These are some things a strong manager may try to do to help you:
- Go to their boss and HR when your salary falls out of line with what the market pays.
- Ask for an adjustment for you when they find themselves bringing new employees in at rates that are higher than current, experienced employees.
- Set up a career development plan that will help you get to the next step in your career.
The power of $10,000
Many are familiar with the compelling reasons to invest in your retirement plan early in your career. That money, over time, works harder and earns more interest than contributing more money later in your career. That concept also bears out in compensation as well. A person that decides to take the lower paying job now with the thought that the other opportunities will always be there may push themselves into a corner. For the many organizations that do not look at paying the value of the job, but rather x% more than a person is making now, they will hinder a person throughout the person's career. Compare two people starting a job at the same time and planning on staying throughout their career. One accepts a job at $30,000 and the other accepts a job at $40,000. Understanding each will get small increases (e.g. merit increases and pay adjustments) and large increases (e.g. promotions) throughout their career, we assume an average pay rate increase of 6% per year. Look at how that small $10,000 makes a difference over their career.
Now, 20 years into the career, the person that started making $30,000 is bringing in an annual salary of just over $96,000. The person starting at $40,000 is making just over $128,000. The latter person has made an additional $399,927.27. This number excludes taxes, investments, etc., but it is pretty staggering. I am not showing this to turn people off from accepting jobs that they would prefer for a job that would make them miserable, but pay more money. This is simply to show that if at the end of the day, you have to choose between two jobs you will like equally as much, I would tend to pick the job that offers the more valuable package.