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Re:How much does employee turnover really cost? by phaus on Tuesday January 17, 2017 @04:03PM (#13421164)
I make low 6 figures doing network security. If I hit 200k, literally the only thing you could do to motivate me would be to treat me well and give me interesting things to do.

Fortunately, my employer already does both of those. I just wish it wasn't almost a requirement to leave in order to get a decent raise.

Note: I'm not expecting to make $200k in a technical role as a security analyst any time soon, its just hypothetical.

Re:How much does employee turnover really cost? by sedachv on Tuesday January 17, 2017 @09:57PM (#13423619)
I see $100k USD being thrown around as a large salary in discussions, and compared to the median US household income it is. But people have been using this figure as a convenient anchor point in arguments for decades now, and if you look at inflation, $100k should not be considered a high salary today, and if you are a programmer you should demand more:

http://www.wolframalpha.com/input/?i=US$100000+2017+in+1980+...

$100,000 today would have been $33,000 in 1980, $53,000 in 1990, $70,000 in 2000, and only $84,000 in 2007.

You are totally right about the $200k mark feeling comfortable. $200k is the new $100k.

Re:How much does employee turnover really cost? by obstinate on Tuesday January 17, 2017 @07:40PM (#13422995)
I used to think that, but now I make $500k and I think you could convince me to work on something I like slightly less well for $700k. Once I achieve financial independence, it will be different, but until then, changes that significantly impact the distance to that goal are motivating.

The interesting thing though is that you wouldn't really want to entice me that way, because I'd guess you'd get a worse product out of me. So there are different types of motivation that are important. The motivation to make a choice, versus the motivation to work hard on a choice.

Re:How much does employee turnover really cost? by jimbokun on Tuesday January 17, 2017 @09:41PM (#13423553)
If you're making $500k and not financially independent, or about to be very soon, you are doing something wrong, I think.
Re:How much does employee turnover really cost? by Aeolun on Tuesday January 17, 2017 @10:46PM (#13423796)
It only makes you independent for chunks of 6 months per month worked. You still have to work some 5-10 years before you are independent for the rest of your life.
Re:How much does employee turnover really cost? by falsedan on Wednesday January 18, 2017 @08:35AM (#13426171)
People generally refer to that as 'retiring'; financial independence usually means, "don't need to ask parents for small loans/handouts".
Re:How much does employee turnover really cost? by obstinate on Wednesday January 18, 2017 @10:20AM (#13426898)
I mean it in the sense of being independent of employment for income. This is the common meaning in my circles.
Re:How much does employee turnover really cost? by falsedan on Wednesday January 18, 2017 @05:15PM (#13430860)
That's 'retirement', living off your accumulated savings and guaranteed income.
Re:How much does employee turnover really cost? by falsedan on Wednesday January 18, 2017 @05:55PM (#13431246)
Hi downvoters, I don't understand why 'retirement' isn't an appropriate term, please help me grow my understanding by commenting instead. Thanks, --falsedan
Re:How much does employee turnover really cost? by obstinate on Wednesday January 18, 2017 @11:48PM (#13433097)
Retirement is when you stop working. Financial independence is when you stop having to. They are different.
Re:How much does employee turnover really cost? by falsedan on Saturday January 21, 2017 @05:15PM (#13452415)
1. That's not the common meaning of 'financial independence' no matter how much you repeat it, it's really closely-associated with the coming-of-age rite when you no longer rely on financial support to survive

2. I can't imagine being independently wealthy & keeping my day job but I suppose it's conceivable!

Re:How much does employee turnover really cost? by obstinate on Monday January 23, 2017 @09:59PM (#13468460)
1. How do you explain that your view is being downvoted, and mine, upvoted? This is the common understanding in the circles I run in. I think you may be the one whose definitions need an update.

