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Karla CS
member
WWYD - Salary / Bonus Related
Karla CS
member
I’m not the happiest in my current position. Its got a myriad of shortcomings and I've got various concerns with my work place (most of which are noted by several people in my department), but the commute is great, I have tons of flexibility, and I’m currently spending 1.5 hours of my ‘work’ day pumping. I’m not sure I could realistically expect the same accommodations if I were to look for a new position. Once I’m done breastfeeding in 6ish months, I feel like I’ll have a bit more freedom when it comes to deciding to stay or go.
I have been pushing lately for a salary adjustment. Not to the top of the market, but just to make it a competitive salary. I’m underpaid and have been for quite some time. I’ve gotten calls from recruiters and have pretty good relationships with some of our competitors, so I know I’m not just projecting my hope on this fact - my manager has even admitted it and says he’s doing what he can. I also should be coming up on a promotion within the next 6-12 months.
With our Q2 bonus that were paid out a few weeks ago, my manager was ecstatic to let me know that they’re giving me a one-time retention bonus, payable Jan. 1. The amount is roughly what I would have expected to get me up to market. At the time, I let him know that, while I appreciate that the company was willing to do that, it wasn’t the adjustment I’m looking for. It’s a onetime payment and I can’t overlook the implications. Basically, it shores up the shortcomings in the salary for ONE year. Any future merit increases or my promotion wouldn’t have that amount built into the base, I would just be underpaid for a different position. It’s better than a kick in the shins, but I still don’t feel like it’s effectively done anything to bring me up to market. And I’m somewhat insulted that they feel like I should let all the other issues drop.
I’m really just not sure what to do from here. The general attitude in my line of business is to get a competing job offer and have the company match it. The time and effort involved in doing that is enough that I don’t want to do it, and I’ve made my position clear to my manager that if it gets to that point, I’m not giving them the opportunity to match it. As more time goes by, I’m just getting more frustrated, less motivated, and dreading going to work daily.
I guess the advice I’m looking for boils down to a few points. How long would you give them to make adjustments? How hard to push? Would you start actively looking for a new job now, knowing you’re potentially leaving a relatively large amount of cash on the table, or wait it out another few months and hope to get a promotion in that time?
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Re: WWYD - Salary / Bonus Related
What was your manager's response when you voiced your concerns about the retention vs. raise? I think that would impact my answer.
But, based on what you have written I would stay the 6+ months until you are finished pumping and hopefully get the promotion you have been waiting for. And, of course, collect the retention payout. Then find another job. It sounds to me like there are other issues with the job and in the end, a raise vs. retention would not make you totally happy anyway.
Hmmm. I would wait at least 6 months, that way you get the retention bonus which compensates you for the below market salary you currently have for the remaining 6 months (if I understand your post correctly) and you will be done with pumping. Then you can see if they make good on their promise to promote you then. If not, then at that point you can decide if you want to leave or stay. If at that point, they don't promote you and they ask you to wait another 6-12 months, then it might be time to start looking.
It sounds like you have pushed pretty hard and made your position clear.
When you receive the payment, yes, bonuses tend to be taxed higher. However, when you receive your W-2 at the end of the year, that retention amount is included in your normal earned income box, it is not called out as special income to be taxed at a higher rate. So whatever your tax rate is, that is the rate you will pay on the retention as well. If it pushes you into a higher bracket, your marginal tax rate will be higher on that portion of income only.
My net on my annual bonuses, and retentions I have received tends to be around 50% or less if I withhold 401K, as a previous poster indicated. But at the end of the year it all works out when I file my taxes.