Need your help please. Currently working on a VP promotion internally and going to speak w/ HR next week to negotiate comp. I’m also interviewing with a competitor but not yet at the comp discussion yet. How can I tactically approach my conversation with internal HR to maximize my number? Would appreciate your insight/experiences please. Thank you in advance!

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Here’s my take: use comp studies to back up your target number for the internal role. Don’t explicitly mention that you’re looking elsewhere; we don’t know what the outcome is going to be yet. Maybe say something like this to HR: “I’m planning the next steps for my career and compensation is a big factor in my decision. According to my research, the upper band for VPs in 2021 was $XXXk, which is the target comp I want to reach. [I received top bucket bonus last year so using the upper band is reasonable.] What can you do to help me make this happen?”

You can revisit if the external process results in an offer and say “I received an external offer that is higher than what I mentioned before, but I value the career capital I’ve built up here. If you can match this, I’ll stay.”

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I like this play. You can also ask them for the comp bands. It’s a massive org, they certainly have comp bands. See if any colleagues (current or former) can give you some insight in advance. Especially if they were in positions to hire VPs. They’ll know what the company pays for internal hired as well as external. Sadly companies still pay up more for external, thus further incentivizing people to leave to go to another shop doing the same.

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That’s a tough one. Since it’s a promotion, I believe you have leverage. I know someone who negotiated 25% of his salary. Not too shabby for an internal promotion

likehelpful

Arrive at a number and tell HR that you had an offer for your number from a firm but you’d rather show loyalty etc. If they don’t come to match, jump (assuming you get the job).

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I have a number in mind but have not received an offer or discussed comp w/competitor. Without flat out lying, any way I can word this appropriately? I also have a good relationship with the hiring manager who said he would fight on my behalf. Bit of a complex situation

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I wouldn’t mention the other process with your current employer’s HR until the competitor has made a written offer. In the meantime, you can refer to industry reports and gather comp numbers from peers.

While you do that, it’s worth putting pressure on the competitor, letting them know that you’re expecting a promotion with new comp at $X.

Then, once you get that formal offer, will be up to you to balance between pushing each party and focusing which is a better fit overall

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Don’t mention about external offers as evidence as it is construed that you are already out of the door. Also, most HRs are aware of the pay ranges for the roles at competitors. My take on internal promotions are that you get a small to negligible increase.

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Interested as well

So can we openly discuss what the industry reports / research say about VP salaries at big banks? I think at JP it ranges from $110k to $200k - all in. My awareness if for the Risk function.

I second JPMC1 (although I do hear that the lower band went down to 120) - that’s my awareness across the business I’m in within CIB

I am confused, are you really working with HR for your promo? Like this is largely all handled by my ED and MD from my understanding. No one in our group would interface with HR for a promo

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