Community Chat

[Travone]

My advice is to update your resume  and start looking elsewhere.   Bring a copy of your stellar appraisal with you to the interview.   With your experience and job longevity another company would love to have you for the next 13 years.  You need to put yourself and your future finances first 

[MaverDaver]

I worked for a large pharma company in NJ for 31 yrs as an Administrative Asst. I worked my way up from the 'secretarial pool' which was right after graduation to an AA for one of many Vice Presidents of the company. As I climbed the ladder and because of my length of service my salary became over and above the yearly salary guidelines. My reviews were above average culminating with the highest one could achieve. However, because I was regarded as "highly compensated' my yearly increases amounted to approximately $100/month before taxes. I was given stock options which paid off in the long run.

My last 5 yrs with the company were what one would call today as "silently quitting". I did the bare minimum to get by and never extended myself. I continued to get my yearly increases and felt much better about it. Perhaps you should "silently quit" and look for some other position either within or with another company.

BTW I left the company at age 50 because the division I was working in was moving to Georgia. I got 2 years severance, collected unemployment for a year and never regretted it for even one day. I officially retired from the company at 55 with all benefits I accrued.

Things have a way of working out!

[ScrapHappy]

My husband has been in IT for over 40 years.  He worked his way up in different companies to a CIO position.  The last company he worked for wasn't giving out raises, bonuses, promotions, etc. for the last 7 years he was there.  There were having lay offs every so often and my husband took a pay cut so none of the people who worked with would loose their jobs.  My BIL worked for a company for many years and then that company decided to cap salaries.  He went on the job hunt immediately and quit that job.  His wife worked at that same place so her salary was being capped too.  She stayed but eventually got laid off.  She found a new job and is happy now.  My husband would always say he'd do just about any interview for a job (even if he wasn't looking for one or interested in the position) just to hear them out.  You never know.  By the sounds of it, you have a lot of experience, great work ethic with outstanding reviews.  I would think that would make you very "hirable."  

[Sunnycorle]

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@Imaoldhippie wrote:

How long have you known about the salary cap?  It sounds as though you are stuck at your present job and salary.  Looking for a new job would be near impossible for many reasons.  How good are your benefits?

Im thinking a 2nd job is your only choice.

Good luck

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2024 year will be the 3rd year.  I am stuck.  I do make a good salary and I do have excellent benefits.  My heart is in the job and what we do and I really care about all the people i work with, its tough!  I am a breast cancer provider and I do credit my job as saving my life with the excellent insurance and great understanding during my treatments.  I worked thru all my treatment except for surgery but that was just 2 weeks off.  lumpectomy.  so its just hard for me to think about leaving.  

I know I sound like a jerk but a salary cap is really not right!  i just want to be treated fairly.

[ThinkingOutLoud]

This situation doesn't sound like it's going to change so you need to. Keep in mind:

 - Another job could be in a cheaper cost of living area

 - Another job may initially pay less but provide more options for salary growth

 - Another job might offer better benefits

ETA: If you don't want to change jobs, get a certification, etc (that the company pays for preferably) so they have no choice but to raise your salary.

[Sunnycorle]

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@Meowingkitty wrote:

I don't have any other advice than what's already been given. My last company did not give raises. Zip, zero, zilch. What you came in as is what you stayed. (This was a major insurance firm). If you got a promotion somehow they would only give you no more than a 10% increase. So if you came in as an underwriter off the street making $70,000 that is where you stayed but if you were an underwriter assistant making $35,000 and were promoted to underwriter you would only get a $3,500 raise. This company always promised bonuses but when it came to bonus time they always lowered the payout blaming floods, natural disasters etc. Getting laid off was the best thing that happened to me. 

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Wow, i should be quiet.  That is really rough and i could imagine the turnover.  

[Sunnycorle]

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@ThinkingOutLoud wrote:

This situation doesn't sound like it's going to change so you need to. Keep in mind:

 - Another job could be in a cheaper cost of living area

 - Another job may initially pay less but provide more options for salary growth

 - Another job might offer better benefits

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I think that is really my only choice.  I don't see myself being able to not keep working at the level that I do.  I so appreciate all the advice. 

[skatting44]

  Look at it this way,  maybe  things will not remain the same in the next 13 years  ragrding your  " salary cap ".

I'd be looking at furthering  my education to be able to apply for  another higher paying job either within the same company or else where .

kindly suggest you increase the font size so  it is easier to read your post .

[JillyMarie]

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@Sunnycorle wrote:

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@kaydee50 wrote:

@Sunnycorle  How is your bonus calculated?  Although your salary may not increase, perhaps the percentage of your salary can?  5% bonus instead of 3%?  

Otherwise, it seems that the company knows you're a hard worker, mid 50s, not likely to quit.  I would watch my expenses and perhaps retire early?  Will you get anything when you leave?  24 years is a long time at one company.

Good luck!

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My bonus will be higher this year due to my excellent reviw so it will be prob between 8-10% of my salary.  the thing is it will never grow and it also will effect my SS when I take it later in life.  Just a downer and p.sses me off.

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Bonuses and stock option rewards (in lieu of fair salary increases) are usually not included in retirement payout calculations.  This is obviously beneficial to the company in the long run.  If your salary is not increasing and you don't see it changing in the future that is something to take into consideration.

[Fressa]

Sonnycort---I had a similar situation. My duties and promotions expanded over the years but my increases didn't match the additional duties/responsiblities. I finally reached the level that I qualified for quaterly bonuses. Depending on the laws in your state and your corporation there is little that you can control in the pay situatiion. 

You can get another job or second job but if you still enjoy your current position then I would not jepordize that income. It's an emploers market currently and profits are not where most companies want them to be. Employees are on the shorter end of this situation. It's not fair or right but it's business. Decide if your job meets your present needs. You may have to wait it out for a couple of years before a major change. 

Good Luck.