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re: Minimum Pay Increase you'd accept to move to a competitor
Posted on 2/14/18 at 2:50 pm to southernelite
Posted on 2/14/18 at 2:50 pm to southernelite
quote:
How many people are realistically making it to 7 figure jobs? Your advice is usually spot on, but here I think you’re off the mark.
I didn't say everyone would hit it, but its a goal for a lot of people and specifically the type of people who frequent this board.
It's why i asked what line of work he is in and his career goals.
2
Posted on 2/14/18 at 2:55 pm to Moots
quote:
Yeah...1% is still overshooting the mark by quite a bit. Here's a Wall Street Journal interactive graphic that shows an annual income of $305,700 puts you in the top 1% of all Americans. You can further filter it from there to see where exactly you stand based on Sex, Race, Generation, and Education.
Actually pretty neat:
Cool website. I wish it had greater sample size so that you could really get into a closer comparison set.
Posted on 2/14/18 at 2:56 pm to LSUTOM07
quote:
Who says you can't do both?
I don't know the stats, but its really hard to climb the ladder when you are switching jobs every 3 years. Also in my personal professional experience its also around 2-3 years where shite you put into effect starts showings its results. A lot of people like to see someone whe has stayed at a place 5-7 years and shown long-term measurable results.
Look if you are in sales or are comfortable at the level you are at then by all means chase the dollar.
Posted on 2/14/18 at 3:05 pm to barry
quote:
IMO if you are a career white collar professional, your 20's and 30's should be about getting the best experience you can and then look to pay off in your 40's and 50's. An extra 20-40k here or there is nothing compared to being able to land a C-suite job and pulling down 7 figures later.
I agree with the overall sentiment with one caveat. The first 5-10 years are pivotal in gaining the right experience and skills that allow for growth acceleration in late 30s and onward. With that said, salary growth early in life allows for compounding the same way a retirement account does. $20K salary gained at 30 becomes a $50K difference in base in a not so distant future.
Generally, annual raises focus primarily of percent raises so the base you are building off matters quite a lot.
As also mentioned, the marginal utility of each extra dollar earned means less at higher incomes, so it does less to move the needle on SOL (than say 10% base increase on $30K).
When considering total compensation, someone doesn't need to be a CEO to become a "1%er". VP and up at my firm are definitely in the 1% and I bet some Directors are as well depending on their LTI packages. At least at large firms, the big money flips to LTI packages pretty quickly. Base levels out but the variable off the base and the RSUs grow rapidly with each step up the ladder.
Importantly, the risk of getting canned goes up dramatically as you climb the ladder...and finding an equivalent role at another firm is exceedingly difficult. There is a risk/reward component that junior employees typically fail to consider (albeit, the reward almost always outweighs the risk).
Posted on 2/14/18 at 3:13 pm to barry
quote:
I don't know the stats, but its really hard to climb the ladder when you are switching jobs every 3 years. Also in my personal professional experience its also around 2-3 years where shite you put into effect starts showings its results. A lot of people like to see someone whe has stayed at a place 5-7 years and shown long-term measurable results.
3 years in a role is where the world of opportunity seems to open up within the org or on another team that is impressed by your work. Step up the ladder at 3 years and then another step at 5 years puts someone in line for executive leadership positions (e.g., VP) in the the 2-4 years thereafter in corporation functions, in my opinion.
quote:
Look if you are in sales or are comfortable at the level you are at then by all means chase the dollar.
Sales is unique if you are on the ground closing everyday. Agree that those folks can chase the dollar if they don't want to move up the ladder necessarily. If you move into leadership at the HQ, then it takes on much more of a classic corporate function career trajectory.
Posted on 2/14/18 at 3:37 pm to lynxcat
quote:
3 years in a role is where the world of opportunity seems to open up within the org or on another team that is impressed by your work. Step up the ladder at 3 years and then another step at 5 years puts someone in line for executive leadership positions (e.g., VP) in the the 2-4 years thereafter in corporation functions, in my opinion.
To be clear when i say switching jobs, I use it in the context of switching companies. I'd also be concerned if someone was in the same job(role) for 5-7 years.
This post was edited on 2/14/18 at 3:38 pm
Posted on 2/14/18 at 7:38 pm to goofball
I enjoy my job & know what my future holds at the company. So it would take at least a 40% pay increase to get me to consider changing now.
Posted on 2/14/18 at 10:01 pm to barry
I’m going to rival firm in 2.5 weeks - wasn’t leaving solely for money. Getting to shift from finance consulting to Oil/Gas consulting, they just so happen to be giving me 30%+ more salary and a nice signing bonus.
Posted on 2/15/18 at 1:26 pm to barry
quote:maybe on the OT! How many executives you think are on this board?... Serous question.
but its a goal for a lot of people and specifically the type of people who frequent this board.
Posted on 2/15/18 at 4:02 pm to goofball
Given that my field is so specialized and our direct competitors are also some of our biggest supporters, it would be hard for me to take an offer from any of them. In our industry its hard enough to succeed without poaching each other's employees.
Now.. that is not to say I wouldn't if they offered e 50% more. we all have a price after all
Now.. that is not to say I wouldn't if they offered e 50% more. we all have a price after all
Posted on 2/15/18 at 5:07 pm to goofball
No non compete?
That's a different world for me, then.
That's a different world for me, then.
Posted on 2/15/18 at 5:27 pm to baldona
95% are on here bragging and telling everyone else how poor they are. 4 Or 5 vacays a year, 10 million in stocks and a 3 million dollar home in the deep south....straight killing it.
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