Is it ok to ask how you can make more money at a company
Brief version: been working for this same company for what will be 5 years in 2 short months. Base started at 65K, 10% max bonus. Was promoted and had small annual bumps that are arbitrarily set by HR/Company Leadership. Currently make 78K, 10% bonus cap. Public company, F500, so decent benefits, 401K match and average stock purchase plan.
That said, I feel like I'm desperate for money and never really seeing an opportunity to grow outside of a promotion to a manager position, which who knows how long that would take. Is it appropriate to ask my supervisor if there's other ways to increase my salary? I want to be as genuine as possible but am I crazy to think that's an appropriate question?
Who are the rainmakers at your company? I'd network with them and see how you can join their ranks.
Otherwise working your way up the ladder sucks. If you think you've put in the work for a raise then you need to ask for it. I wouldn't ask for 'other ways' to increase your salary. You want a raise. So say it and sell them on why you deserve it.
Thanks for the quick reply. I should add that the company has been operating (albeit remarkably because they're skilled) in a very distressed environment for about 2-3 years which weighs on whether I'd be like reprimanded for asking. It's been like going to battle for months on end in everything. For example FP&A is stressful in that we chase everything out in literally hundreds of assumptions that are made in 3-4 forecasting cycles per year.
Was going to say the same thing. Don’t ask but network.
I need to be better at that. Especially because I think we're on the short end of compensation for the "lifestyle". Pay hasn't changed since 10 years ago (way before my time) but the risk return of working there has completely, and the day to day isn't exactly easy. Something always happens and it's slowly added up.
Sometimes you have to leave to get the jump up to the next level. Go out and get another offer. Let your boss know you have another offer somewhere else and they'll either match it/promote you or they won't and you can jump ship.
This^. Corporate finance kinda sucks for raises at same company unless you're already in management. If you're still not manager where you are now after 5 years, you should look elsewhere, because they clearly don't see you as a manager. Assuming you're in FP&A / Treasury, bail, move to another company and get a sizable raise.
Maybe don't ask about salary directly, but it's worth asking your boss about advancement opportunities during your next review / check-in. Saying something along the lines of how you feel you've performed well (which you have, considering you got promoted) and you're ready for a new challenge and opportunity to grow with more responsibilities. His/her response should tell you a lot about your standing in the company and whether it's time to look outside.
The thing about CF is that the best way to make money is to constantly move. Work hard, do well, and a couple years down the line either ask for increase comp or recruit somewhere else and get a substantial pay raise. I know people that leave every 2-3 years and get ~30% increases in salary/bonus when they do. You have to position yourself at the top of your team and sell that to the next company and just constantly move on because the default in CF is to be fucked over by your company because they know you'll be complacent in staying in one place with the occasional tiny salary/bonus bump.
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