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So long story short, I have been at my job for 2 years and when I was first hired on in 2014, I was 24.. had about 3 years work experience until I was recruited for my current company. Guess I really sold myself because I ended up negotiating my offer and got the final number I was aiming for.. which is something much higher than the young me could only wish for. Since then, I have been receiving really good raises annually, where I am being paid now that is comparable to others with at least 8 years of experience. Obviously, not complaining at all and really thankful that I work for a company that recognizes my passion and pays so well.. but it got me thinking, what if something happens tomorrow and I no longer work there?
Has any of you been in a similar situation? Just because you're being paid well here doesn't mean the next company can match. Has it put a hindrance or actually a set back on your career once you tried to move on to other opportunities?
Of course I am very happy where I am at and plan to stay as long as I can but always has this thought in the back of my mind, lol.
So long story short, I have been at my job for 2 years and when I was first hired on in 2014, I was 24.. had about 3 years work experience until I was recruited for my current company. Guess I really sold myself because I ended up negotiating my offer and got the final number I was aiming for.. which is something much higher than the young me could only wish for. Since then, I have been receiving really good raises annually, where I am being paid now that is comparable to others with at least 8 years of experience. Obviously, not complaining at all and really thankful that I work for a company that recognizes my passion and pays so well.. but it got me thinking, what if something happens tomorrow and I no longer work there?
Has any of you been in a similar situation? Just because you're being paid well here doesn't mean the next company can match. Has it put a hindrance or actually a set back on your career once you tried to move on to other opportunities?
Of course I am very happy where I am at and plan to stay as long as I can but always has this thought in the back of my mind, lol.
I guess you could start saving for a rainy day like many others have done.
How do you know you're overpaid? Not meaning to be facetious, but do you know the market rate for your skills in your area? I can't think of many companies that would overpay vs the market. Maybe a bit above average, but not outlandishly so.
Yes, I know the market rate and currently, I'm being paid 20% more than the average person with 3 years experience (when I first started this role). It is an incredible experience though.. to put short, it's a global non-US based company but it was trying to build a presence here.. so at my time of joining, even though it was a global firm, it felt like a start up because they were so new in the US Market. Guess I joined at the right time!
It happened to thousands off ppl when the recession hit and all of a sudden people had to try to live on unemployment. Lots of people lost their houses.
I think it's hard to really and truly "know" because job duties can range so wildly even for the exact same title.
NYC paralegal at firm A might make 29,000 while firm B could pay 92,000. All in the same city.
It really depends. Unless you're at some Fortune100 company and really have money coming out of your pores, I don't think it'll be impossible to see something within 5% of your current salary if you research.
Yes, I know the market rate and currently, I'm being paid 20% more than the average person with 3 years experience (when I first started this role). It is an incredible experience though.. to put short, it's a global non-US based company but it was trying to build a presence here.. so at my time of joining, even though it was a global firm, it felt like a start up because they were so new in the US Market. Guess I joined at the right time!
Are you comparing salaries with the same size companies? I work in IT, and head of the IT department with the same skills on paper for a very large company is going to pay much more than a small business.
What you are experiencing is what they usually do with young people. They give them a high salary to start, give great raises for the first 3-4 years and then they taper off. After 10-20 years you will find out new hires are making almost what you are and after 20 years they are making more than you do to start.
Yes, I've had that experience and known others who have as well. It's called a wave and most people ride it, at least for a while. I do understand the feeling of unease that comes with it and the thing that made me feel better was upping my game, or at least planning to up it. That means learning all you can, getting to know as many as possible, getting any certifications or other things that will help you and your resume stand out. Then, deciding whether to use that to try to take a step up in responsibility.
Problem is that since you are over the mkt rate now, if you are able to take a step up you may not be making tons more. I personally was uncomfortable riding the wave too long - it made me complacent and lazy so I treated it as a temporary thing and eventually moved on. That would be my advice to you - ride it for a while but plan for something else. This is especially so considering your age and the amount of time you have in the workforce. You have to stay interested, challenged and engaged or work life will be miserable and the extra 20% will be meaningless. So the options are (after you get off the wave or it comes crashing down) do you try to get another job that is similar to what you have but you get 20% less, or do you try to move up and take a job with more responsibility for 10% more? If you were 55, I would say ride the crap out of the wave but you have too much time for that. Start planning your exit.
Yes, I know the market rate and currently, I'm being paid 20% more than the average person with 3 years experience (when I first started this role). It is an incredible experience though.. to put short, it's a global non-US based company but it was trying to build a presence here.. so at my time of joining, even though it was a global firm, it felt like a start up because they were so new in the US Market. Guess I joined at the right time!
20% isn't overpaid, it is normal variation.
People always go on about some number they pulled from glass door or some similar site, look at the average and act as if it some gospel number that all companies follow. In reality, that is complete nonsense. There is no master chart of salaries based upon title and years of experience, unless your company s covered by a CBA.
Think of it like height. Some people are taller than others. We expect this as typical variation. Enjoy being on the high end, brag a bit more if you like, and call it a day.
How do you know you're overpaid? Not meaning to be facetious, but do you know the market rate for your skills in your area? I can't think of many companies that would overpay vs the market. Maybe a bit above average, but not outlandishly so.
It happens all the time in competitive job markets - they don't want to lose the candidate to the company up the street.
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