Is a good boss worth 30% under market pay?
Is it ever worth leaving a good boss for a larger name, or better pay?
My boss acknowledged the pay is under market, and for what it's worth, I know for a fact that my pay is 30% below market while my workload is at minimum 3X of my peers working for a competitor. I'm not sure if I'm just drinking the cool aide e.g. boss willing to promote me and help me grow etc., or is it actually worth "sticking it out"?
For the record, it's known that my company underpays, and the pay is above my boss or even his boss's decision. I've been at my job for almost 2 years - I was told that this role's turnover is between 1-2 years.
I think if you're entry level then finding a place with a great culture (mainly dictated by how nice your boss is) where you can learn new skills is a priority. Money is important, and earning 30% below fair market value is no easy pill to swallow, but perhaps you can ride it out at the start. Just make sure your loyalty to the boss and the firm is not absolute. If and when you get to a stage where you NEED more money (planning to start a family, support relatives, trying to buy a house) then have a conversation with your boss about compensation. If they truly are great, they should understand and help you out. It may also be that they're so nice because you don't cost them as much and they can still get a lot of work out of you...Never look a gift horse in the mouth; if you're being underpaid then you are the gift horse.
I've definitely thought about the possibility that they are only nice to me because I'm a "steal" lol. Beyond doing 3x workload, I'm also the most efficient in Excel on my team so I'm often the person gets asked to do work for the team. It doesn't take up too much time because I can do it efficiently, but then again that's another reason I'm "valuable".
I don't think the "I need the money" pitch would work though. For one, my pay should be based on my merit and contribution vs. my needs. After all, it's a business not a charity haha. Also, because they know my spouse has a high income potential (where I can stay at home honestly if I wanted to) so that would never fly.
30% below market AND 3x workload sounds too much. I can see getting less pay for better lifestyle, or getting more pay for no lifestyle--but I'm don't think a good boss is worth sacrificing both. Especially since you're not sure if you'll gain anything from having the relationship with your boss. There are other places you can find where they have good culture, as well as better pay/lifestyle, so I'd be looking for opportunities.
Maybe explain what makes your boss so special? Also, talk to him/her. Explain your internal debates. Having someone care for you is great, and if your boss is that great you can definitively take this opportunity to also have him as a mentor. Clearly if the firm is underpaying at all levels it is not a place you want to stay long term, so the question is when to move on and how can your boss help you while keeping the relationship.
In short, I want to be like him as a boss when I eventually become one.
In longer words, he's very willing to give me credit when it's due, especially in front of our executives. He communicates very directly, has given me a lot of autonomy, brought on someone to offload some of my grunt/meaningless work*, and in general he is very knowledgable given how long he's been in the industry. I've built a lot of good business etiquette and analytical skills under him - the difference is really obvious when comparing me with the other analysts starting at the same time under different bosses. I'm not a quick thinker or smart by any standard, so I contribute my growth to mostly his teaching.
He actually asked me where I wanted to go in the future very early on and said we can figure out how to get me there. I didn't give a clear answer at the time because I was still feeling it out. Now that he's developed me, I don't know how to start the conversation without coming across as burning the bridge/ being ungrateful/ tone deaf (COVID has hit the company hard).
*the person's main role isn't to support me - sort of a complicated situation. He recently joined the team under a different boss.
Based on the above, you can frame it as having as taking up that offer on where you want to be in the future. He sounds like a great boss and he will definitively give you honest perspectives - great managers are not selfish and understand that people need to move on to progress their careers. Also - you may be great, but there are a lot of great analysts out there, so the team will be fine without you.
My take is you're being fast tracked to management. Soft skills are invaluable and looks like most of the work you're doing is impactful -- you're getting your reps in.
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