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I’m in the unique situation where I’m hiring my replacement after having made a promotion. I know they will make (substantially) more than me. How would I negotiate a matching or superior salary?
I’m in the unique situation where I’m hiring my replacement after having made a promotion. I know they will make (substantially) more than me. How would I negotiate a matching or superior salary?
Leave.
The bean counters do not give a shit about your experience or value. They just need warm bodies. They know the friction of leaving a company is high so they'll intentionally make you feel like a sucker until you finally quit, getting more years and months out of you for a lower rate than you deserve. When you finally do leave, they'll pat themselves on the back for retaining you for so long at a depressed wage.
Funnily enough at many companies the second you actually threaten to leave, that corporate BS suddenly isn't an issue. But trust has already been lost.
Exactly as mentioned in the article but what should be basic common-sense. Why would I continue to work as hard as I do being a known top performer just for somebody who is new and has no history to get paid more than me.
But of course some of this may actually be exactly what some companies want in this backwards world, get rid of top performers who expect a pay raise in favor of those who don't expect one anytime soon like new employees. Set the expectation to new employees to not expect raises, etc.
Can someone who understands economics better than me explain how the workforce can "shrink" in 2024? The number of people isn't going to dramatically decrease, are just a ton of people retiring? Or does this imply that there's going to be a reduction in the number of available jobs?
Can someone who understands economics better than me explain how the workforce can "shrink" in 2024? The number of people isn't going to dramatically decrease, are just a ton of people retiring? Or does this imply that there's going to be a reduction in the number of available jobs?
There is a generational demographic bulge in an age range where both death and retirement of those who have not yet done so are things that are not unlikely.
On the other end, there is the opposite of a bulge at the age people enter (for statisticsl purpose) the workforce.
Makes sense. New hire gets paid a lot, everyone updates on what they should be getting paid, top performers have the best chance of getting jobs elsewhere and they now know they should be getting paid more. Seems like this consideration makes hiring new people much more expensive. Either you pay everyone (or just top performers) more or pay the new hires less and likely attract a lower tier of new hire which has its…
They don’t want us sharing pay. They don’t want to have to post comp ranges in job postings—they don’t want it to be easy for us to compare job postings.
That means it’s a safe bet that both of those tend to increase worker comp.
I’m in the unique situation where I’m hiring my replacement after having made a promotion. I know they will make (substantially) more than me. How would I negotiate a matching or superior salary?
It's normal for managers to have reports that make more than them. Just because you manage them doesn't make you more valuable.
I'm not saying this is the case for you in particular, but it might be, so something to consider before playing hardball.
I’m in the unique situation where I’m hiring my replacement after having made a promotion. I know they will make (substantially) more than me. How would I negotiate a matching or superior salary?
Leave or get a competing offer to use as leverage if you really like your company.
This is one of the reasons I loved Netflix. Each year they would say "to get new people in the door with your level experience, we had to offer them $XXX. Therefore we are raising you to $XXX." Some years I got 25%+ raises. Netflix understood this like no one else.
Can someone who understands economics better than me explain how the workforce can "shrink" in 2024? The number of people isn't going to dramatically decrease, are just a ton of people retiring? Or does this imply that there's going to be a reduction in the number of available jobs?