So here’s the cold truth right off the bat: There is no way to double your salary in the same position at the same company.
Your credentials don’t matter. They hired you at that rate because that’s what the position is worth to them. 2x salary bumps are never in the cards. Be prepared for the outcome of, “we simply can’t afford to give you an increase like that”. Take some time to think about how much of a salary hit you’d be willing to take to keep this position. Would you rather spend the year working here, or have an extra $10k in your bank account at the end of the year?
There are many coaches who say bring up a competing offer you have. Well, I wouldn’t. Never mention that you have another offer for them to match. You will, from then on, always be the disloyal guy who is just in it for the money. When your next negotiation comes up, it will be “we just gave you a big raise.” If there is ever any downsizing, it will be you because you’re paid more than you’re worth, and you’re not loyal to the company.
If your current boss senses that you’re only in it for the money, you may be in a place where you stagnate in your current position, and in danger of being dismissed in the future. Bosses want committed people who love what they do and are willing to give their blood for the company, (bullshit, I know). I would also keep in mind: very, very few companies will be loyal to their employees. As soon as you stop being worth your paycheck, they will make you walk the plank. Don’t feel like you owe it to them. Business is business, and you’re conducting a personal business for your skills.
There Is a Way To Double Your Salary Though.
The only way a salary doubling could work at the same company is if they have another, (more valuable), position in the firm to move you to. What are the odds of that happening at the same time? They likely won’t want to do that either because it means that they will still have to fill your position with someone else. And you will still be the disloyal guy.
The better option?
Just write your resignation saying you are leaving to pursue other challenges and a more lucrative opportunity, and thank them for your time at the company.
A salary double is a game changer for the rest of your life. Salary increases are always incremental — a simple double digit raise is huge — Do Not Even think about staying. It’s the compounding interest thing. Just think, your next 3% raise will be twice what it currently is.
There are scenarios where staying on with the same company for a few more months is the best option for you. If you need to extract a bit more money from the company in the short term, here’s some tips for negotiations.
If there are to be negotiations, make your current employer start it. Accept the other offer and resign. Don’t just turn in a letter. Get to your boss early in the morning. As others have said, when you resign, if you want to entertain a counter, reiterate, how much you love working there, how much you love your boss, how much you love your team, how much you appreciate what they taught you, and what you learned, and the experience you’ve gained, and a desire to stay in touch in the event “paths cross again”. Hand over the letter and walk away.
If they want to keep you, they will call you back in within 24 hours. At this point — he thinks 20% will keep you. Begin by saying the same thing as before, only shorter — end with: the new offer is too sweet to walk away from. Talk about how practical minded you are, and wise to the ways of the world — how hard your boss’ position would be to seek that “kind” of an increase — and gently say there’s no point in discussing it further, as it’s not even reasonable for them to consider. Companies just “don’t do that”. IE — if he’s a dude leave him with the impression you don’t believe he has the “juice” to make you happy. If your boss is a woman, emote with her on how cheap the boys upstairs are and how hard it must be for her to maintain a good team, what with the revolving door and all. Walk away again, because the boss should now have inferred 20% won’t do it, and has to go back to his boss and sort some shit out. Try to exit this second conversation without providing a number, but you may need to indicate its “more than double”.
Third conversation, wait for them to name a number. Then, use the flinch, and try to extract more — managers almost always have two numbers in their head, the first one, and the “this is as high as I can go without breaking the salary structure for the entire team” number.
They might say, “What would it take to keep you here?”
You counter with, “Well, what do you think would be appropriate?”
They counter with, “Seriously, what’s it going to take?”
You say, “Well, the offer would have to take into account my contributions, as well as be more attractive than the other company. What are you prepared to offer?”
The more this goes back and forth, the more you’ll feel like an asshole. But, whatever.
When they finally make an offer, “flinch” them. (Video below)
WARNING: YOU CAN ONLY DO THIS ONCE to a current employer, it’s a one time move, extract as much as you can. Maybe if you get a new boss, you could try it again. But do it once, you boss respects you. Do it twice, he resents you.
Most people get their big raises by switching employers, and odds are, that’s what you will need to do.