Be careful though. For example, I don't really care that much about money, but I do care very strongly about fairness. So if you try to cheat me by paying me unfairly (for example, compared to coworkers), even if I would be happy with the money all things considered, I could be unhappy just because you're being unfair.
Place was great to work, brilliant team, laid back culture. But refusing to give me an annual raise, on top of paying me below market value (and below my peers) for my experience and skill set was precisely what triggered my departure a month later for a nearly 90% raise. Sacrificed other things, but at the end of the day, "thank you's", "good jobs", and a kegerator doesn't feed my family.
Money isn't everything, but competitively compensating engineers is still a big factor for retention imo.
> paying me below market value (and below my peers) for my experience and skill set was precisely what triggered my departure a month later for a nearly 90% raise.
I'm curious - how did you end up accepting that job in the first place that was underpaying by nearly 100% ?
They offered me nearly the same kind of raise over the position I was in before it.
The first company I worked for paid me $36k/yr. Given I don't have a degree, and it was the first offer I received (was my break-into-the-industry offer), I took it. After nearly two years, I was still below $40k/yr. Couldn't afford to rent a two bedroom apartment by myself, let alone support a then pregnant girlfriend.
That's when the next company offered right below market value, but when I started with them, it seemed like a fair offer given I had to learn new frameworks, containerization, etc. After a year, and the value I'd added to the company, I assumed I'd receive a raise.
Low and behold, it didn't happen, so like the previous position, I found somewhere offering a median salary for my region.
Still not where I should be with all the responsibilities and skills I have now, but at least the financial stress isn't nearly as bad as it used to be. Plus, I'm secure in my position, so that's helpful.
I'll even add that engineers should understand the value they bring to the company and adjust their concept of fair not just against their peers but against what the company is earning from their labor.
That isn't how salaries work. If there are many people who are willing to do the work at a given salary, it doesn't matter if the company earns 5x from that labor.
Supply and demand are obviously not the only factors, but they are very important and must be considered when looking at compensation for employment.
This is one of those things that sounds reasonable but is impossible to compute. Does the company earn more from the developer who makes the product, or the infra engineer who keeps it online? Well, without either they're not making anything...
Also, if the company makes a bit less money this year vs last year, are you willing to take a pay cut?
It might be impossible to compute, but we still want to compute it.
Or rather, get some agreement. I would say not only it is impossible to compute, the question of relative human pay for different types of work is a meaningless question, like asking, what is more important on a car, tires or engine?
