There are soft perks. I have a pension that counts how long I work for the company (I have no idea what the real terms of it are, but that simplification will do for this discussion). Long term than pension is - hopefully - worth far more than a couple years of no raises. Depending of course on how long I live - statistically I will die sometime between 60 and 100 with the most likely age being 80 - the longer I live the more than pension is worth, on the low end it is worthless.
That said, when the no raise hit I made my boss aware of my displeasure in that (As a senior engineer at the top of the pay scale I expect my raises should just match inflation, but no raise is a clear pay cut). I did find a transfer position in the company that resulted in a nice level promotion and thus raise, which is sometimes the best option.
I forgot that pensions are still a thing in some places.
But when you calculate the the present value of the pension (ie discounted future cash flows), is the difference between staying and going and making more money elsewhere worth it? (serious question, not trying to be combative)
> is the difference between staying and going and making more money elsewhere worth it?
That is a great question that is at least partially unknowable. You cannot discount future cash flows without knowing how long you will live and thus how much you should discount. Also things like inflation are unknowable.
As I said, I did leave. I stayed with the same company but found a different division. Which is the best of all worlds. I think, perhaps I could get a better offer elsewhere? If so would that better job still exist or would I now be laid off for months before finding a new job and thus destroying all the income gain from that new job?
There are a ton of unknowable factors. I can say it worked out okay for me so far, but that is about it.
It depends on who you are and what market you are in. Many people in recent years have reported putting in over a thousand job applications and only netting a couple of interviews, none of which resulted in a job offer. But if you have a network into available jobs and can short cut all of the pipeline insanity going on now, making a jump would be smart. Then again, the type of companies that play these games typically don't have top notch talent in the first place. Many people might endure it because they fear they don't have other options.
Exactly. Generally, when one company institutes pay freezes, they're probably also in a hiring freeze, along with the rest of the industry. Everything's nice and coordinated and they all use the same "macroeconomic environment" as the excuse. So an employee doesn't really have the option to just hop jobs, nobody else is hiring. Ironically, the best time to hop jobs is when you're getting raises because the economy is strong and everyone else is hiring.
Why would anyone stay at a company that had pay freezes for a few years. I would have been looking for another job the moment they announced them.