2. For example, all employees at the VP and up level at Google, Facebook, etc., make more than a million dollars are year. It doesn't take long at this level of compensation to have more wealth than any reasonable person could spend. Yet they still work, normally not to satisfy an unmet financial need.

Re:How much does employee turnover really cost? by shostack on Wednesday January 18, 2017 @09:23AM (#13426436)
I thought it meant having enough investments to live off dividends/interest/rent without having to touch your principle such that it continues growing on its own?
Re:How much does employee turnover really cost? by falsedan on Wednesday January 18, 2017 @05:20PM (#13430910)
I think 'independently wealthy' describes that situation more clearly/less confusingly.
Re:How much does employee turnover really cost? by brokenmachine on Friday January 20, 2017 @12:23AM (#13441879)
wealthy != independent.

Financial independence to me is not needing to work ever again, even if I'm living quite frugally.

Re:How much does employee turnover really cost? by falsedan on Saturday January 21, 2017 @05:18PM (#13452427)
I don't understand the distinction; are there wealthy dependent people?

I've run the numbers on what I'd need to not work and the total amount required would clearly put me in the 'wealthy' camp.

Re:How much does employee turnover really cost? by brokenmachine on Sunday January 22, 2017 @07:09PM (#13458582)
> are there wealthy dependent people?

I would say yes. Well, maybe not dependent but not independent.

Some people with large incomes are still up to their eyeballs in debt, or at least not living within their means.

IMO financial independence requires living within your means until the point where you never need to work again to continue that lifestyle for the rest of your life.

Re:How much does employee turnover really cost? by SmellyGeekBoy on Wednesday January 18, 2017 @11:29AM (#13427567)
Financial independence is when time != money.
Re:How much does employee turnover really cost? by falsedan on Wednesday January 18, 2017 @05:16PM (#13430870)
don't understand? children can't turn time into money, it sounds wrong to call them financially independent.
Re:How much does employee turnover really cost? by falsedan on Wednesday January 18, 2017 @05:53PM (#13431221)
Hi downvoter, I'm not going to increase my understanding of 'time != money' without some explanation. Could you please comment so I might learn something? thanks, --falsedan
Re:How much does employee turnover really cost? by brokenmachine on Friday January 20, 2017 @12:36AM (#13441906)
I'm not the downvoter but I'm pretty sure the original poster meant that a financially independent person no longer has to exchange their time for money, ie they can choose whatever they want to do with their time and no longer have to work just for food/shelter/etc.
Re:How much does employee turnover really cost? by obstinate on Tuesday January 17, 2017 @11:38PM (#13423998)
Soon. But sooner is better.
Re:How much does employee turnover really cost? by SubuSS on Thursday January 19, 2017 @05:18PM (#13439978)
With some very basic math and assuming an expenditure of about 120k in today's value per year (millionaire remember), taking into account 4% inflation and a 4% return rate, you need about 20MM+ to settle down with 100% financial independence. I made a bunch of assumptions like you need this for 50 years and 120k lifestyle today will be worth much more like 1.2MM in 50 years and so on. As much as I would love to be proven wrong on this math, 500k per month puts you very far indeed.

Money may not motivate me in small numbers, but this goal of financial independence (what they call fuck you money) is definitely a motivator.

Re:How much does employee turnover really cost? by dceddia on Wednesday January 18, 2017 @12:06PM (#13427969)
You mentioned financial independence, so you may have already done some research into that, but I'll just leave this here:

http://www.mrmoneymustache.com/

And this nifty calculator: https://networthify.com/calculator/earlyretirement

It's mostly about the savings rate.

