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I am working in my friends company (we are not super close, not like best friends, but still in good standings) and my current salary there is at least 3 times lower than i get constantly offered in similar positions.

I am also one of the key employees in the company and lots of processes are based on me and my part in the company. At the beginning there were 2 of us, now the company has grown, but my salary is not growing as much as i would be comfortable.

But I'm like living almost in poverty and forfeiting my dreams and desires. Didnt even had a normal vacation for last 3 years.

I don't know how to approach this. In financial terms, i would ditch this company immediately and with no doubt. But i seem to lack emotional intelligence to approach this in the best possible way for ME.

I don't think that just hopping into my bosses email with notice that after 30 days i quit is a good choice.

So how could i do this, while still maintaining our good relationship, and changing my job?

lxknvlk
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    Does a part of a company belong to you? If not, how would you feel about earning a share in this company? – svavil Apr 27 '20 at 09:53
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    Someone who is paying you one third of market rate for your skills is not your friend. – Philip Kendall Apr 27 '20 at 10:14
  • currencly i own some shares after completing an agreement, and what i thought that i could sell some shares and cash out real good, but that turned out to be not the reality, that is why i am considering quitting – lxknvlk Apr 27 '20 at 10:18
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    Have you talked to this "friend"? Or are you looking for advice on how to have that conversation? – Lilienthal Apr 27 '20 at 10:18
  • @Lilienthal i have talked and they offered me a small raise in case our app meets some conditions, which i seem unrealistic as i understand the situation. – lxknvlk Apr 27 '20 at 10:19
  • Given the current situation with the Covid 19 pandemic you need to consider carefully what effect this has on your employers business and whether this is a good time to request a pay review, or indeed switch jobs. – Old Nick Apr 27 '20 at 10:22
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    @lxknvlk But have you told them "I can earn 3 times my salary elsewhere"? That's a vastly different conversation. You'll almost certainly have to move on but doing so professionally usually involves being open with each other. – Lilienthal Apr 27 '20 at 11:04
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    Does this answer your question? How should I properly approach my boss if I'm feeling underpaid? – Philipp Apr 27 '20 at 11:34
  • @ixknvik - Sounds like your salary, is based on the fact you will receive shares, after you are at the company the agreed upon time frame. If you want more salary today you might have to give up some of those shares. I would have loved to submit an answer, but none of the information about the shares, is mentioned in your question. – Donald Apr 27 '20 at 14:16

2 Answers2

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Obviously the current situation really complicates questions like this and my advise is that you stay put until after the crisis to avoid ending up with no job at all. This was not part of the question though so the following answer is the one I'd give in 'normal' times.

My advise would be to sit down and have an open, honest and frank conversation with your "friend". Explain that it's simply not sustainable to continue to work for him at far below market rates. If he is a good guy then he will understand and act professionally, if not well he's not the sort of person you want to work for.

The safest bet would be to get a job offer before you have this conversation - just in case he doesn't take it well, but it's more for you to judge how it's going to go. Having another job lined up also gives you leverage and a salary goal for your current company to meet.

Gamora
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It is quite clear what you should be doing in this situation: Find a different position that is either better professionally or financially or both. When you have a signed contract, you give your notice and say goodbye.

Right now (April 2020) it will be a bit harder to find a job, but you can still try.

And when you give notice, the iron rule: Do NOT under any circumstances accept a counter offer (unless it includes back payment for the last years where you were underpaid, which isn't going to happen). You have been exploited, and the company will do what they can to make you feel guilty so that they can continue exploiting you. If they ask questions, do not even try to answer them. The only thing you tell them is the date when you will leave.

gnasher729
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