Should I Stay or Should I Go

Sydneyswans on 14/12/2024 - 19:15

Won't divulge too much info about my employer but I work in financial services and the company deals with superannuation and investments.

My employer is offering an 8 per cent pay rise over the next 3 years which for example means myself on 75k in July this year may only be on 84k come July 2027 and I'm already in my late 30s. Naturally when HR had meetings with ourselves the group chat was blowing up with "apples at Coles were $2 a kilo now $5 a kilo etc but the salary barley moves."

Am aware that the union is having mediation with fair work Australia (not a union member but in the loop) but also aware of offshoring which is happening in our firm and our competitors. (Worked for a competitor for a year but cameback 2 years ago when things didn't go to plan).

So question is, should I stay and await the outcome of fair work Australia?, should I go? or go for a second job to cover things?

Education & Work

Comments

  • MS Paint on 14/12/2024 - 19:26
    +21

    Should I Stay or Should I Go

    🎶 If you say that you are mine
    I'll be here till the end of time
    So you got to let me know 🎶

    Should I Stay or Should I Go

    • fantombloo on 15/12/2024 - 01:44
      +7

      🎶At 8% there will be trouble,
      For me to stay I expect double.🎶

  • hornbill on 14/12/2024 - 19:29
    +4

    Join the union and help make it better for all or leave and make it better for yourself.

  • p1 ama on 14/12/2024 - 19:36
    +9

    Impossible to answer this question without any context on how good you are at your job and what your market value is.

    Go and apply for some jobs, get offers, then weigh up what your options are in terms of financial and non-financial benefits of each offer against your current job and pick which one you think is best for you. You may find that your current job are horrendously underpaying you, or perhaps they are employing you when nobody else will give you a look in the door. Nobody knows until you've tested yourself against the competition.

    Without any competing offers, you have no reason to leave your current job.

    • Craicdealer on 14/12/2024 - 19:47

      Totally agree with this!

    • Sydneyswans on 14/12/2024 - 21:07

      Not to brag but I get consistently demonstrates in all performance reviews. The employer is simply a means to a better opportunity as people keep leaving for the likes of Macquarie State Street Westpac bank etc etc who pay more. I did have a few higher paid job offers that came after I re signed back with my current employer…. Another person is leaving next week for a competitor but at the same time someone came back from that competitor last week to our company after a redundancy (person who came back is obviously here for more money)

      • p1 ama on 14/12/2024 - 21:31
        +3

        The employer is simply a means to a better opportunity as people keep leaving for the likes of Macquarie State Street Westpac bank etc etc who pay more. I did have a few higher paid job offers that came after I re signed back with my current employer….

        Then why didn't you take those higher paid offers? At the end of the day, you only have the set of offers you have, and that is what you can choose between.

        Another person is leaving next week for a competitor but at the same time someone came back from that competitor last week to our company after a redundancy (person who came back is obviously here for more money)

        Not sure what you are trying to say, people move around jobs for all sorts of various reasons which may or may not be applicable to your situation.

        Again, as per my original post, you can hypothesise about leaving your current job, but unless you have a competing offer, then there is no guarantee that you would be better off.

        Hence, the answer to your question of "Should I stay or should I go?", is obviously (at the moment), to stay, until you have something better in hand. Opportunities will not come to you just because you believe you should be paid more, or because you have good performance reviews. If you don't want to put in the work of updating your CV, applying for new jobs, going to interviews, forming connections…etc., then you will still find yourself here come 2027.

        • Sydneyswans on 15/12/2024 - 13:29

          Exactly what I plan on doing is seeking out other opportunities. It's just finding the time to do work on resume etc whilst we are short staffed over Christmas due to annual leave etc

      • dasher86 on 16/12/2024 - 19:01

        Once you understand performance measures in corporate you will find them a croc just to manage % targets across the board.
        You could perform the same year on year and depending on the spread of employees will determine how employees are rated.
        Eg in the past a went from a small team and my performance was measured as consistently demonstrating, company merged teams, nothing changed with my role, still basically stand alone with me doing exactly the same to thing but was given poor performance in the new team.
        When asked for feedback couldn't provide anything coherent other than you need to do better.

  • hasher22 on 14/12/2024 - 19:40
    +6

    Job hopping usually pays more. Go job hunt, see what you're worth then jump ship.

    Your employer doesn't give a shit about you.

  • holdenmg on 14/12/2024 - 19:48
    +1

    Hi, I worked in Financial Services and Super once too…

    I'd wait it out and stay for the moment.

    8% over three years (or possibly a little more) is probably close to what they will settle for. But even 10% over three is just treading water.

    That said, with a Federal Election in early 2025, I'd ride it out until the dust settles. Why go now (or before) only to find nobody is hiring because of it?

  • mskeggs on 15/12/2024 - 09:32
    +5

    This site is usually more brutal, but I'll try and say it delicately.
    $75k is not far above a graduate starting salary in many industries, and that you are only here as you approach your peak earning years means you will struggle in a high cost place like Sydney.
    It is well below the national full time average.
    Seeing as you have moved employers twice in the last few years suggests you don't have skills/experience that is sought after.

    I think if you want more money you should develop those skills, via study or a growth role.
    If you don't want to do that,join the union and advocate for better.

    • Sydneyswans on 15/12/2024 - 13:37

      This is my thoughts exactly. My last role I was already on 90k and only left because they went in a different direction. When I lost that job I had other jobs in the pipeline but was under pressure from my now current employer to return and they didn't give me an offer until a month after I already signed with my current employer….

  • Protractor on 15/12/2024 - 11:12

    Think of the Nest Egg,dude.

  • AndyRates on 16/12/2024 - 14:00

    Get 2nd job. Unless you got many vendor certificates and PhD then you can ask for more pay

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