^ The way to get out of lowballing yourself early in the process is to say something like, “well, now that I see the full package, vacation, etc., it’s a little lower than I expected. I need another 10% to make this move.”
It’s not just salary you’re negotiating. You can definitely say vacation came in less than expected, give me 5% right there. Not saying you’ll get it, but it’s a bargaining point.
I never told them my current number, so the 35% base increase was just their initial offer. I ballparked a number and they came in above it. I’m not sure if I lowballed myself or their offer was their attempt at lowballing me. The recruiter was out of New York and the position and office are in Minneapolis, so it’s possible that she never passed my demands along, just noted that they were in line with the range for the position.
so whats the protocol here once you get an offer that seems low?
-call backand tell hr you are expecting more
-email back and state why you deserve more
My Niggaz. You made the AF Brothahood proud!
I’d be leaning towards putting your case down in writing first. That way you don’t forget to say something you meant to over the phone.
No harm in looking for a little more at this stage. A bump in base salary would be best, but you could also try look for better pension matching terms, health insurance etc. Especially if you are getting any extras like that from your current employer. Ask them to replicate and if they can’t/won’t, well that’s another good reason for you to ask for a bump on basic.
If you are going to be foregoing any bonus or benefits from your current position by making the switch, that can also be a good angle. Moving costs also something you could throw into your argument if applicable.
@Twice the man
Can you tell us how old you are and what your experience is? Your tag says you’re a L1 candidate but you must have a lot of work experience if you told the hiring manager “…meaning my current salary isn’t a number that I feel represents the value of my skills and experience”.
I graduated 2 years ago and I’m trying to get my foot in the door. Online applications on Indeed or Workopolis doesn’t seem to be working for me.
As a correction, I told that to the HR recruiter over the phone. That said, I’m 32 and have been in the PWM side of things for nearly 10 years. I’ve completed my hacksaw MBA, and have learned my specific line of business inside and out. I started in a pretty low operations role and have continued moving up, holding various roles in back office trading operations, portfolio accounting, and now performance analysis. I’ve been fortunate to gain supervisory experience at different points, as well as being included on some high visibility projects. I’ve had projects where I was giving input directly to the head of our Asset Management Group, as well as serving on a group that got quarterly exposure to the CEO, despite that team being a total fluff outfit. I’m an operations nobody that got sort of lucky and has caught the eye of enough people to keep moving forward. I would say that for just about every interview I’ve had, my statement would have been BS, but specific to the role I was interviewing for, it was true enough.
As some others have mentioned, I always advise people not to disclose their current compensation if it’s too low. If they insist on knowing, give an all-in number including bonus, 401(k), and other measurable / verifiable stuff. If they go a level further, then you just have to tell them – always better to be upfront than to be cagey.
That being said, if HR insists on knowing your current wage, always be prepared to say something to the effect of the following – “I think you and I both know that in my current position, I’m being significantly underpaid relative to what I bring to the table. I’m in discussions with other potential employers that are willing to pay me what I know I’m worth, which I’m sure isn’t surprising to you. That said, I think I’d be a tremendous asset to *your* organization, so if we can see eye to eye on comp, I’d be willing to start as soon as you’d like.”
Other than that, the “25% above current number” may or may not be a good benchmark. Let’s say you’re making $50K and the standard base for the job you’re interviewing for is $60-65K. In that case, the 25% number makes sense – sort of. However, if the job you’re moving into pays $100K on average you should typically ask for *at least* that.
Personally, I coach all my clients to ask for at least 20-25% MORE than the market average salary for a given wage, and teach them how to convey an appearance that they are a total rockstar. Why leave any money on the table? Worst thing an employer can do is say “no.” If they like you, they’ll respect you just for asking; if they love you, they’ll give you what you ask.
Gosh,
this thread has given me hope! I hate back office trading operations with a passion. And I’m 27…fresh out of grad school MS in finance about a year ago 
When I moved to the buy side, I was offered $75K before bonus and was able to negotiate up to $100k. I negotiated up on the basis of cost of living (I moved to Hong Kong for the job which is very expensive), and really emphasized the value I’d bring to the position. There was no response, they just accepted my counteroffer and gave me the job.
I’d always say 25%-40% above what you’re making. Always start high.
This is a great thread. As someone who recently earned the charter and is looking for a new job I’ve been struggling with this question a lot. My current salary is way below market.
I’m curious how you all answer these questions in the initial online application process. I’ve seen a lot of firms that have current salary and desired salary as required fields in applications so you can’t just simply pass it over. Do you put a range? I hate having to answer this question without being able to provide any context as to why you answered the way you did.
Context can be explained in interviews. On the Web form you should fill out a number reflecting what you want not what you need. If they couldn’t pay you what you wanted then why would you want to work there? You’d be in the same situation you are in now - underpaid, overworked, and fully cognizant of the fact that people less qualified than you are being compensated meaningfully more.
Don’t over complicate things.
how about bringing up the salary question when it hasnt been touched on just so you arent wasting each others time. What is the best way to go about doing this? Assuming the salary information is not publicly available through glassdoor.
Do you want the job? Don’t bring up salary until you are the finalist candidate. Make them love you first. Then you’ll be in the best position to talk salary. You’ll be wasting your own time and opportunity by bringing it up too soon.
^true, but if you arent even in the same ballpark, who wants to spend hours of travel, preparation, time interviewing, all to find out they are thinking $20,000 short of what you are wanting?
Assuming travel is immaterial, going through the interview process is valuable experience even if an agreement cannot be met at the end. It should make you better for the next time you interview.
^ fair point. I suppose the travel was the sticking point for me. I find it tough to travel 8 hours each way for a postion that I know I wont want. If it is in town, then sure.
8 hours each way? Is the job in Frankfurt or something?
No, but I live in a remote destination that requires 8 hours by car or 6 hours by flying after you consider time to the airport, packing, security, etc.
vandy your questions make me wanna drink more