For those on a salary, what would you feel is an "acceptable" salary increase?

A

ailbhe

Registered User
Messages
481
Hi all,

I have been with my company for 2 years and have not had a pay increase in that time. I was recently offered €1000 extra per year which is, in my opinion, not enough.
I am aware that they are not obliged to do so but I was wondering if I am just out of touch and that perhaps this is a usual amount.
I work in the financial sector and have 3+ years experience. I have a qualification. I have no "perks" such as bonus, Vhi, extra holidays etc.

Anyone think I should query it. I know my appraisals were all positive.
 
Without knowing your salary it's hard to know but let's take a stab in the dark and say Financial Services, 3 years experience average salary around 35k? Then 1,000 is about 3%. 3% over two years isn't great and if you have no other "extras" like bonus, car allowance or whatever, it certainly isn't great.

You need to look at the rest if the market in your area and see what an equivelant job in another company would pay. If there is nowhere to move to then your company can probably pay what it wants!
 
if you don't ask for more you won't get it, its a €19 a week rise which after tax would hardly buy lunch for one day. I think you should follow efm's advise see what else is out there for you and ask for a comparative salary if you don't get it hit the road.
 
It's about 4.5% bringing me on to the issue that I am underpaid
I have asked for more and been told that they researched mt salary and that it is already competitive (I did a few salary surveys myself but didn't get the same conclusion)
Time to start job hunting I feel. Though jobs in my area are hard to come by in down here in the sticks!
 
If you consider €1000 a low increase, then ask yourself why you were *only* given this amount.

What did your peers get?

Is your company struggling financially?

You could try to negotiate some non-monetary items such as training, which will make you more useful to your company or make you do your job more efficiently.
Of course, this will make you more marketable too if/when the time comes to move on.

Or have an informal talk with your boss and explain that you were expecting more, but understand due to circumstance X, Y, Z etc... but can your situation be reviewed again in 6 months.

If you are happy where you are working, it is best to work at trying to improve things rather than jumping ship, because the grass is not always greener on the other side.
 


I don't know what my peers get as we are reviewed individually.
As I said above my appraisal was more than positive.
I have taken on a more work intensive, pressurised role in the last few months.
The company is expanding so i don't think it is suffering financially.
I have passed exams I sat this year related to my job.
I have requested a meeting and been refused.

their reasons for my "increase" were that they were making less money and that I was already well paid. i feel that they agreed my starting salary and my pay increase should reflect the work I have done since starting (and according to salary surveys I am not well paid). The not making enough money doesn't sit well with me either especially as they have aquired 3 new premises since I started.
 
Good advice above. I would work hard at trying to get the most out of where you are. But theres no harm at the same time looking around aswell. At the end of the day you're only worth what you can get, and what someone is willing to pay you.
 
Well, business seems to be booming!

Why was your meeting request refused?
Was your boss just busy at the time you asked, or is he/she just not willing to talk about the subject?
Or do you have a poor relationship with him/her?

Salary calculators on employment agency websites are there to make you feel underpaid, so that you start to look for another job (hopefully on their website!) Thats how they make their money. I would not base your level of expected pay on them. Without knowing the role you do and the level you are in the company it is difficult for an outsider to give you advice on your next step.

I would get job searching for similar roles, find out what you could get elsewhere and build a case for yourself. Keep the URL's to these jobs as proof of your findings.

Then put it in an email to your boss saying that you would like to schedule a meeting to discuss the situation.

You can show the jobs elsewhere that pay €xx more and when he/she sees that you took proactive action, they will be fully aware that all it would take for you to leave is a few clicks of the mouse to attach your CV to one of these adverts.
 
They just aren't willing to discuss it. i have always had a good relationship and there has never been any issue with my work/behaviour/competancy etc. It's a case of thats what you're being given, be grateful for it.

I rebroke insurance renewals and deal with the administrative side of it. I have 3+ years experience including 18 months in a large company and 2 years in the broker side.

My branch manager is supportive and feels that the increase is inadequate and has broached the subject on my behalf but was told it wasn't up for negotiation. they will review it in 6 months but I feel that if this is what I am being given for an increased workload that I will be given nothing in 6 months as nothing will have changed from now to then.
 
I think I would wait and do a few interviews, see if you get any offers. Seeing ads for a job is one thing. Getting the job, and the salary they offer is another.

Besides its good to move around. Keeps you sharp, you are made very aware of what you can get salary wise. You also tend to jump salary when you move quicker than when you stay with a company.
 
Well, if your direct boss has tried on your behalf, then it looks like you are stuck with what you have.

You need to make a decision on whether you want to stay there or not.
If need more money and you are not going to get it where you are, then the answer is obvious.

You have recently gained professional qualifations, so you should be in a position to move up to the next level now.

Dont look at the job sections in the financial pages in newspapers offering silly €200K + Bonus, ++++. Look at dedicated financial job sites and look at positions within your reach.
Make a couple of appointments with employment agents and go and talk to them.

Ask friends or colleagues in similar positions to recomend an agent.
Look at competitor websites - they may have positions available (unless your employment contract says you cannot do this).


aircobra19 said:
You also tend to jump salary when you move quicker than when you stay with a company.
Click to expand...

Be careful not to move too often, as it will look bad on your CV - up to 2 years is a good length of time working for one company. Moving every 6 months is not good. On the flip side, if you stay in a job for 20 years, you will be set in your ways and find change difficult and employers know that. Its about getting the right balance.
 
I can't comment on the going rates for the op's job. However what I can say is that in real terms she is worse of earning €23k today than earning €22k two years ago - her salary today would need to be €23820 approx. to give her the same purchasing power that she had two years ago. The bottom line is that unless pay increases match inflation the op is worse off going forward.
 
ailbhe said:
The not making enough money doesn't sit well with me either especially as they have aquired 3 new premises since I started.
Click to expand...

Maybe they have 100% loans on the 3 premises ? Or are renting them but losing money ?
Why not set up your own business in that sector and see how much you are worth ?
 
rabbit said:
Maybe they have 100% loans on the 3 premises ? Or are renting them but losing money ?
Why not set up your own business in that sector and see how much you are worth ?
Click to expand...

The "premises" also include the actual businesses. As in our business is expanding.
Setting up alone is not an option as I do not have the expertise or finances or knowhow. It is a ridiculous suggestion as I am not looking to be paid an MDs salary but simply to be paid fairly for the work I do.
 

I think the issue may be where you are based. If there are no similar companies located near you then there is no pressure on your company to be competitive in relation to salaries.
 
ailbhe said:
The "premises" also include the actual businesses. As in our business is expanding.


Setting up alone is not an option as I do not have the expertise or finances or knowhow.
Click to expand...

Just because the business is expanding does not automatically entitle you to big wage increases. If you do not have the expertise or know how to run the business, work for someone else who does. If you do not have the finances to run your own business, you could do like many if not most other business people do to get started is borrow. If you are not happy with your current job and cannot change the pay , you could get a job elsewhere.
 
I was once told by a former manager when I was looking for a payrise that I was only worth what to costs to employ someone else to do my job if i left.. the fact that I work in IT and there was a severe shortage of IT staff at the time was completely over looked by him, so when I handed in my notice I also handed him a selection of salary surveys of my position.

I ended up getting a 20% payrise..

If the management are refusing to even consider it when you're branch manage is asking on your behalf, move on. They don't care about their staff.

I.C
 
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