Place was great to work, brilliant team, laid back culture. But refusing to give me an annual raise, on top of paying me below market value (and below my peers) for my experience and skill set was precisely what triggered my departure a month later for a nearly 90% raise. Sacrificed other things, but at the end of the day, "thank you's", "good jobs", and a kegerator doesn't feed my family.
Money isn't everything, but competitively compensating engineers is still a big factor for retention imo.
I'm curious - how did you end up accepting that job in the first place that was underpaying by nearly 100% ?
The first company I worked for paid me $36k/yr. Given I don't have a degree, and it was the first offer I received (was my break-into-the-industry offer), I took it. After nearly two years, I was still below $40k/yr. Couldn't afford to rent a two bedroom apartment by myself, let alone support a then pregnant girlfriend.
That's when the next company offered right below market value, but when I started with them, it seemed like a fair offer given I had to learn new frameworks, containerization, etc. After a year, and the value I'd added to the company, I assumed I'd receive a raise.
Low and behold, it didn't happen, so like the previous position, I found somewhere offering a median salary for my region.
Still not where I should be with all the responsibilities and skills I have now, but at least the financial stress isn't nearly as bad as it used to be. Plus, I'm secure in my position, so that's helpful.
Supply and demand are obviously not the only factors, but they are very important and must be considered when looking at compensation for employment.
we need fairer, more transparent and liquid labor markets everywhere, not just in the upper echelons.
Also, if the company makes a bit less money this year vs last year, are you willing to take a pay cut?
It might be impossible to compute, but we still want to compute it.
Or rather, get some agreement. I would say not only it is impossible to compute, the question of relative human pay for different types of work is a meaningless question, like asking, what is more important on a car, tires or engine?