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Post by Armand Tanzarian on Nov 17, 2011 9:33:19 GMT -5
Ok, this may not be the best venue but I'm sorta chasing a deadline here. Basically, some of you may be familiar about how I keep bitching about how I hate my job. Well, a situation arised and I landed an interview with a respected investment firm last Tuesday. Which is nice, except they want to know my Expected Salary, i.e. the salary I want when I go in. I've never done this before (I'm still on my first job, and for those there really was no negotiating the salary), so I need the advice of those who've landed more than a few jobs to help me out.
A little professional background; I'm less than 2 years into my current position, doing analytics at a local bank. My current salary is X, but factoring in bonuses and others it goes easily above 1.333X on an average year. The benefits are standard across all banks here.
My original plan was to set a minimum bar of 1.2X (after all, a major factor in looking for a new job for me is the pay), but even then it seems high considering I've only been working since April of last year. Some sources say I should go for 1.1X considering my lack of experience, but I think that's undercutting it a bit. Is it standard practice to ask higher (say 1.3X) and let the HR people whittle it down, or should I set lower for fear of going too high.
I'm sorta in a rush, need an answer in 9 hours (Midnight GMT today/4pm EST). Please help me out here. Thanks.
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Post by m52nickerson on Nov 17, 2011 9:57:05 GMT -5
1.3 or even 1.4. If they really want you but don't want to pay as much they will at least make you a lower offer so asking for more is not a bad thing.
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Post by Bezron on Nov 17, 2011 11:06:32 GMT -5
1.5x or higher is standard in the financial field. You say your current salary actually works out to 1.33x, so they need to expect to go higher than that to entice you over. You won't scare them off with that figure (unless you are currently making like $75k USD). Even though you currently hate your job, there is a "devil you know" factor at play here. Even though more money is nice, as far as they know you are ok where you are. Transitioning from one job to another is a bitch. Most likely, they will come back with an offer of 1.3x-1.4x and you will end up at 1.4x or just above.
Bear in mind, this is all in terms of negotiations in the US, and cultural factors that I am unaware of may come into play here.
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Post by the sandman on Nov 17, 2011 12:17:46 GMT -5
Ok, this may not be the best venue but I'm sorta chasing a deadline here. Basically, some of you may be familiar about how I keep bitching about how I hate my job. Well, a situation arised and I landed an interview with a respected investment firm last Tuesday. Which is nice, except they want to know my Expected Salary, i.e. the salary I want when I go in. I've never done this before (I'm still on my first job, and for those there really was no negotiating the salary), so I need the advice of those who've landed more than a few jobs to help me out. A little professional background; I'm less than 2 years into my current position, doing analytics at a local bank. My current salary is X, but factoring in bonuses and others it goes easily above 1.333X on an average year. The benefits are standard across all banks here. My original plan was to set a minimum bar of 1.2X (after all, a major factor in looking for a new job for me is the pay), but even then it seems high considering I've only been working since April of last year. Some sources say I should go for 1.1X considering my lack of experience, but I think that's undercutting it a bit. Is it standard practice to ask higher (say 1.3X) and let the HR people whittle it down, or should I set lower for fear of going too high. I'm sorta in a rush, need an answer in 9 hours (Midnight GMT today/4pm EST). Please help me out here. Thanks. Depends on how much you want the job. If it's a better position, more in line with what you want to do with your career, better advancement possibilities, you think you would be happier at it than your current position, then just ask for 1.0X. If it's generally a lateral move, you probably shouldn't expect more than you make now. If it's a bit of an upward move, then ask for a modest (1.1X) increase over your current salary. They will ask what you make now, and the increase won't seem unreasonable in this case. If it's an upward move and you don't ask for a modest increase, you may give the impression that you are desperate or a fool, so it's a risky proposition. If it was me, I would say, "I'm looking for something around (1.2X), but I'm not married to that number. Let's discuss it." |
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Post by Armand Tanzarian on Nov 17, 2011 18:05:51 GMT -5
Alright thanks a lot. I know what I want to quote now. Will update in a few weeks to see if I get shortlisted.
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Post by Armand Tanzarian on Dec 1, 2011 7:37:40 GMT -5
So I got a tentative job offer. I'll be likely doing something similar to my current job, but it'll be a positional promotion (a higher relative job grade) and a higher salary at just over 1.15X. So the negotiations succeeded in a sense.
Now, I'll most likely take the job. The pay is a big plus yeah but I've wanted to escape the sinking ship of my department for some time now. Only that there's the guilt of when I leave, I'll leave the shit to the colleagues who are still there. And that does make me a bit guilty.
So when should I tell my colleagues? And how? Because there is no good way of putting the news to them; we're swamped as it is thanks to the management chaos. I need to work out a timeline between now and when I start the new job.
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Post by Armand Tanzarian on Dec 4, 2011 10:27:06 GMT -5
I don't feel like starting a new thread on F&B, so I'll just let it out here. I've been losing a lot of REM over the actual telling people I'm resigning part. I'm sure it'll be fine once the day comes, but I'm still freaking the shit out. I'm seriously scared my boss will react negatively.
I don't know what to tell him. All I can say is I have a lot of love for all of them, and I know the impact of me leaving will have on my team (2 weeks of medical leave gave a nice preview). But I don't know if I can work there anymore. Its not the people; its the organizational structure itself as well as the better opportunities, but mostly I don't find myself giving a shit about work anymore.
If anyone knows how to do a resignation properly, please, I'm in dire need of help. I need to tell him by Wednesday. And also how to run through the transitioning process in the 2.5 weeks I have left. I expect to resign by New Years' Eve. Thanks.
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Post by Vene on Dec 4, 2011 11:09:38 GMT -5
Write up a letter of resignation and give them 2 weeks notice. When you write it, focus on the positive such as you moving towards a new opportunity and any skills you learned at your current position.
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Post by Armand Tanzarian on Dec 9, 2011 5:52:18 GMT -5
So, I sent in my resignation.
Turns out, so did my boss. We're both leaving and we didn't know it.
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Post by MaybeNever on Dec 9, 2011 6:04:05 GMT -5
I know what you mean about the guilt of leaving shit for those who remain behind. I hate doing that. Heck, I hate not being the last one to leave the office, because otherwise I might leave some mess or other for somebody else to handle. But you have to do what's right for yourself on this one, I think.
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