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Posts tagged with: income

Happy Friday!!!

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Happy Friday, friends!

Just peeking in quickly today with some fun news…I got a raise!!! Wahoo!!!

My university is implementing institution-wide raises for ALL benefits-eligible employees as a way to try to address the compression that our university experienced during all the rough recession years and increase salaries to be competitive with other large research-1 universities. The mandatory raise was announced a few months ago, but the minimum raise figure was only $500/year. My department head has been working with our business manager to try to figure out the raises internally for my department. $500 is the mandated minimum, but my boss wanted to provide raises for everyone of much more than that (anything over and above the $500 minimum was performance-based).

It took some time for them to work through the details, but I just received notification that I’ll actually be receiving a 3% raise – significantly higher than the minimum $500 that was required.

SO YAY!!!

The raise doesn’t go into effect until September and, spread across the entire year, a 3% raise doesn’t come out to too much more per paycheck (and, turns out, is a pretty average sized annual raise according to here and here). But even so, I’m excited. It’s great to have only been there for one year and already be recognized for my contributions, receiving a salary boost commensurate with my performance.

That’s it for now. Just had to give you guys the fun Friday morning news! I hope you have a great day!

Do you receive annual raises? What (%) does your typical raise look like?


Making That $$$

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Did everyone see Hope’s awesome post yesterday? Fingers crossed for her to get her choice between the two different jobs!

To piggy-back on the good news train, I’ve got some good news of my own!

Remember how I asked for a title change and a raise way-back-when? I first brought it up with my boss in early December, then had a meeting in January, and things kind of went stagnant (see last update here).

Well, we met yesterday and my best-case-scenario* happened!!!! (**kinda…see below).

For the time being I stopped pressing about a title change because I was more concerned with my actual salary right now (but the title change is still in the forefront of my mind. I’ll be working on that behind-the-scenes).

Remember that, last time, I mentioned one of my negotiation tactics was to frame my “raise” like it wasn’t a raise at all. Instead, I was simply asking for more time to work. Instead of a 9 month contract (which I’m currently on), I wanted the same exact rate of pay (no raise), but for the additional 3 months of the year. This is equivalent to a 33% raise in terms of annual salary, but it’s the same bi-weekly pay rate that I currently receive so it’s not a raise in the sense of an increased pay rate. Make sense?

The decision wasn’t solely up to my department head because funds had to come from another source on campus. In the end, what was decided is that I’ll get a short-term contract this summer. That means I’m still officially on a 9-month contract overall (so, next summer I’ll be “off” work with no obligation to work). But for this summer I’ll continue working and will receive my same exact rate of pay.

I’m thrilled with the results!

I was always a little bit torn because 12 month contract = significantly more money (literally 33% more on an annual basis!). But I also really love the academic 9-month schedule. I’d been looking forward to having summer off with my kiddos, etc. So I actually think this is a great compromise of sorts because it allows me to make extra money this year, without the requirement or expectation of working every summer going forward.

So 2016 is officially dubbed the year of “Making That $$$$$.” I’m a little shocked and blown away by exactly how much I’ll be making this year. Between my full-time job (and now the summer pay) + my part time job, I will be making over six figures on my own (not counting hubs’ income). This is absolutely insane to me given that, literally a year ago, I was making peanuts (false:  at the time I just had a part-time job, but I’m lucky in that my part-time job does pay very well. But you know what I mean. It’s nothing compared to my current salary).

This comes at such an opportune time, as we are not used to this level of income so we can continue living on significantly less and throw all this extra money toward debt and savings for a house.

I’m still having a bit of a “pinch me” moment. I mean, I figured they would pay me for the summer (as I said in my previous post…they really need me for some pressing and time sensitive work). But I honestly did NOT expect to get my full rate of pay. My current pay rate bumps me WAY above several of the tenured faculty members and it just blows my mind. I mean, I’ve literally only been in this position for a semester and a half. Mind-blown.

But I also don’t want to act like it’s all dumb luck. To some extent there was a “right place, right time” aspect. But this is also due to my hard work, experience, and trying to make myself invaluable. I’ve taken active measures to network across campus, meet the various powers-that-be (not just in my department, but elsewhere) and set myself up for success. Sometimes this has meant doing additional work outside of my job description just to build some good will and favor from others and (hopefully) position myself to eventually grab that title I want, too. All in good time.

For right now I’m very busy, but very happy. I’m lucky that I genuinely love what I do. It makes a world of difference, too, having my Dad safely settled in Texas. I don’t think I even realized at the time just what an impact the Dad-stuff had on my day-to-day stress level and functioning. We still have ongoing issues with that (e.g., we’ll be putting his house on the market within about a month or so, and that will be a BIG ordeal), but now that he’s closer to my siblings and able to be watched over and cared for, the stress has reduced dramatically.

So there you go. Hopefully good news all around in blog-land (I can’t wait to hear an update on Hope’s job situation, too!!!) I hope you readers are having great success in your careers, too! Tell me about it!

Any advice on job advancement or career opportunities? Any good book recommendations in this regard? How are things going in your career?

Edited to add:  I forgot to address vacation because someone had asked about that on my last post. Since I’m technically not on a 12- month contract (still just a 9-month contract + a short-term summer contract), there’s nothing like a 2-week vacation, etc. However, I do get vacation pay normally (as part of my 9-month contract) so that will still continue. Plus the beauty of my summer work is that it is 100% online. I still plan to be on campus here and there for meetings, to hold workshops, etc. But I should be able to do the majority of my work from home. We also aren’t planning to travel this summer. Since we have Cruise 2016 in April, we’ll be staying in town over summer. In lieu of any big summer travel plans, I’ve invited my family to come out and visit in June for the girls’ 4th birthday (can you believe it!? When I started blogging they were 18 months old!). We’ve never had a party for them before but are thinking of renting a pavilion at a park or something and having a proper party for them this year. Nothing crazy over-the-top, but at least acknowledging and celebrating them a bit with family and friends. Nothing set in stone yet, but that’s our thought/plan. And, of course….we’ll probably be looking for new homes around that time as well! Eeeek! Crazy year!!


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