I had been working in this reputed company for more than five years. The biggest of the problems I face is that there is no challenging work. I always had a problem with my appraisal for that matter not only me all my team mates have the same problem because there is no good work and the PM always says do challenging work to get higher rating. Good work never comes and good rating never comes is the problem. Added to that I haven't been learning much in my current job. I had to work on various things like Cobol, DB2, Seibel and some work on mainframes also. The advantage is that the work culture is good but I do not think that will help me for long.
I think you should make a market research in order to find a better opportunity. As you've been working for this company for five years, I think now you have a good idea of what are the potential chances to improve your career. I think that when we see we have a chance to improve our lives, why not taking the risk? All the times I had to make a risk decision, but I saw I had a good chance to go to a better place, I was successful. But it is also important that, when you decide to get out of your current job, you go nicely, because if something goes wrong you can go back.
You should ALWAYS lookout for a job. While in India there's still some concept of mutual employer/employee loyalty, in the USA, it's long since dead. And we're pretty bad about corrupting other countries that way. Even Japan does layoffs nowadays.
If you and your team are doing a good job, but the PM is criticising, there's one of 2 things going on:
1. There are things you could be doing, but you're overlooking them. In that case, find them and take them on and everyone should benefit.
2. You're being subjected to the old management-by-intimidation ploy where not matter what you do, they'll claim it's not enough in order to keep you under control. In that case, it's definitely time to look elsewhere.
An IDE is no substitute for an Intelligent Developer.
But in this period of economic crisis is it still possible to find better jobs with better remuneration package?
I think you are more experienced and you might have seen this kind of situation in the past but few days back one of my friend got selected in a company and he got more than 100% hike in salary.I think it all depends on our talent and little luck