How to leverage team member leaving group
Going to give enough context but will try to keep it short. Work at a multi family merchant-builder in the south on the AM side and the other analyst in my group just accepted another job. I'm trying to see how I can leverage this.
We both have been working here just under a year and the plan was to hire both of us, and after a year hire two more analysts "under us", as our pipeline is basically going to double. Inherent in that is the two of us were going to start taking on our own assets and be promoted to senior analyst/associates/junior AM's in ~6 months, and the two younger analysts would help the whole team. So him leaving is basically killing that succession plan.
I think this gives me a position for negotiating salary as not only will my work essentially double, but also now I will have to train three new people over the course of the next 6-18 months in addition to all the current growing pains in the company.
We got a solid relationship and he was very transparent to help me out - he was making pretty much same salary and bonuses. He's getting a pay bump that is overall like 40% pay increase - he's going to a long term institutional holder and they're giving him a Boston salary to stay in the south, but still a benchmark.
I actually really like this company and team, and for the Work/Life balance I don't feel underpaid by any means, but want to see the possibilities. Before this info my plan was to get a promotion here and then work another year or so, and then leverage that into a role elsewhere if wanted.
Have an MSRE + internships, year of acquisitions experience, and year of AM experience. About 4 years of "experience" all in with my mid 20's. I'm getting recruiter's contacting me every week and thinking I could land a role close to a 100k base, which is my goal here.
Thanks for any insight, and appreciate it if you have read the whole thing.
Wait a bit so you have evidence to back up the increase in workload - can't just go to your boss with theoreticals. When you can quantifiably say you've been doing so much more work and maintaining the same level of quality, while prepping to train new employees, then you have a great case for a raise.
Also don't think it's fair to use his new salary as a comp to your boss - pay at a merchant builder is going to be different than at an institutional shop. Not to say you shouldn't ask for the raise.
I used to work in a niche product type as part of a broader fund. There were only two people that knew the product at roughly my level, and the other guy was a half step ahead of me (basically associate and senior associate type dynamic, though our titles were weird).
The other guy left and I took over one of his deals that culminated in a battlefield promotion into his title that came with a 50% raise.
When they gave me the number I told them, tactfully, that he and I had talked, I got a lot of recruiter outreach, and I understood the hiring market was frothy (and brought in recruiters’ comp data to prove it). I told them I wanted to stay, loved the team & culture, etc., but I needed that to be an 80% raise to keep it exciting.
They gave me 70% and I ended up making more than he left for… absolutely not the normal outcome, but I was underpaid and they knew it (hence the 50% raise) and they loved the work I did and knew they’d pay up for an outside hire (market really was frothy). Benefits of being the last man left in a niche specialty
Not OP. What was your plan if they had said no and only offered 20-30% raise? I ask as I anticipate being in a similar situation. I don't want to leave the company I am at either as my learning experience is phenomenal and growth opps in terms of responsibility seem to be excellent. I am a bit underpaid, but don't want to loose the position. I don't want to be in a situation where I say I want a 50% raise and they come back and say "best we can do is 10%". That only leaves me with the choice of staying like a bitch or leaving (and I don't want to leave).
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