Market Rate Adjustment
So I asked for market rate adjustment today through my support manager. My performance reviews for the last three years say Exceed but my salary is 16k below median salary in my market. I have got no job offer in view and waiting to see if my employer will want me to go. I doubt it but will do if they don't want to pay me what I believe I worth.
unfortunately, internal promotions or pay adjustments just don't pay well at most places. I think HR and management are starting to learn that it may be worth the cost for STEM employees at least...
Absolutely, the replacement cost for losing someone far exceeds the cost of giving someone what they're worth comparatively to the market. Not to mention the knowledge loss and time lost getting someone new up to speed.
That's my first joker. Joker number two is coming up with an external offer. This first step is to get a good basis for salary negotiation in new job.
Why not ask for what you think you're worth vs a market rate adjustment