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I am following professor Aswath Damodaran's blog since long. Professor Damodaran teach Corporate Finance and Valuation and is well known valuation guru. Here's the link to his blog -
Musings on Markets (aswathdamodaran.blogspot.com)
His writing and videos have been great source of knowledge for me and hence sharing with this group.
I've got a job offer from Deloitte Latvia ( Deloitte Central Europe) for the Riga City. The gross compensation is 3000€/monthly along with one time 2500€ as a relocation allowance with other benefits like 45€/month as Telephone reimbursement etc & other usual Deloitte benefits. Currently I've a ctc of 11 LPA at EY & 3.5 YOE. Is it worth accepting the offer after all calculations. #Deloitte #Europe #Latvia . Deloitte EY . Kindly provide some insights if u have any .
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What’s your current billable rate and salary?
Rising Star
Bonus for EY S&O?
Pre-tax 401(k) or after-tax...thoughts?
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Find a new employer, there are very few reasons to ever take a reduction in compensation and this is not one of them.
It's typically bot a negotiation, unless you have some leverage. That's the new rate in the new city. You don't move, you accept then hunt for a new job in new city while stilll getting paid, or you get a new job and then move.
You can definitely ask them, but don’t be surprised if they won’t budge. Many large companies, including the 3 I’ve worked for, have pay ranges based on work ZIP code, and then have various “tiers” that adjust for COL.
I’d ask respectfully, and if they decline then move and start applying to remote jobs or ones in your new city.
You’ll need to start looking for a new employer. Your job is going off of their internal rate spreadsheet. Doesn’t matter about your performance or credentials.
I know people who moved because of remote work to more affordable areas. Later they experienced either a pay decrease when it was found or there wasn’t a raise received at review time (adjustment negated bonus). This is why many try to hide that they are no longer living in a HCOL area from their employers.
Find a new job lol
Just got a 70% base salary higher than what my company was trying to lower it
🙏🏼🙏🏼🙏🏼😇😇😇
It’s not a negotiation. I know this sucks, but I think you can see how it wouldn’t be fair to your peers in the new location.
I think it also depends on your current company. Is it a large firm with offices in every major city? If so, they probably have comp breakdowns per region and you might not be able to negotiate. If it’s a smaller firm and they’re just trying to hit you with a “market adjustment” without real documentation, I would think you could argue that they need to pay to keep you around.
Am I the only one that thinks OP should have asked about this before moving?
Nah rest assured it’s not me. We don’t do market adjustments for different cities. For better or worse you get paid the same thing in Denver and in NYC.
Happened to my wife. Her boss fought for her and got it down to a 6% decrease. But i agree with others,, find a new employer. These pay cuts are Bs
What cities are we talking about? the L in COL is for ‘labor’ not ‘living’ so it could be justified.