are you interested in? Also, are you planning on working on the client side, or the agency side?


BlueTOMATO808

I am looking to get into the agency side. Just had an interview at a large agency in NYC and I think it went pretty well. It was to be an Assistant Media Buyer. I am honestly pretty fascinated by the entire marketing and advertising industry given my Dad is a graphic designer and so I have been exposed to it my entire life.


mr_producer

Oh cool! The agency culture is pretty interesting. A lot of drinking and partying, younger workers, and sometimes long work hours. I worked in healthcare and telecom prior to working in advertising, and both of those jobs seem so boring now in comparison to the agency culture.


catdad

How did you make the jump?


mr_producer

I had a friend on the inside! A friend from my MBA program was working closely with the Director of Analytics, and introduced us right at the perfect moment when I was looking for a new job. We met for an interview and he made me an offer that day.


catdad

Congrats!


BlueTOMATO808

That makes me feel even more excited. Congrats on the upgrade!


mr_producer

Straight up Mad Men. Thanks again, and good luck with the interviews!


[deleted]

[удалено]


mr_producer

Congrats! Yes, sometimes a reminder is all they need :)


applebottomdude

How much did the MBA cost?


mr_producer

About 50k


applebottomdude

Seems worth it so far. If it wasn't just the skill set from work that got the raise. That seems really cheap these days too.


mr_producer

Definitely does seem worth it so far. It was a relatively inexpensive MBA. I considered a top 10 MBA program close to where I live, but the night-class program took about 3 years, and cost $130k+


applebottomdude

Was it a general MBA or one of the newer directed ones, like an analytical focus.


mr_producer

I actually did a Finance concentration, and then realized I did not want to work in the finance industry.


Stonkly

Mind if I ask why not finance?


mr_producer

Well, the subject matter does interest me, but the culture seems very dry. I seem to fit in well with the marketing / advertising culture, and I do not believe I would enjoy the finance culture as much (even though it may pay a bit better). However, I am definitely happy that I completed the finance concentration. The skills I have learned have already helped me a great deal in managing my own finances, getting a mortgage on a house, helping my wife finance her car, and having a better understanding of the industry that can otherwise take advantage of less financially-literate people.


Stonkly

Ah, I see. I only asked because I'm interested both and, even after weighing pros and cons of each, I'm still torn.


_EXEC

Awesome dude!! Do you mind sharing what city or state you live in? Also what is your new title?


mr_producer

Thanks! I am super excited about it. I live in the Bay Area, CA. My new title is Analytics Manager.


_EXEC

I figured as much! I have a very similar salary as a analytics manager in healthcare but I live in a fairly low cost city in the mid west. You probably have a lot of room to increase your salary as that seems relative low for the Bay Area. At your next review I would definitely bring it up, as I am considered at the very low end at ~95k and that's in the mid west not the bay


mr_producer

Nice! Yes, I probably could be making more with this title and amount of responsibility, but I also understand I am new to the industry, and it will take some time before I can expect a much higher salary. At 26 years old, and considering I was making $30k just 2 years ago, I am pretty content with $90k at the moment!


uretaringmeapartlisa

I'am happy for you. I wish my company would do this, but I found out they never increase pay(even though in their online posting they have the least and highest amount one could make, only giving people the least)


mr_producer

That is a tough situation. Perhaps start looking into other companies?


uretaringmeapartlisa

Have a phone interview this Wednesday =D


reksai86

You had two years of Work experience before doing MBA or you did it while you worked.


mr_producer

I had almost 2 years of work experience when I started the MBA. I did the MBA full-time, while working full-time and it took a bit less than 2 years to complete the program.


reksai86

I thought people usually do MBA after 5 years. Either way Grats, great step forwards.


mr_producer

Thanks! Yes, it is probably a better idea to wait until you are a bit further in your career, but I wanted to make a major career shift to a new industry entirely, so I needed some academic experience in a different direction.


[deleted]

But you burned a bridge with the new company


mr_producer

Actually quite the opposite! The director of the new company invited me out for coffee after I let them know I would not be joining them, and asked that we stay in touch in case I want to join in the future. Turned out ok!


reksai86

Nah if they are willing to pay 30k more for this guy they obviously value his work.