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re: How much can you expect salary to increase from starting salary?
Posted on 7/22/16 at 3:16 pm to C
Posted on 7/22/16 at 3:16 pm to C
quote:
Rule of thumb is you're doing well if your salary doubles after 5 years with the company. from there it'll probably track more closely with inflation plus a few bumps for good years.
thats pretty close to spot on for me
0
Posted on 7/22/16 at 7:10 pm to athenslife101
Here's me:
I began in the oilfield as a production-chemical engineer (ChemE from LSU) in 2007 with a service company.
My base salary is about twice what is was compared to when I started (took about 8 years, though), all with the same company. However, with the slowdown , it has been stagnant for the past two years.
Best of luck to you
I began in the oilfield as a production-chemical engineer (ChemE from LSU) in 2007 with a service company.
My base salary is about twice what is was compared to when I started (took about 8 years, though), all with the same company. However, with the slowdown , it has been stagnant for the past two years.
Best of luck to you
Posted on 7/22/16 at 7:48 pm to lynxcat
quote:
You need to change companies to typically maximize your salary. It is a sad truth.
It's not necessarily sad, depending on how you see things, but it's certainly true.
Asking about salary increase expectations in-house seems to me to be one of those types of questions that misses the bigger picture. The primary way to make money is to look at the template resumes/profiles for whatever fields are most in demand, and then craft your own set of skills and experience until you eventually fit the description.
If your current firm wants to meet your longer term career expectations, then that's great, but the ultimate responsibility is on you to obtain the labor market power to attract higher salaries from other players (whether you choose to accept those roles or not).
If you happen to land a blue-chip entry level job at one of the prestige cult-like firms, like Cravath (Big Law), Goldman (banking), or McKinsey (consulting), then all you have to do is survive the career ladder until you make about $1 million per year. Usually though, you can maximize your earnings by jumping around a bit and collecting an unusual background of acquired in-demand skills.
Posted on 7/23/16 at 1:31 pm to Doc Fenton
The sad piece is how companies almost always undervalue their current talent and over value the incoming new hires. This is a disconnect that should be easily overcome.
I moved from a highly ranked consulting firm and more than doubled my salary in a year. It's ridiculous for that kind of disparity to exist in a field ripe with growth and profitability.
I moved from a highly ranked consulting firm and more than doubled my salary in a year. It's ridiculous for that kind of disparity to exist in a field ripe with growth and profitability.
Posted on 7/25/16 at 12:09 pm to lynxcat
quote:
The sad piece is how companies almost always undervalue their current talent and over value the incoming new hires.
Its the reality though. they know some people aren't going to look for a job, so better to keep them at the lower salary.
quote:
This is a disconnect that should be easily overcome.
I have worked at 5 different software companies, and they all did this. I can't help but think that they are onto something in doing this.
I do know my company does this. Its about impossible to get a raise. Tech hiring is hot right now, so we have mad attrition. And we are having to hire people for more than they those that leave. but no one seems to care. Its also really expensive to hire someone (~$20k), and the loss in productivity. But HR just DGAF.
we just had someone quit, and HR told my boss it was his fault for not giving her a raise. And he said - there was no raise pool the last two years. What am I supposed to do? they said - escalate and they would do it. It was comical.
Posted on 7/25/16 at 12:50 pm to LSUtoOmaha
I'm in an incredibly specialized field, in first two years I have gotten about 50% up
Posted on 7/25/16 at 12:55 pm to athenslife101
I'm not salary but my experience - first job I worked for 4 years and wasn't happy with my progression there. From entry level there my rate went up 24% in 4 years.
Immediately hired on 15% higher when I jumped companies to their competitor. Been with them 4 years and my rate has jumped 18% in those 4 years. Current job pays out bonuses as well so with that factored in I've been making about 2.5 times what I was originally making year 1 entry level.
Immediately hired on 15% higher when I jumped companies to their competitor. Been with them 4 years and my rate has jumped 18% in those 4 years. Current job pays out bonuses as well so with that factored in I've been making about 2.5 times what I was originally making year 1 entry level.
