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woodstock99forlyfe t1_iy9006b wrote

I spent 15 years (non consecutive) at megabanks and people just get so warm and cozy with the job security that they don't even think about leaving.

The companies 100% take advantage of this and if you do that I guarantee you are significantly underpaid.

I would tell people about my experiences leaving and coming back and upping my pay 50 or more percent and they just stared at me and collected their 2% and continued on with their day.

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BezniaAtWork t1_iy90y17 wrote

26 years old here and got hired at an insurance company for $78k in a mid-level IT role. Been talking a lot with and learning from another guy on my team. He's in his late 40s, been here about 10 years now and is at $66k. I do not have the credentials to back up my way higher pay, but I know he should be making a lot more than that. This entire company is full of people who have been here 10-30 years. I just smile and say how impressive it is that the company is able to retain employees like that but it reminds me of my first job when I was making $13/hr providing help desk support. in 2016. There were guys on my team who had been there 15 years and were making $15/hr thinking they couldn't do better anywhere else.

I've switched jobs twice now. First was from $13/hr to $21/hr. Left that second job after 4 years making $26/hr for my current job at $37.

I am still in a Discord chat with all of my old team members from that first job and there's a good deal of them still there pulling in about $16-17/hr.

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woodstock99forlyfe t1_iy94qpu wrote

Every single decent raise I've ever gotten was from switching companies.

Even internal promotions were bad. At one bank they would base it as a % of your current pay rather than the payband for your new role so if you started in an entry level position and worked your way up you would be getting absolutely shafted.

I left after they promoted me 3 times and I was making 40% less than new hires. Then 2 years later I went back to the same bank and walked in the door making more than any of the 20 year people in my department. When review time came around they would tell me "you're well positioned compared to your peers" and give me 0 or 1% so I left again. It's not my problem you are underpaying my coworkers.

Then I got another promotion thay should have come with probably a 50% raise to be in the right payband and they gave me attitude when I wasn't happy with 10%. They were like but it's a 10% increase! And I was just like my current salary is irrelevant I want what you would pay someone off the street. They didn't budge so I used the role to beef up my resume and then left. I make more than 2x what they were paying. I would have stayed for less because I liked the job, but they would rather hire and train someone else. Penny wise pound foolish.

I learned this lesson the hard way, loyalty is for people not corporations.

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MicroBadger_ t1_iy9c8nh wrote

My annual raises have always been in the 2-4% range. My job hops have given me raises of 50%, 46%, and 27%. There is certainly a point of diminishing returns where the money to bullshit ratio won't be worth it but I haven't hit it yet.

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raouldukesaccomplice t1_iy9cn6s wrote

Unless you live in a major city, wouldn't you at some point just run out of companies to job hop to unless you were either returning to places you'd worked before or were willing to move to a different city?

A lot of people basically become "stuck" once they're married and have kids. If they moved, their spouse would have to change jobs too and their kids would be changing schools. They might be moving away from family, etc.

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woodstock99forlyfe t1_iy9ff4o wrote

I've found the key is to do enough time at each job that you can come back. I've worked at Chase 3 times lol.

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bwyer t1_iy9atel wrote

>just stared at me and collected their 2%

Not realizing that 2% doesn't even keep up with inflation and they're effectively getting a pay cut year over year.

I used to work in finance until they closed our local office and I was laid off a few years ago. I went back and looked at my salary history. I was making considerably less in real dollars at the point when I was laid off than I did 15 years prior.

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