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Currently I'm in a depressed and indecisive state with very low confidence. My salary is very much below par with respect to my experience.
YoE : 4
CTC : 5.25 lpa
I'm not prepared to make a switch . Is it ethical to ask my manager to revise the CTC . If yes , how much can I ask . Need your valuable inputs ๐
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Just 25 days left in my Notice Period. I am holding an offer for 29 fixed, but looking for something better.
I have 7.5 years of experience as a Business Analyst/Product Owner in Banking.
Currently in EY working on lending transformation projects. Designing customer journeys and PO role for implementation.
It would be really nice if anyone can refer me in thier organization for similar role.
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๐ CTC (Cost To Company) is both explained and understood in a rather confusing way during most offer discussions.
๐คฆ๐ปโโ๏ธ It's almost a trend in India to conveniently forget discussing 25-30% of the topics (not the amount) concerning the ' Package '.
Half the issues are created solely because of misunderstanding on these topics that creates a mess large enough to dent entire careers.
๐ People spend 3-6 months "discovering" those points , alarmingly , long after joining. Some don't even avail the benefits for their entire tenure in that job. Others get disgruntled or surprised when they do discover the details ... Just because they never asked and the recruiter never told them.
๐กTo bring some method to this madness , I suggest breaking down , understanding & discussing the overall package under the following heads :
(Talk to the recruiter if you haven't joined & the aligned HR if you are already serving , works both ways)
๐ง Fixed In Hand : Ask the monthly amount that drops in your bank.
๐ Variable / Incentive : Ask KRA what parameters do you need to meet to receive 100% ? What amount depends on an individual's performance and what on team/department or organization's.
๐ฐ Bonuses : How much & when in a year. Eligibility/forfeiture clause basis service and employment circumstances if on : probation , serving notice , exited.
๐ธ Tax Deduction : Calculate on your own.
๐จโโ๏ธ OPD : Doctor's fee for consultation.
๐ Medicine Bills : Amount reimbursement per year for medicines purchased with or without doctor's consultation.
๐ฅ Medical Insurance : Amount covered for things needing admission , eligibilty of family , options to increase and decrease cover , carry forward after resignation. Deduction from fixed in hand.
๐ค Accident Insurance : Amount eligible , usually only employee covered.
๐ Dental Cover : Availability. Coverage for preventive procedure coverage (teeth scaling) , surgeries (filling cavities , root canal etc) , prosthetics (crowns , implants etc).
โ ๏ธ Life Insurance : Amount eligible.
๐๏ธ Leaves : Types and number available under each type. Mandatory leaves , birthday & anniversary leaves , paternity leave (maternity is govt law, paternity is company policy) , bereavement leave & family members upon whose death you can avail it. Carrying forward to next year , balance leave encashment during service & upon exit in f&f.
๐ดWeekly offs : Number and days per week. Policy for compensatory off if made to work on weekly off & deadline to avail it before forfeiture.
๐ฎ๐ณ National Holidays : Double wage for the day & compensatory off as well if made to work on Republic Day , Independence Day , Labour Day & Gandhi Jayanti. As per shops & establishments act of your state/union territory you work in (not as per company headquarters).
๐ Festival Holidays : Total number , list if possible. Covered by govt law anyway.
๐ Gifts : Nature and availability of gifts at joining , birthday , anniversary , long service , at annual events , child birth. Given by employer only out of goodwill ,not law or compulsion. May come as Amazon/ Flipkart vouchers , dinner bill reimbursement or vouchers , goods such as electronics or discount vouchers etc.
๐ถ Telephone Allowance / Reimbursement : If amount given with salary , bill required or not , broadband covered or not , number of connections as sim cards or broadband that can be taken, will the company provide it on its name or the employee gets it him/herself. If by company then see if they are not inflating CTC without giving you value.
๐ฑMobile Handset Reimbursement : Availability. Amount eligible and service period needed to avail. May even cover laptops etc.
๐ Car Lease Policy : Availability , eligibility , vendor being used. Recruiter not expected to know in depth , but broad yes or no is definitely clear to them.
โ๏ธ Inter City Travel Modes : What modes authorised as per your band for travel outside the city on business requirements. Modes authorised for local commute while on such non home city business travel.
๐ฑ Inter City Travel Boarding : Breakfast , lunch , dinner , snacks bill reimbursement limit as per meal/ day. Limits are available either lumpsum per day or individual meals , may not be the same amount for every meal.
โฝLocal Commute Reimbursement : Barring home to office. Modes of public transport and category applicable like bus , auto , local train , Uber/Ola. Per km own vehicle use reimbursement amount & own two wheeler / four wheeler use eligibility.
๐ Relocation Reimbursement Policy : This is usually well discussed any way for concerned employees who must get relocated totally. However check if there are extras , one real example is reimbursement for things like curtains & bedsheets.
๐๐ผLive long and prosper ๐ซ
Was it by any chance the recruiter who has asked for a response in one day ?
If it was , then rushing the candidate to accept the offer is an age old recruiter's tactic to close the position ie THEIR target.
In your case consider this stategy :
1) Get the offer letter , don't accept immediately.
2) Use a delaying tactic post that to buy time.
The next response to you will supply all the ammunition you need in terms of topics to discuss.
Divide the discussion over the next few days ,using some topics at a time.
It will give you 5 benefits :
1) Through clarity on 2's offered package.
2) Recruiter tied down in a healthy discussion.
3) Practice for package discussion with 1.
4) Backup offer if 1 fails.
5) Exact reasons to convey your offer rejection later.
I expect with a bit of luck on your side , you will get about ten days max with 2 while you figure out 1.
๐๐ผLive long and prosper๐ซ
Thank you kind human