Payrises and Moving JobsSubscribe
Hi all. I have a bit of a problem and hope you can give me some advice...I have been working for aIB for three years, and I am heavily underpaid for my skills, due to departmental politics. I say this, because my pay has been near-frozen ever since I joined, and currently I could go to a pay increase. The reason I have stuck it out so long is because the work I am doing is interesting, builds useful skills and opens plenty of opportunities for other interesting, well paid roles. My current role is hedging Firmwide IR and currency risk by derivatives. I have had a chat to my boss, and he agrees that I deserve a payrise, and has given me glowing reviews ever since I joined. I also recently took CFA level 3 (and it went ok..so I'm hoping for a pass).
There a number of internal and external roles I am considering. If I move internally, I will not get a payrise initially, but I may in January (part of the annual process) in a new role.
If I moved externally I would definitely get a pay rise, but obviously there are risks of a big initial bump and then more freezes in future years.
I have a meeting with my MD next week to discuss my future path and a payrise, as I am currently not happy. I suspect my MD will offer a pay increase, but it would still be less than I would be able to earn in pretty much any other role. My question - if my MD offers me a payrise that is insufficient to stop me looking for a new role, would I be disrespectful if I said:
"Yes I will accept the payrise, and yes it will make me less likely to move, but it is not sufficient to make me guarantee I will stay."
I really do not want to reject a payrise, as my pay is a sick joke. I don't really want to burn bridges if I can avoid it. Should I reject an offered payrise if it is insufficient, and I would try to move internally anyway (where I would keep my very low salary for at least 6 months, and would risk another MD offering me a tiny payrise in Jan)?