Should I be grateful and shut up?
I'm an AVP in asset mgmt at a <$1b AUM REPE making a predictable $110k all in. I've been at this company for a year so far and feel like my comp doesn't reflect the value I've been bringing. I'm wondering if I should be grateful for my job and shut up, or if I should speak up and ask for a bigger piece of the pie. Here's my sitch...
FOR SHUTTING UP AND BEING GRATEFUL
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I have a solid path of progression upwards at the co. given that I was recently promoted, which came with a 20% pay raise.
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I'm involved in many parts of the deal cycle since we're a small org.
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I'm well liked by my bosses and the CEO. I get a lot of facetime with them and am invited to social events with the exec team. Feel treated like a respected member of the org.
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I work 40-60 hrs, but 75% of that is closer to 40 hours than 60. I also wfh 3-4 days a week which I appreciate.
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Company is on a strong trajectory upwards as far as I can tell. We've made fundamentally sound investments, have a positive reputation among investors, everyone works hard and is relatively sharp.
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The work I do is interesting, impactful, and it's setting me up to run my own deals (70%ish of the deal cycle) in the future if I so choose (50/50 undecided).
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I'm granted with a lot of responsibility.
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Job market is tough right now and not likely to get better; I have a secure job.
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We're like a start up co. so fees are low and overhead is high. Impossible to pay every employee market pay.
FOR SPEAKING UP ABOUT MORE PIE
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With responsibility comes stress. I'm a high performer in general so a lot of it is pressure on myself. I'm managing a lot and my pay definitely doesn't compensate for that.
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I've added tremendous value in the year that I've been here (CEO himself said so to someone else which was relayed to me, I've been recognized company wide several times for my work, granted more and more responsibility, promoted within 12 mo's). The asset mgmt dept would probably lose 1/3-1/2 its efficacy if I were to quit today and would be extremely expensive to hire someone who would bring 75% of the my valueadd (sounds cocky and maybe it is, but I also know what I've done and how it's taken us up to new levels). Again, I don't think I'm receiving a fair share of the revenue I drive (I can point to $1-2m of property level revenue that I've directly been responsible for ADDING). You can imagine that with assets totaling <$1b, this makes up a large portion of EGR.
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No name brand recognition
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Disorganized/unsophisticated/nonexistent processes and a lack of resources to easily change that. = a lot of work, confusion, and stress vs. slipping into a well oiled machine.
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One of my personal goals is to maximize my wealth and be able to independently take down my own $7-10m deal by the odd age of 38 (currently 29). My savings rate is 30%+ of gross and yet the money stacks slowly. I'm far from affording a decent down payment on a modest $500k home.
CONCLUSION: I might be able to think of more points on either side but for now this is all I have. Am I being ungrateful, or too gracious? Thanks for your input!! If there are other things you think I should be considering (for either position) please let me know. Love a new perspective
I think you've got a good balance going – not too whiny, not overly thankful, just right. But, you know, jobs are never perfect, especially in this tough job market. It's cool to appreciate having a job, even if it's got its downsides. Reading through your situation, if the company's on the up and you're killing it, maybe it's time to nudge for that promotion. Worst case, they say no, but at least you tried.
Honestly be grateful, but you can still push. I push every year for a Raise. Thought process is if you are advancing in your career in what you learn you should always be paid more, doesn't always have to be a promotion. It's a business I'm best friends with my boss but we are both open that if he doesn't pay me I'll hop ship and if I push too hard he'll just let me leave and say he wishes me the best.
You are working to eat, they will replace you very quickly. This being said you need to come prepared with market relevant facts about pay range and value add. Create lists of accomplishments and duties you didn't have last year vs this year. When it comes to review season, I honestly only reward those that push hard on me but in a educated and insightful way. Everyone else get's 3-5% raises.
Last year I got a 20% raise and our revenue is about half of what it was last year, better believe since I took on significant roles due to lay offs I'm pushing for 10-15%
Is the $110k post promo?
Yeah post promo
Why is this an either/or? Push for a raise and if they say no, be grateful you have a job (while keeping an eye open for others)
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