Re:How much does employee turnover really cost? by obstinate on Wednesday January 18, 2017 @11:51PM (#13433114)
Yes, I have been following him for some time. He inspired me to begin saving even harder than I was already naturally predisposed to. My savings rate is nearly eighty percent these days, so we're quite close. This calculator gives me a year based on rough numbers, which is about what I had calculated. I will probably engage in the standard one-more-year thing to make things even more certain.
Re:How much does employee turnover really cost? by brokenmachine on Friday January 20, 2017 @12:43AM (#13441920)
I am very jealous. May I ask what you're doing to earn $500k? I'm guessing Finance industry.
Re:How much does employee turnover really cost? by obstinate on Friday January 20, 2017 @02:54AM (#13442312)
I'm a programmer at one of the big web companies.
Re:How much does employee turnover really cost? by softawre on Tuesday January 17, 2017 @04:54PM (#13421715)
It is also interesting to think your number, 200k, is strictly based on how much you make now.

What would your 18yo self said about 100k?

What do you think about a Netflix engineer making 300k? They'd probably be happy with 500k (though, cost of living, derailment ahead..).

Re:How much does employee turnover really cost? by phaus on Tuesday January 17, 2017 @05:40PM (#13422161)
My number's based on cost of living. At $100k, in the area I live in, I have a good standard of middle class living but I still have to work hard to save, go on vacations, and make major purchases.

At $200k, I could maintain the same standard of living, easily pay off all of my student debt in about a year (without sacrificing anything), easily buy a house, buy a new car outright after saving excess money for 3-4 months, pay for my kid's college education outright, and save a ton of money for retirement. At $100k, I constantly have to pick and choose which of these things I work on.

If I made $200k, living in the same area, I might not be wealthy in the grand scheme of things, but I sure would feel like it. About 70% of the negative stress in my life comes from anxiety about being able to afford everything my family will want and/or need eventually.

Interestingly enough, I have already lived through the experience of having my salary double almost overnight. I used to live in a relatively low-cost area, but I was still getting paid about $25k below market. Then I moved to a higher-cost area, and took a more advanced position at a company that paid a little more than market rate. Went from below $50k to just under $100k. The impact on my life was significant. I went from feeling poor and helpless to finally being able to breathe. I used to be depressed and angry all the time because I could barely take care of my family and my household. Now I'm more or less happy.

Re:How much does employee turnover really cost? by taneq on Wednesday January 18, 2017 @02:53AM (#13424817)
18-year-old self would be comparing with entry level, rather than senior level, salaries. If you account for both that and inflation, the right question is "how would your 18yo self feel about $45k/y?"
Re:How much does employee turnover really cost? by jsudhams on Tuesday January 17, 2017 @09:39PM (#13423548)
Would you now take 200k job but kind of okay project not very interesting? That is what we are talking. BTW, You can make 200k soon depending on how good you are in the security domain
Re:How much does employee turnover really cost? by phaus on Wednesday January 18, 2017 @01:11AM (#13424441)
The situation I'm in now is that I'm very good at several aspects of security, but I'm not an rock-star at any of them (although in many ways I feel just a step or two away). In a way, being a jack-of-all trades is very useful for my current role, which involves a lot of incident response type things: network forensics, host-based malware forensics, log analysis, etc. I get great performance reviews in a company full of talent, but its hard to accurately assess yourself (and like many I struggle with impostor syndrome). This year, I'm focusing on getting better at programming and going beyond the basic aspects of reverse engineering. Basically, I'm trying to find a path to specialization in order to progress. I could probably easily land a job making ~50k more than I do now, but I'm planning on attempting to negotiate for a decent raise the next time I get promoted. I like everything else about the company,so if we could come to some kind of an acceptable situation I would love to stay.

However, if someone offered me $200k today for a full-time position at a private company, I would almost certainly accept. I can deal with less than ideal or even boring work as long as there's a good work/life balance that lets me keep working on projects at home. And even if the work isn't glamorous, I'm the type of person that enjoys all kinds of work, physical or mental. Before I got into security I did everything from shovel half-rotten fish into buckets for a living to running network cable. As a caveat, if its a government/contracting job, it would probably have to be $300k (which is probably unrealistic). There are aspects of government work that are interesting, but from my experience the negatives almost always outweigh the positives.