A Modest Increase, Recommitting to Saving

Long story short, I got a promotion at my job.

Many of you who read me know that I'm not exactly satisfied at my job, but I try to stay professional, completing the projects I do have in a polished, precise and quick manner.

Apparently, that was enough to move me into a management position. The one thing I do like about this new opportunity it leading my team, a talented, creative, fun group of young people. I'd like to think I can help develop and maybe help them push through some of their ideas that sometimes get stifled or stuck on the back burner.

But I am NOT happy about the pay.

Negotiations did not go well. Unfortunately, the sour economy provides companies with a plethora of excuses for mistreating, undercompensating and overworking their employees. I asked about my new salary and my new boss gave me a blank stare like "Oh, you mean you want a raise to go with your deluge of new responsibilities?"
I stared back like "Did you think I was going to do all this mess for NOTHING?"

I suggested a number. He said he had a number in mind. I asked what it was. He said he couldn't say at that time. Huh? I sent over information I researched on what people in comparable positions make... almost twice what I was asking.

In the end, I got an annual increase of $4,000. Um yeah. So now I get paid what I SHOULD have been making when I started here. But that part is nobody's fault but mine. I should have gone back to the table once more when they first offered me the job a year ago (I rejected their first offer, which was just insulting. Should have pushed again the second time, but coulda woulda shoulda).

After all that I went straight to the CEO and told him I thought this pay increase was a joke (not using those words, of course). He agreed (but not really) and offered stock options... in case there were any available later. What? Why did I stay? Because I need a job -- which sucks. While I am looking at other opportunities, I'm not in a position to turn down money, no matter how small. Not yet. Besides, the increase in responsibility, the move into management, the title change and some of my new responsibilities will help me to fill out spaces in my resume and experience that I lack and will put me in a better position to negotiate later. And I get bolder with every negotiation I have to make, so I am growing.

Anyway, blah blah, boo hoo.

For the mean time, I plan to save the entire raise in my IRA. I admitted before that I had stopped saving in the IRA after the company stopped offering the match. I just focused all my cash into saving six months of living expenses.

So, that's it. Not nearly as exciting a promotion and raise should be!

DH

Comments

[calgirlfinance]

Congrats on the raise and promo. Keep on looking. You can also keep on asking . . .