{ "media_type": "text", "post_content": "Recently received pay bump to stay with my bank by leveraging 2 outside offers. I have been offered a VP2 role (currently VP1) with another group within the bank. More work, but really interesting role doing the same work but for different clients. \n\nHiring manager essentially said it would be a lateral move with no pay bump because I am now making market. \n\nWould you still ask for standard 10% promotion bump given I am moving from VP1 to VP2 role & taking on more work?", "post_id": "628bb82deb5aa1001e19f596", "reply_count": 9, "vote_count": 3, "bowl_id": "553769a790f5eebe1d2a0f92", "bowl_name": "Finance", "feed_type": "crowd" }
null

Recently received pay bump to stay with my bank by leveraging 2 outside offers. I have been offered a VP2 role (currently VP1) with another group within the bank. More work, but really interesting role doing the same work but for different clients.

Hiring manager essentially said it would be a lateral move with no pay bump because I am now making market.

Would you still ask for standard 10% promotion bump given I am moving from VP1 to VP2 role & taking on more work?

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Well just so you know, I made a similar move last year with no bump or changes to my Bonus. Then, it seems like the promotion clock reset on joins the new team.
Anyways, the job is interesting but I regret not asking for a base pay rise or no deal.
One of my current colleagues, categorically told the HR and prospective hiring managers that he wasn't going to move without a pay rise. He got an exception and had a bumper pay rise on his base salary.
If they there is no risk of you walking away with no deal, why would they bulge on no pay changes policy for lateral moves.

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At least bring it up, since you'd be taking on more responsibilities with no more pay if you don't. I would argue that either a very large YE bonus or at least half of your 10% bump would be fair, even if it's technically a lateral move.

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Thanks for the advice!

Well, it doesn't hurt to ask. Generally if they want you bad enough they'll make something work. Unless it's a big bank in which case HR may shoot it down.

Does going from Vp1 to VP2 change your year end bonus at all? That's something to also consider.

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To retain me I was told I’d be getting ~15% YE bonus. I can always ask what the YE bonus may be. It is a very big bank.

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I would still ask. It never hurts to ask. The worst they can say is no.

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It doesn’t hurt to ask! And you could always say you will settle for a 10% bonus and get the annual bump instead

What is vp1 and vp2? What’s your TC?

Both VP positions. Commercial PM1 and PM2. 150 TC with bonus

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