Posted on 7/26/16 at 6:05 am to Powerman
I hate threads like this. Mine has increased about 7% in two years with flawless performance reviews
Posted on 7/26/16 at 9:53 am to athenslife101
I might be a little behind the curve and I changed jobs twice albeit without big bumps in pay, but I am 9 years out of undergrad and make about 75% more total salary.
Posted on 7/26/16 at 9:59 am to DownshiftAndFloorIt
I've increased about 15% in 2 years
Posted on 7/26/16 at 10:36 am to OneMoreTime
Sounds like I should be looking much harder. I didn't realize pay increases were that substantial elsewhere. Are all of these for the same position as starting?
The market's down right now and with changes in pay structure looming I stand to loose my arse in the coming months.
The market's down right now and with changes in pay structure looming I stand to loose my arse in the coming months.
This post was edited on 7/26/16 at 10:38 am
Posted on 7/26/16 at 11:02 am to DownshiftAndFloorIt
quote:
I hate threads like this. Mine has increased about 7% in two years with flawless performance reviews
Time to talk to your manager about a promotion and commensurate raise. If this is your first job out of college, you've received good reviews for two years, and the topic of promotion has not come up, I'd be a little concerned about growth opportunities at your company. You need to be the one to bring it up, because the company will be more than happy to give you a yearly 4% raise and leave it at that.
This post was edited on 7/26/16 at 11:04 am
Posted on 7/26/16 at 11:12 am to tigercross
Lynxcat hit the nail on the head.
In order to get a good raise and advance, 99 out of 100 times you are going to have to change companies. This is the new reality for millennials.
The days of having only a few companies on the resume are long gone.
In order to get a good raise and advance, 99 out of 100 times you are going to have to change companies. This is the new reality for millennials.
The days of having only a few companies on the resume are long gone.
Posted on 7/26/16 at 11:37 am to DownshiftAndFloorIt
quote:
Are all of these for the same position as starting?
No, I'm on my 5th position (3rd different company), although the last change of position was a lateral move.
This post was edited on 7/26/16 at 11:38 am
Posted on 7/26/16 at 11:54 am to athenslife101
I am personally at 75% increase right at 5 years working for a F500 company. I would probably say that is on the above average end for a job like that. I should hit an additional 20% bump within a year or so and then it is going to take a serious promotion to take me to another level.
ETA Most major companies are probably giving you an annual raise at 3-5%... couple that with a promotion (let's say 15%) and after 5 years you are looking at 40% from your starting salary. Obviously this changes drastically based on profession but those numbers seem right based off what I have seen others get
ETA Most major companies are probably giving you an annual raise at 3-5%... couple that with a promotion (let's say 15%) and after 5 years you are looking at 40% from your starting salary. Obviously this changes drastically based on profession but those numbers seem right based off what I have seen others get
This post was edited on 7/26/16 at 11:56 am
Posted on 7/26/16 at 11:55 am to athenslife101
I'll just offer this piece of advice. The first part of your career, at least the first 10 years, you should put very little if any significance on salary. You should be trying to get the best experience possible. The money will come and if you are successful the money you make in your 20's will be small potatoes. It's all about getting the right type of experience and lots of it.
Posted on 7/26/16 at 12:14 pm to barry
quote:
I'll just offer this piece of advice. The first part of your career, at least the first 10 years, you should put very little if any significance on salary. You should be trying to get the best experience possible. The money will come and if you are successful the money you make in your 20's will be small potatoes. It's all about getting the right type of experience and lots of it.
I completely disagree with this but maybe its an industry thing. get as much money as you can as fast as you can, as that will be your negotiating point. The first 2 years, worry about experience but after that, try to cash in as much as possible.
No one will take care of you. that is your job!
Posted on 7/26/16 at 12:54 pm to Hawkeye95
Well, I've spent two years getting very good experience. Now I'm sliding my focus towards money. I took a lower salary job in the name of experience.
Posted on 7/26/16 at 12:58 pm to DownshiftAndFloorIt
Yeah, mine is in the same position.
Posted on 7/26/16 at 2:15 pm to DownshiftAndFloorIt
sometimes you have to pay your dues, but generally those careers fricking suck. Like architecture. I know several arhictects that are in their 40s, and still haven't cracked 50k.
I am like - wtf dude? you have a masters degree and you can't make 50k?
I am like - wtf dude? you have a masters degree and you can't make 50k?
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