Is this a stupid idea?

[hateFAP]

So I will be negotiating about my salary increase for next year with my current boss. What I'm getting paid is way below average market. And I just received an offer from another big life insurance company. Would it be stupid if I tell my current manager that I have an offer with much higher salary from another company, but I would like to stay here if he could increase my salary a few $K (even it will be still lower than the offer) ?

[PhildeTruth]

Originally Posted by hateFAP

So I will be negotiating about my salary increase for next year with my current boss. What I'm getting paid is way below average market. And I just received an offer from another big life insurance company. Would it be stupid if I tell my current manager that I have an offer with much higher salary from another company, but I would like to stay here if he could increase my salary a few $K (even it will be still lower than the offer) ?

I can't imagine a "few $k" making me happier than I already am. That is such a small amount of money it shouldn't even enter your decision making process.

[Salzmann]

Two thoughts: first, you'd have to be prepared to accept the other offer if the boss said, "Sorry, don't have the money". Second- if they do match the offer, they're now paying you more than they had intended to without that additional data point. They may accept it as useful information to determine your market value, or they may be annoyed at having to match the offer to keep you.

With one very notable exception I can think of, getting a current employer to match an offer to keep you generally doesn't work out well. The notable exception was one case where they came up with the extra bucks, promoted the guy and gave him new responsibilities, and he's still with the company 8 years later. Doesn't happen often.

[Enough Exams Already]

Originally Posted by hateFAP

So I will be negotiating about my salary increase for next year with my current boss. What I'm getting paid is way below average market. And I just received an offer from another big life insurance company. Would it be stupid if I tell my current manager that I have an offer with much higher salary from another company, but I would like to stay here if he could increase my salary a few $K (even it will be still lower than the offer)?

Weren't you just trying to get a recommendation to a master's program in finance?

Assuming you are, in fact, deeply underpaid relative to market, your strategy would be very unlikely to succeed. It will, however, give your manager evidence that you're not loyal, and that you're not going to stay very long.

Originally Posted by Salzmann

Two thoughts: first, you'd have to be prepared to accept the other offer if the boss said, "Sorry, don't have the money". Second- if they do match the offer, they're now paying you more than they had intended to without that additional data point. They may accept it as useful information to determine your market value, or they may be annoyed at having to match the offer to keep you.

With one very notable exception I can think of, getting a current employer to match an offer to keep you generally doesn't work out well. The notable exception was one case where they came up with the extra bucks, promoted the guy and gave him new responsibilities, and he's still with the company 8 years later. Doesn't happen often.

This has been my experience, too, as well as the consensus I've heard over the years. Angling for a counteroffer always cuts your own throat at the company. If they match it, they'll hold it against you. If they don't match it, and you don't walk away, you're boned. If you do as little as you seem to imply, they may just decide to let you walk, and replace you with someone cheaper.

Your best move is to just take the offer, change companies, and move on.

[Patience]

Originally Posted by hateFAP

So I will be negotiating about my salary increase for next year with my current boss. What I'm getting paid is way below average market. And I just received an offer from another big life insurance company. Would it be stupid if I tell my current manager that I have an offer with much higher salary from another company, but I would like to stay here if he could increase my salary a few $K (even it will be still lower than the offer) ?

If the offer is real and confirmed, I do not believe it is stupid. BUT, if you do this you must be prepared to walk away from your current job

[hateFAP]

thanks.

my current pay is really LOW, so even a few $K count.......... but the workload is low and I'm so far quite happy about it. I work from 9 to 4.

[GooseyGoose]

Originally Posted by hateFAP

What I'm getting paid is way below average market.

Originally Posted by hateFAP

my current pay is really high, so even a few $K count..........

So you are being paid some serious cheddar, but relative to your peers you are being underpaid? And wouldn't a few k matter less if you make more? Utility curve and all.

[Dumbdumb]

With one very notable exception I can think of, getting a current employer to match an offer to keep you generally doesn't work out well. The notable exception was one case where they came up with the extra bucks, promoted the guy and gave him new responsibilities, and he's still with the company 8 years later. Doesn't happen often.

+1, this is well known.

Take the new job offer. Make more money. Done.

Then your *next* raise will be on your new, higher income. Not on your old, lower income.

Quite frankly if you're not moving ahead, you're falling behind.

[hateFAP]

Thank you all for the posts!

[The President]

Offer to take on more responsibility as part of the negotiiation, even if it isn't a promotion.