Why Your Salary Increases Feel Like Pocket Change
Tired of yearly raises that barely cover your cold brew habit? You're not alone. This post dives into why millennials are feeling the squeeze of stagnant wages, unpacks the awkward reality of salary negotiations, and offers practical strategies for advocating for yourself and better salaries.
2 min read
Let's be real - getting that annual salary bump only to realize it barely covers even one Spanish Latte is peak millennial frustration. While companies love to tout their "competitive compensation packages," many of us are watching our purchasing power shrink faster than a new sweater in the dryer.
Typical annual raises hover around 3-5%, while inflation has been eating away at our earnings. That promotion you've been eyeing for? It might come with a 10-15% increase - sounds great until you realize your rent just went up 20%.
But here's where things get extra spicy: negotiating for better pay feels like a daunting task that we feel doesn't need further discussion (or even need defense). I let my work speak for itself, but the reality is that we only have 15-minute discussions for a whole year's worth of work. Realistically, not everything can be covered.
Many millennials entered the workforce during the 2008 financial crisis or its aftermath when we were just grateful to even have a job. That experience left some deep scars, making us hesitant to rock the boat by asking for more money.
The challenges don't stop there. When we advocate for ourselves, we're often labeled as "entitled" or "job-hoppers." Plus, there's that fun little paradox where companies want to hire people with experience but don't want to pay for it. And let's not forget about the taboo around discussing salaries—though thankfully, that's starting to change as more of us realize that salary secrecy only benefits employers.
So what's a millennial to do? First, ditch the impostor syndrome - it's not serving your bank account. Start tracking your wins at work like you track your 11.11 packages. Document the value you bring, the projects you've crushed, and the skills you've developed. This isn't just material for LinkedIn; it's ammunition for your next compensation discussion.
Research salary ranges for your role like you research potential dates. Sites like Glassdoor and Salary.com are your friends, but nothing beats building a network in your industry where people actually talk about money. Those conversations might feel awkward at first, but they're less uncomfortable than realizing you're being underpaid by 30%.
And here's the tea: sometimes the best way to get a meaningful raise is to leave. Job-hopping isn't disloyal - it's often the most effective way to ensure your salary keeps pace with your value. Companies may call us disloyal, but they'll also lay off staff during record profit years, so...
Remember, negotiating isn't just about base salary. Think about the total package - remote work flexibility, professional development funds, better healthcare coverage, or extra PTO. Sometimes these benefits can be easier to negotiate than straight cash, and they can make a real difference in your quality of life.
Bottom line? Your skills and experience have value, and it's okay to expect fair compensation for them. The workplace may have changed since our parents' time, but one thing remains true: nobody's going to advocate for your worth better than YOU can.