Salary Cap - Page 4

elated · ‎06-09-2010

I know this is a different view on your salary cap but do you need the bonuses to make expenses? If not, have you thought about investing them and making up for your salary cap. It appears like you like your job but are frustrated with the cap.

Also, it sounds like you are concerned about your SS after retirement due to bonuses versus salary raises. I think you need to decide if you want to stay or move on for better opportunities. If your benefits are good, that is part of your salary. Health insurance is expensive. This is just a different view on your situation. Wishing you well.

Sunnycorle · ‎03-09-2010

@Stray wrote:
Well, I was kinda in that situation for many years before I moved up in my company. we had salary ranges that were upped every years so you could get into the upper range but the goal post kept moving. You were eligible for promotion if you reached the max but it was hard to reach that max as it changed yearly. I got very good evaluations & took every course the company offered. HR acknowledged I should be promoted but there was no position to be promoted to.

So I decided to leave & luckily spoke to the EVP of my dept & he was also the EVP for HR. He gave me very wise advice, at my age, in the 50s as well, think about my pension & benefits that add value to your salary. I always got good bonuses. By not giving salary raises & giving bonuses, it works out better for the Company. Our bonuses weren’t based on salary tho. Now, the environment is tough for companies with inflation, increased minimum wages, increased expenses so budgets are tight, I imagine. All companies have to make a profit.

So my solution was to go back to school & re direct my career. The company paid for 4 degrees & I did very well in the end. I worked for a NYC Insurance Company.

So I’d seek other opportunities in your company & if you have a pension program & good benefits I’d not give them up if you are in your 50s. If you are having financial issues I’d get a second job if you must.

Tho frustrating, the grass isn’t always greener on the other side. You really have to weigh your benefits as added value to your salary.

Thank you Stray, really appreciate your response and insight.

Puppy Lips · ‎05-09-2010

My advice is to count your blessings that you have a job and a good salary with bonuses. Our small business was destroyed by Covid and we are still struggling to get back on a solid finanical standing. So many people have been downsized, let go, or replaced by machines or youger less expensive employees. If you feel you are overworking yourself, to the point of being unhappy, just to get good reviews, then maybe you should relax a bit and not put every ounce of your engery into the job.

Always remember that you are absolutely unique. Just like everyone else. Margaret Mead

Trailrun23 · ‎05-31-2022

There are many jobs out there; check with placement companies. I would stay put but start networking or looking for another job that would be a fit for your skill set...maybe it would be a second job, but could become a full-time job if it exceeds or has the potential to exceed your curretent salary and benefit. What retirement benefits does your current job offer?

SaveTheTurtles · ‎10-09-2023

@Sunnycorle I think that the writing is on the wall. Your company has no intentions on giving you a new title and more salary. Since you are capped where you are all they can do is the bonus. I've seen that before. Given your age and length of time with your employer I can understand why you wouldn't want to leave an go elsewhere but it may be interesting to see if you get some good interviews and a better job than you have. You don't say what your title is or your business but unless there is potential to move within your company or your boss leaves or whatever other opportunities open up it sounds like your particular job/title is not going to change because that's the way the company wants it and your boss perhaps hasn't done a good job at "selling" the reason why you should get a promotion on your behalf to HR and her/his bosses.

Kachina624 · ‎03-10-2010

@Sunnycorle. The situation you describe is typical in many organizations, especially governmental agencies. At this point your only alternative for a salary increase is to seek a promotion within your organization to a higher salary level and more responsibility or look for a higher paying job elsewhere. This happens to many people.

New Mexico☀️Land Of Enchantment

Tinkrbl44 · ‎08-23-2010

@elated wrote:
I know this is a different view on your salary cap but do you need the bonuses to make expenses? If not, have you thought about investing them and making up for your salary cap. It appears like you like your job but are frustrated with the cap.

Also, it sounds like you are concerned about your SS after retirement due to bonuses versus salary raises. I think you need to decide if you want to stay or move on for better opportunities. If your benefits are good, that is part of your salary. Health insurance is expensive. This is just a different view on your situation. Wishing you well.

@elated

Good points. One thing that also came to mind is that @Sunnycorle can also have more $$ deducted for her SS beyond standard deductions.

Well, let me put it this way. About 10 years ago I spoke with a man who wanted more money accrued to build up what he'd ultimately get upon retirement. I think he said he was having an additional $20 deducted as SS deductions. I wonder if many people still do that.

LuvSoCal · ‎07-18-2010

@Sunnycorle I'm not sure I understand your employer's salary structure but according to your post you have maxed out at your current position.

You will probably work at least another 7 yrs so, if I were you, I would pursue my next promotion. Your favorable employment history should be an advantage. Is there room for advancement? Are you in the private or public sector?

AuntG · ‎03-09-2010

If that's how your company does it, I'd take the bonus and be grateful for the good review. I think our company had the salary cap thing too, but they'd create a new title for someone who did a great job, but was happy in their current position. That way, they could justify giving a raise. Too bad the can't add ,"training specialist" after your current title and bump you up a notch.

Tori3569 · ‎06-27-2010

I've always worked for very large organizations and this is how most if not all handle salary caps. I've also managed people in those companies and had to discuss this situation with them.

Salary mins and maxes are in place to maintain equity across all positions. The fact that they will give you a lump sum instead of the actual raise is a very good thing. Some companies pay nothing after one hits the maximum.