I have been working at my first job out of college for about 10 months now as a developer. Just recently it was announced that starting immediately everyone is getting a pay cut. Our pay was not the most competitive to start with. I am doing well, I dont NEED more money, but most of my peers that graduated with me are making at least 20% more, some making even over 50% more. I genuinely feel like I am worth more than what I am getting.
Obviously, I am looking at jobs, updating my resume and git page, etc. My only issue is that I really like my job now, I feel like I am doing very well there. Drama is rare, everyone is nice, I am treated well and frequently praised by my leads and my directors are great. My fear is that I may get a job that pays substantially more, but has a culture that I don't align with or worse a hostile environment.
For now, my plan is to conservatively shoot out some applications over the next few weeks until I get an offer, then have talk with my boss about a raise.I feel that, while maybe a raise would not put me where I ideally want to be, it may be enough for me to stay. If they agree right off the bat, I won't mention any offer. If no budge even with the offer, I will probably put in my notice on the spot.
Another, maybe more important concern I have is how the company is doing as a whole. Of course, higher management assures us that the company is doing great, growing, etc. But I cannot think of another good reason for cutting payroll than declining profits etc. Maybe the owner bought a lambo or something.
Please share your thoughts and suggestions. Perhaps there are things that I have left unconsidered in my situation. Like I said, I am young and inexperienced, so any new job would certainly be starting at the bottom again (although 10 months is not exactly a long time, either).
Thank you everyone
EDIT: Per the rules, I need to make my question more specific. Do you think a salary drop of about 10% across the board (most all teams) should scare me? Are there other reasons than the obvious that an employer might do this? Is the company I work for going under?