Retiring Early

Wednesday, May 23, 2007

Getting what you deserve

Over the past 7 years that I've known my wife, she has worked at a number of different companies. She has a self-described "2 year itch", meaning after about 2 years, she wants a change of environment -- new employer, new colleagues, new surroundings, etc. Well, I'm not sure if it's just that it's spring time, but that time has arrived.

She likes her current situation, but isn't in love with it. She does have a LOT of perks, however. First, she works in the city in a nice, modern loft space, and it's only 8 blocks from home. As if getting to work was a problem, she also has the luxury of working from home at least one day a week! Extra vacation time isn't a problem. ...and the work? She has mastered the job and can do it in her sleep, and she's viewed as one heck of a value to her company. She's a go-to person -- the kind no one in their right mind would want to leave. So what's not to like?

Well, to be honest, she took a pay cut from her last job to take this one. Yep, the 2 year itch strikes again. Now, she's not making minimum wage by any stretch of the imagination, but there's just something about taking a pay cut. She has had 2 raises and a few bonuses over the past 1.5 yrs, but she's still not back to making what she was prior to taking this job.

So, to make a long story short, she had her annual review discussion with the owner of the business and the owner gave her a respectable 4% raise, but surprisingly, left the door open for discussion if she wasn't happy. 4% is not a bad raise these days, but for someone who took a pay cut to take a job, it looks downright minuscule!

Any time someone leaves the door open like that, it's a huge tell-tale sign that you're not getting what you are due. With that in mind, I strongly encouraged her to fire back and get a larger raise. Much to my surprise, she wasn't going to ask for another 2-3%, but she went for a full-on 10% raise! Holy cow, that's incredible!

So I helped her craft an email message and justification, and low and behold -- without hesitation -- it was approved within minutes (strange that you can negotiate these things completely over email!). I was so incredibly proud of her!

The lesson?
Of course, it's easy to let the 2 year itch take over and jump ship to find a new role, but getting what you deserve can be as easy as just asking for it. And it goes without saying that significant raises get you to retirement much more quickly, so it's a boon on all fronts!

(Image courtesy of irinaslutsky)

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