Best leverage will always be a competing offer, but outside of that... You could always complain about pay (without directly referencing that payroll data) in your next one on one or performance review to get yourself labeled as a flight risk internally. They may or may not give you a raise, they may or may not start looking for replacements. I have no idea what the accounting market is like as I work in Software Development, but honestly the common mantra there is to just jump ship if you want anything significant.
Sounds like a terrible company. Why would you want to work there? More money for you won't make it better. Jump ship. To the ethics question: The question seems to imply that you are not entitled to use the company information in your salary negotiation, That might be true if you were working against the company with a competitor. I don't think that you are a direct competitor, unless you see labor relations that way. I don't see labor relations as directly opposed to the interests of the company, so I think internal data is fair game, so long as there is a real or proposed benefit to the company. On the other hand, blackmail would be unethical.
When you say adjacent level people - do you mean same level leadership as you but different departments? Or do you mean people at the same level in the same type of role? Keep in mind the company is paying you what they believe is a competitive rate for the role you're in. They're not paying you what they think you're worth. Your company may not value your core competency as highly as they do others. If you're truly a rockstar in this company, it can be good leverage. That may not always be to get paid more in the current role, it could be used to move to the type of role that pays more.
Remember, you dont have to disclose that your knowledge of others' pay exists. If you are really as valuable as it sounds, Find yourself another job offer and then leverage that into them making it right. If they are honest people they will make it right the correct way and not just try to placate you with a small raise. Put the onus on them.
Agreed. I'd like to add there's a huge wage inflation in several industries, and many companies are having to pay a lot more for new employees than they are currently paying for existing employees. I'd use this to your leverage as well as the fact that you seem to be "irreplaceable." Don't reference the payroll data, but just request what you think is fair and be firm. Worst thing can happen is they say no, but it does sound like this new job sucks and I hope there's a good long term plan for you.
What are your credentials in those fields? If you have none, don't expect management to give you a raise based on those contributions. The departments you're referring to.....do they generate revenue for the company? The people making 50-100% more than you, how do their credentials compare with yours? How does their role compare with yours? Does your company hire a 3rd party cpa firm to perform an audit and prepare a tax return?
So that is an issue. Can't be switching jobs all the time, but its inevitable they will try and mold my role to formally encompass more responsibility, which will open the door for negotiation. Its complicated. I took this job because my old job tried to send us back to the office after two years and I wanted to work full time remote. So I took a pay increase, to be able to continue to work from home and I thought it was around market, give or take. It based on some of the other finance folks in the company, I was extremely wrong. The market for my field has changed DRAMATICALLY in the past two years. My belief is alot of high level finance people just said **** it and retired early (possibly because of all the money they made), opening up a slew of opportunities. Not gonna lie, the labor market situation is unbelievable right now. At my experience level 12-15 years, with a unicorn resume (MBA, CPA, 5+ years Public Accounting, 4+ years in process and controls, 3+ in Controlling in Industry), the opportunities are crazy. The thing about accounting is, there is no replacement or alternative for it. You can have shithouse HR teams, shithouse Procurement teams, Shithouse safety teams, shithouse ethic compliance, shithouse investor relations, shithouse marketing, and whatever, you would really never know. But the nature of public audit requirements is you get graded on how well your accounting process are annually and companies HAVE to comply and fix it or they get delisted, which is a death sentence. So honestly, I have no idea what fair compensation even is right now, because of all the external factors. Exit strategies are easy. I can just leave anytime. I have linked in messages constantly with interview requests, but the danger is constantly hopping around could look bad. They are an investment company, a subsidiary, They have to survive in one form or another, otherwise the parent company has to explain why they blew 4 billion dollars to buy them. Well for one, I can provide a ton of value to them. I can fix their issues, and there is personal satisfaction in that. For two, there is huge upside, a definite path to CFO or VP Finance, despite the chaos upfront. Both. The closest comp I have is the FP&A group, which is also finance. Looking around through the locations and positions, there just doesn't seem to be any consistency, even in same departments. Its chaotic.
It's not unethical but absolutely do not reference others salaries as your reason for asking for a pay raise. Don't even bring that up. Knowing what others make just gives you a basis in your mind for asking for a raise, but it's not going to do a damn thing for you in negotiations. You could leverage the situation with an offer from another company. I guess you could make it up, but it's better if you legitimately have an offer. If you make it up, you need to be willing to leave though, or you're gonna look like a jackass if they call your bluff, and they'll never take you seriously again. You should high ball the offer, depending on what numbers you're talking at least 5-10k, or 10-20k, (**** it high ball it 200k, I have no idea what you make) more than what it actually is. If you are as integral as you say they will likely acquiesce. However, given what you said about how disorganized and poorly run the company is, they may make a stupid decision, so keep that in mind.
This is a very, very unique experience pertaining only to you. I've been in my same industry 18 years. People in your field know talent. That you couldn't get back in says something.
The part about greener grass is good advice. I stay at my day job because of the benefits, institutional knowledge which makes it more efficient and less stressful to work, the flexible time allotted me, and being connected to our leadership. All of these things leads to greater job satisfaction while the marketplace salaries are bananas and I'm 'underpaid'. OP has only been at his gig for less than a year so he's still in a honeymoon or close enough. Proved his mettle and the market is red hot. The time is right to ask for a raise especially with his insider info. @Manny Ramirez , I don't know your situation intimately and I say this with all kindness: having a **** job doesn't cause a strong marriage to dissolve. I'm glad you worked things out with your wife, because kids are #1 and make relationships worth saving unless there's a serious abuse problem.
Did you use a recruiter? Can you send me their info? I'm currently trying to get out of my job and have a similar background as you (14 years exprience - 5 in audit, rest in industry with mix of corporate accounting, statutory reporting, financial reporting, and now a controllership). Company just merged and I'm not huge on their management, so trying to get out. I haven't had luck so far. Sorry to hijack the thread.
Exit strategies are easy if you're flexible financially, time wise, and/or ready to go back into interviewing mode. That stuff takes time, energy, and effort. I guess as a leverage play, you interview around to boost your self worth and confidence to let that body language do some work for you in office. But yes, quitting within one year does scream flight risk to new employers, so while you'll get bites from recruiters, the actual HR staff might not do follow up calls unless they're in a similar desperate situation that's perhaps similar to the one you're in. I'd work the angles others have suggested, but use the emotional energy or resentments to fuel rational solutions to get what you deserve.
Make a case that you are doing way more than you signed up for, and with everyone leaving your responsibilities have increased, and while you are up for the extra time it will require, you feel you should be compensated for those new roles/responsibilities. DD
Yes, this. I have a few hundred employees, and I have managed thousands. I once had the system administrator come to me, he was upset with his salary - not because he wouldn't have been totally happy before, but he heard about someone else's salary whom he thought nothing of, and that just triggered him, because that guy (a software engineer with a university degree, totally different job and education from the system administrator) made more than he did. The guy started making barely veiled threats of all the stuff he could do to basically make us go offline, etc. Probably any other boss than me would have fired the guy on the spot, but I knew he was basically just super clumsy about it and would have never done such a thing. He still works for us. But it was a very stupid idea of him to point towards certain privileges/powers he had while trying to negotiate his salary. I have seen lots of irrational things in salary negotiations. Probably the best advice I can give in general is to not look into other people's pockets too much. Know your worth, but don't get upset if others make more than you, if you were actually happy with what you got. I am happy to reward people for good performance and attitude, but I hate it when people want to renegotiate their salary just a really short time after joining. In my mind, the first time this should come up would normally be after a year, and after having shown good performance and attitude, unless the job totally changed or something else exceptional happened.