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Does JPMorgan entertain counter offers ?
I have an offer of 18.5 lpa including bonus.
At the time of HR discussion, I was under the impression that this will be 18.5 fixed + bonus
I already have 19.5 fixed CTC offer from Emids and Indegene is ready to pay 23 lpa including joining Bonus.
I am keen to join JP morgan but I want to negotiate the offered CTC.
During HR discussion, HR said they'll not entertain any counter offers later on
JPMorgan Chase
In hand salary?

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How often does your organization give raises?
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Those 2 tools are a good start. I would look at job postings with the salary range attached to them and see what the market is like. I'm in the media and the salaries vary wildly from place to place and with experience.
I know for me, I don't have much budget to offer raises right now to my team but a title doesn't cost anything and will help them grow their career ultimately. I also work with them to give them new tasks and projects that I know will make them more desirable when they will be looking for their next step.
I would bring up what your expectations were and how you can work toward that. If you have good bosses they will be honest and tell you if it's something they will ever be able to pay.
In my case I rarely stay at a place for more than 3 years. Earlier in my career I was after titles so I could get a 25-30% pay bump every time I move.
But... This industry is harder on Junior/mid-level for sure.