Hey folks,
I'm currently facing a tough decision - whether to ask for a raise at my current company. I am unsure if it's the right time to do so or not. Here's a little context to help you understand my situation
My timeline in the company:
How things are right now:
Questions I have right now:
Thanks!
Thanks Rahul and Alex,
Relative to other companies in a similar stage (similar amount of money raised, revenue, or headcount), do you have data to suggest you're being underpaid?
I don't think so. My salary is solid compared with other companies in the region (Latam) and just okay compared with other international remote-first companies (Buffer, Zapier, etc.).
One thing to note: the L3 engineer I mentioned in the OP makes almost the same as I do, and I'm at the upper level of the L4 band in terms of scope, responsibilities, and impact. This is what bothers me the most tbh.
Do you know others at the company who were able to get an off-cycle salary increase?
I don't have an answer for this.
I would suggest having the conversation about compensation focused on the next (October) cycle. The purpose is to show that you do care about comp and the manager should keep it in mind if they want to retain you.
Just to make sure I understand correctly, you're suggesting I raise this issue during the next compensation cycle in October, not before. Is that right?
I'll watch the videos you suggested and come back with an update. TY!
Two additional pieces of data that would help here:
Most Big Tech cos are regimented about when they give out pay increases, so I'm doubtful that this kind of technique would work. But depending on how big your Series C company is, they may be more flexible.
WIthout knowing the answer to the above questions, I would suggest having the conversation about compensation focused on the next (October) cycle. The purpose is to show that you do care about comp and the manager should keep it in mind if they want to retain you.
If the interim manager feels lax/open about it, then you can potentially ask "I wonder what the process is to request a compensation adjustment before the October cycle?" I definitely would not lead with that, since you like working at the company, and you don't want to jeopardize that in any way.
I talk about this a bit in the negotiation course: Negotiating Your Current Salary.
Another thought is to understand various options for a "raise". I assume you meant a salary increase, but there are other possibilities of compensation that the company may have more flexibility around:
I'd talk to other folks to figure out the possibilities and also evaluate what's important to you.
Asking for a raise ad-hoc is tricky and given that your company is Series C (quite mature for a startup), I imagine they have a formal performance review and compensation adjustment system. You also mentioned that the other person at your level has a similar salary, so you're probably in a good part of your pay band already.
Anyways, when it comes to asking for a raise, I recommend this: How To Negotiate A Raise At Your Current Job
When it comes to timing, it looks like you're crushing it, so you can probably just bring it up in your next manager 1 on 1.
I think the best path though is to work with your manager about getting promoted (or at least getting a very strong rating) and getting more money that way: [Course] Nail Your Promotion As A Software Engineer