I finish my tasks, although it may take longer than others do. I have been with this company for almost 12 years, my first stint as a developer straight out of college at the age of 30.
While many companies look after long serving employees, length of service in itself doesn't necessarily provide values to the company. What matters to them is how quickly and to what standard you complete your tasks and how well you work with your colleagues.
We have grown is size and currently doing quite well to the point new hires were brought in. This infuriated me as my boss, just last year, acknowledged my efforts and shared that my salary should be way higher but it has to be approved by the board.
New hires have been brought in because you have too much work for the current team to handle on their own. While it does indicate that the company is in a reasonably strong financial position, it is unlikely to have any impact on your pay, unless perhaps you are promoted into a position of responsibility over some of these new hires.
Now I have heard this a lot and so have the others who started a long time ago. This increase would be life changing for me
What you would use the money for is irrelevant. What matters is how valuable you are to the company.
as I know my currently salary is lower than what new hires are starting with.
It may feel unfair, but ignore what the new hires are on, especially if you've not heard their salary through official channels. It's a useful indication that your company can afford to pay you more, but do not use it as a negotiating tactic.
do I bring this up with him on my next meeting and respectfully demand this increase? We all know that he has the final say on the increase, so why would he tell me I deserve it. It's not your typical increase; he actually stated I should be $20k higher.
Step back and consider your options:
- You could continue working in your current job at your current salary
- You could continue working in your current job at an increased salary
- You could find a new job
Assuming your manager values your work but is trying to minimise the company's costs then their preferred option is (1). They will only want to increase your salary if they think you're likely to find a new job because of money.
Research the local job market and find some jobs with published salaries that you think you would be a good candidate for. Then go to your manager and say "I really enjoy working here, but I've been looking at the local job market and can see that I would be able to earn $x if I switched jobs (show examples to explain why you've said $x). I can't afford to keep missing out of that extra money, what can you do that will allow me to stay here?"
This way you're saying that you're trying to be loyal to the company, but there's a reason that they control that is making it difficult. It's then up to them to consider whether they can justify your request and to come back with a counter offer. Ask for something that you think is achievable for your company (you can consider colleagues salaries to guide this, but don't tell your manager you have done so). If you ask for too much in one go your manager may struggle to justify that to his superiors.
I guess it may time to move on, or stick it out until I am let go.
If you think they want to let you go then all of the above is irrelevant. They are not going to give you a pay rise if you are not worth your current salary to them.
Should you move on? If you want to progress as a developer, then yes.
12 years is a long time in one role for a developer. By switching role you'll be exposed to new technologies and new ways of working. Should you be looking for another developer role in 5 years time, you'll be a stronger candidate if you can talk about how you worked in two teams and the different things you learnt in each of them. A new employer also doesn't know your salary history, so it's much easier to get a big jump, if you are underpaid by market rates.
If you want to pursue a role outside of software development then forget about everything above and work out where it is that your future lies. Don't just leave because you're hitting a number though. Leave because there's something else that interests you more.