Salary Cap

Sunnycorle · ‎03-09-2010

I am coming to this community with this question because I need a real outside opinion and am at a loss.

I have been working at my job for 24 years. I have changed my position once early on in my career and then stayed at my position. First I was a 1, then it took about 7 years to get to a 2. with a raise. Then about we will say another 7-8 years I got the 3rd promotion and got a raIse. Each year we get a raise or not depending on your performance. I kept getting good/great reviews and raises.

So now, I am at a salary cap. Been there for going on the 3rd year. I just got my review for 2023. I got the Highest on my review. very proud of myself and happy. The thing is my raise that I will get in April will not be added to my salary, this has been the situation for the last 2 years. They give me a "Bonus" that is paid out quarterly. The thing about all of this is my salary is no longer compounding, my real Bonus will never get bigger because my Salary doesn't increase because the raise is not included in my salary.

I work my tail off, train all my stalff, job changing, databases changing and i have to help figure out how the new database will be able to do the same or better job that our current database. Alll this said. I come here for opinions or advice. I am in my mid 50's and have a nice salary but its not growing and i have to work for aonther 13 years. I can no longer talk to my manager about this because she has been trying to get me a updated title to recognize what I do for the last 3-4 years. I now got the feeling from my review I just had that its not going to be this year.

with the state of inflation I am so upset about this. Anyone have any experence wiht this kind of situation.

SilleeMee · ‎05-22-2016

Because of inflation, and the availability of jobs, many people are working more than one job to make ends meet. I would consider working a second job until you can no longer stand it. Sock away the money or spend down debt.

Sunnycorle · ‎03-09-2010

@SilleeMee wrote:
Because of inflation, and the availability of jobs, many people are working more than one job to make ends meet. I would consider working a second job until you can no longer stand it. Sock away the money or spend down debt.

I was actually thinking that a second job would be better than keep trying to get heard and a promotion. thats what I see my raise as a lame second job since it doesn't get added to my salary.

Jersey Born · ‎03-10-2010

@Sunnycorle - I am sorry to hear that you are going through this. I have no personal experience advice to offer you, but you have two options-- continue at your present employer, or find a new employer, if you can, where you will earn more money in either your base salary or your base salary plus bonuses.

It's tough out there. High paying positions are hard to find, and many employers do not pay quarterly or even yearly bonuses. Yet, we are all experiencing an increased cost of living. Food, energy, cars, housing - everything - costs more these days.

I wish you the very best! I hope you can take some vacation time and interview somewhere wonderful where you will not face such a salary and bonus cap. You mentioned databases, so if you have some kind of IT position, is there some new tech certification you can work toward so that you will be able to find a higher paying position, either where you presently work, or somewhere else? Would your present employer agree to pay for your continuing education and then potentially put you in a new position at higher pay? It would be a tax write-off for your employer, and your employer might demand that you stay there for one additional year once you complete your education, however. (I know this from personal experience.)

SilleeMee · ‎05-22-2016

Your job doesn't define you. Jobs are there for you to make money. It's how you spend that money that can define you as a person, not the job.

kaydee50 · ‎02-07-2011

@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!

Sunnycorle · ‎03-09-2010

@SilleeMee wrote:
Your job doesn't define you. Jobs are there for you to make money. It's how you spend that money that can define you as a person, not the job.

Thats excellent advice. I care so much about what we do at my job and all the people in the department i work in. But you are right, if they treat me like this then I have to step down and think about me, my family and home. I am writing your advice down and putting it on my monitor. that you Sillee!

Sunnycorle · ‎03-09-2010

@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!

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.

Imaoldhippie · ‎06-10-2015

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

LIFE IS TO SHORT TOO FOLD FITTED SHEETS

Meowingkitty · ‎06-19-2010

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.