Up for a Senior Software Engineer promotion, how to get biggest raise?

Question

I know conventially the best way to get a large raise is to switch companies, and I'm open to doing so, but I really like my current company. It's large FinTech company and it'll be a year and half since I started and have gotten any raises. I've never actually gone through a promotion like this so I'm not sure what to expect. My current plan to make a document of all my accomplishments to help in negotiation. Any tips?

satrakk · Accepted Answer

between 8-15% is reasonable estimate. What is your ideal number though? I would think about that. If you want to get technical with it, add some dollar figures to that list of accomplishments you're making and see what the raise amount is. Then ask if its reasonable.

305mcq · Answer

Documentation is helpful. Likely they have some baseline promo numbers. Do you have any friends in HR? Know anyone else who's gotten a raise? Might be a good idea to make friends if you dont have any.

klaincale · Answer

What's your TC now? I think it'll be proportional to that. I'd also have some ballpark figures for what the market is at right now as well, especially at competitors. I wouldnt SAY that because it might make them think you're a flight risk but I'd also want them to know you're not trying to get shortchanged.

vrjiF8yf13 · Answer

Biggest tip is to manage your expectations because raises are as you said, not nearly as impactful on your TC as moving to a new company entirely. I've enjoyed my time at the startup I'm at so I think the promotions are a little more generious so I can't say what it's like at a more established company. So I went up about 13k after about a year and a half. No title change but adjusted my responsibilities and set me up for a career plan to be a senior dev after another year and a half. TC 117

xTtcaPocjfa · Answer

Hi, great q. Sharing some thoughts-&gt;

1) It is generally not advisable to focus solely on getting the biggest raise when negotiating for a promotion, especially when companies are trying to cut costs and reduce spend. Instead, you can focus on negotiating a fair and reasonable comp package that takes into account the market rate for senior software engineer positions in your area, so you have a good idea of what a fair salary would be. You can use levels for that by adjusting the search parameters.

2) Consider the total compensation package, not just the base salary. This can include things like bonuses, stock options, vacation time, wfh, wellness, professional development, childcare, better title or even severance in some cases.

3) Be prepared to discuss your accomplishments and the value you have brought to the company, as well as your future plans and goals so you can push back when they push back. Call them out for trying to discount the pay you think you deserve.

4) Be willing to negotiate and come to a mutually beneficial agreement. If both of you walk away feeling like you got a little shortchanged, it's probably a solid deal since you both have skin in the game.

Up for a Senior Software Engineer promotion, how to get biggest raise?

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