Last week's post about my salary resulted in some great discussions with other working professionals, so I thought I'd follow up this week with more money talk. First, I learned that I wasn't alone in having a below average salary as an engineer.
One person shared that her husband makes $90K more than her, even though they started in the tech industry at the same time. Yes, she's aerospace and he's software, and he works at a big, private company (whose profits and stock do very well). However, shouldn't those differences really only result in a $40K-50K difference? $90K is a really large gap, and I'm thinking there is some bias there...
Another friend shared (who works at the same company as me) that she makes just above $100K; she has a BS in Computer Engineering, a MBA, 16 years experience, and a whole bunch of certifications (Six Sigma and related). Checking Salary.com, she should be starting at $120K. And both her and the person mentioned above have consistently received "exceeds expectations" on their performance reviews.
For my performance reviews, I've got "exceeds" at times and other times I've got "meets." If any of us were on a performance improvement plan (which we're not), then you could totally call us out on our expectations to get paid more. But we aren't. We're doing good, but being paid so-so.
I also received the advice, to get more money, go to a new job. And I know there's some truth to that. I've seen others increase their salaries by changing jobs. However, I'd have to sacrifice the benefits that 11 years at the same place gets you; more vacation time, service awards, flex schedule, etc. And what if the work culture was worse?
I at least work on a team oriented project. I've heard of places where throwing each other under the bus and managers who never talk to you (except for the annual review to tell you how bad you're doing) are normal. No thanks.
Alright, so now I want to bring up more money resources that are out there for you. You remember Salary.com from last week. There's also GlassCeiling/Salary to compare salaries, as well as other great info on the main page (like articles, statistics and job postings). And DailyWorth talks about Women and Money. I recommend DailyWorth even for the guys out there-- they talk about how couples plan and manage money.
I probably could spend a whole post about how my hubby and I plan and manage money, but this one is already getting long, so maybe another time. Planning and managing money whether as an individual or a couple is important. I want to you to be educated and empowered, and there are many money advice websites out there (DailyWorth isn't the only one). Shoot, I think my bank offers free budgeting software, and yours might too if you need that kind of resource.
Okay, I'm off my soap box. That's really all I have to say, for now, about money and salaries. Have a good week everyone! Hope the week is "money" for you!