I am finishing my first year in a Bioinformatics research position at a hospital. I have a contract renewal meeting coming up and I'm trying to decide how much of a raise to ask for. I've read suggestions online, but there are some points making it difficult for me to come up with a number that I feel good about:
- All members of my department are on 1-year contracts which get renewed each year. Despite this, the jobs are essentially 'permanent', contracts are rarely not renewed; usually only when there is a performance issue.
- Salary funding comes from the hospital (donations etc.) and research grants. I get the sense that the lab is doing well in terms of funding.
- When I started this job last year, I asked for $40-60K starting salary. I was told that this was a low request, and was given $70K starting.
- From what I've read, people in this job usually start somewhere around $70-80K. However, I was relatively under-qualified for the job when I started.
- I believe most of my supervisors feel that I am a good job. I feel that I am doing 70% as good as I could be doing.
- I believe the work I'm doing is easier than the work other people in my position are doing.
- I've heard that people usually get a 3-5% raise each year, but this was second hand from a single person in my department.
With all this in mind, how much of a raise should I ask for? 5%, 10%, more?
I know there are other questions similar to this, I'm looking for an answer that takes into account the research funding situation. Also, there is very limited data on what other people in this type of position make in my area as it is a rare/specialized job (which is why I asked for too little originally).