With the performance appraisal & promotion cycles coming up in the next few months, I was wondering if there are any websites you guys use to get an idea of the salary bands to reduce the information asymmetry between you and your boss/firm when negotiating.
I've found glassdoor to be accurate for my current position (1st year analyst @ big6 bank) but was wondering what have your experiences been.
3% is just average annual inflation. You'll need to ask for 5% for performance raise and 10%+ if you're after a promotion. Assuming there are no discretionary bonuses throughout the year.
My strategy was to ask for the rate of inflation +10-15% depending on my peer-reviewed performance.
However, glassdoor shows the next position/rank increase for my firm is +23% (30 salary data points on glassdoor).
Just afraid I am shortchanging myself..
You won't get +10-15% for performance review alone without a grade promotion. Highly unlikely.
You also won't get a promotion salary increase to the same level as someone new recruited directly into that role. They'll always be on a higher salary than you. It's just the way it is as grades/levels have salary bands and there's always more incentive to pay you less if they can. If you want the +20% with promotion, you'll have to jump ship to a competitor company.
just to clarify: it's a confirmed grade promotion increase; performance review happens regardless
You also won't get a promotion salary increase to the same level as someone new recruited directly into that role. They'll always be on a higher salary than you. It's just the way it is as grades/levels have salary bands and there's always more incentive to pay you less if they can.
You're the 3rd person to tell me that - annoying how the game is played. As much as I enjoy working for my boss/company it looks like I will have to do some shopping around
@seekingalpha: You will be lucky to make CPI…
If the bank pays at the xX percentile, then (100-xx)%% people at the same level make more than you.
Jumping ship gives you pay rises, staying the same place, most likely not.
I was on a 30% bonus pool, left and went to a different company, got a 15% jump in base and was on 30% x 1.5 bonus pool (45% max bonus potential).
ymmv
@seekingalpha: Just FYI you don't necessarily have to leave your company. After you've got another offer you can use it as a bargaining chip at your current employer.
I've seen this a number of times, people announcing they have another job offer, and suddenly their current company is able to remove all of the bs reasons why they couldn't get the original payrise in the first place (budget/hr/policy) and is magically able to match or beat the other offer.
Of course this only works for good staff that they want to keep
@Never Pay RRP: I have never seen this work for regular staff as if they allow it for one person, it starts a chain reaction of everyone wanting the same 'special' treatment. We've lost many people due this over the past decade.
Everyone is replaceable really and I don't see them willing to bend the rules for a first year analyst, they're pretty commonly available. If we're talking director level with 20-year loyalty or something that requires huge investment in training/experience then yea, maybe.
@Hybroid: Perhaps we work in different industries then. I've seen it quite often even for frontline staff, obviously they need to be very good at their jobs, and the more specialised skills they have, the more likely it will happen.
As a disclaimer my experiences have been in the IT industry, generally people with certifications, taking around 3-6 months to train up. Yes they are replaceable but it's costly and a giant pain
What value will you bring to the company next year that you didn't do this year?
How much are they currently underpaying you for the value you bring to the company?
@whooah1979: What, like workers in the hospitality industry? Of course, no doubt you bring massive value to whatever you do.
@Cheapskate Paul: Any joe or Jane may work in the hospitality industry. A 1st year analyst at one of the big 6 requires a tertiary education which there isn’t a shortage of.
@whooah1979: Appears to be more so an element of 'entitlement' where OP assumes he has room to negotiate as a 1st year analyst (of which he probably has none).
Usually grade promotion at big firms means you start at the bottom of the next band, non negotiable.
@gmail92: That's really condescending.
Negotiation is a huge part of life and most corporate roles (investor roadshows, boardroom pitches, garnering support across divisions, etc).
If your firm starts all 2nd-year analysts at the bottom of the band - then it sounds like a terrible remuneration structure for retaining talent.
@seekingalpha: Sure you can practice your 'negotiation'. Investor roadshows, boardroom pitches, garnering support - all are about being able to demonstrate value first. Realistically - we are all calling it that without the ability to elaborate on why are worth more and can deliver more value, you won't be able to negotiate why you're worth higher remuneration (with your current or any other employer). You've ignored any logical comments about why you actually deserve it - so the assumption is that it's 'because you're worth it'.
Did you coin the term Big 6 Bank?
accuracy is only good if many entries and they are not b.s.
why dont you look on seek instead and see what other companies offer, you will get more of a sample.
How Accurate Are The Salary Estimates on Glassdoor?
You answered your own question haven't you?
I've found glassdoor to be accurate for my current position
/thread
my 1 data point appears to be accurate for my current position/rank, within my current division, at my current firm.
it informs me nothing of the accuracy for other firms, other divisions, and more so the next position/rank I am being promoted to - which is why I am asking for the general opinion =/
Correct.
You'll find it's more accurate for "general" roles- the type that a large number of people do that is very cookie cutter - think front line / customer service or well defined, specific jobs. It will fall short for specialist type roles where the nuances of what you do will impact your salary significantly and despite titles, make it impossible to compare accurately. A low sample size also introduces major variability.
The comment on comparing Seek job ads isn't a bad one, though can be fiddly to change the salary banding in the URL a little at a time to guesstimate what the offer range is for similar roles.
https://chrome.google.com/webstore/detail/salary-seeker/okap…
Check out this chrome addon if u wanna see salary bands on seek. It basically does the fiddling for you and just displays the range. Got it from reddit
I think above what you think you should be given, know your worth. What value have you delivered (and you plan to deliver) which justifies said increase. If you can't explain this, suck it up.
As mentioned above check out seek/indeed and have a look at the salaries of roles you feel you would have a reasonable chance of getting if you applied. That should be your expected salary range and as an added benefit you may come across your dream position in the process
Rubbish… why would you be contemplating this subject then go to extremes to post this utterly ridiculous question.
As accurate as Wikipedia?
But, wiki is pretty accurate right?
If not, I am now a trove of misinformation.
Ask for a 3% increase.