I should begin by stating that I am earning just over half the median salary for someone of the same profession, skill set, and location. I work about 60 hours per week at a medium-sized business with two other people who share the same profession. One of them just announced they are leaving in less than two weeks, the other is relatively incompetent, and I happen to be the most skilled. I am also the only employee capable of executing a set of mission-critical tasks essential for running the business. We are all responsible for a handful of projects that will be due early next month. These projects were poorly managed and since our department carries out the last step in these projects, and considering my coworker's imminent departure, a huge time crunch falls on us and will lead to me having to work 80+ hours per week to get everything done on time.
In light of my coworker's resignation announcement, I would like to take this opportunity to negotiate a substantial raise. The way I see it, I have two options:
- Just keep swimming. I'll receive a normal raise a few months from now at my review.
- Deliver an ultimatum. Tell my boss I'm resigning immediately (well, within two weeks) unless my salary is raised to the median level.
A few comments about my boss:
- He's a chronic liar. Of note, he has told employees in our department that they will be receiving a substantial raise, only to backtrack and fail to deliver, acting as if nothing had happened. He has made and failed to fulfill similar raise-based promises toward me.
- Even if I leave on good terms, I won't get a good reference from him. Past employees have left on good terms after a lengthy employment and he takes it very personally after their departure.
That being said, I get along very well with my boss. I was informally invited to his "inner circle" of department advisors a couple months ago. I provide a lot of value to the company and I know they would take a decent hit if I quit right away. As far as I know, there is no one waiting in the wings to be hired, though I'm sure that will change very shortly. Still, whoever gets hired won't be of much use in time to complete our current projects as they'll need to go through orientation and familiarize themselves with our work in order to be productive.
I'm not sure what to do here. I don't mind working at this company, but being as underpaid as I am is a serious issue. I feel undervalued and overworked. I have three month's savings and wouldn't be completely devastated if I lost my job.
Is suggesting my own resignation to my boss as a way to get a pay raise a good idea in this situation?