Finance

When negotiating compensation at a new company, new role, should I tell them (or omit) what I make now?

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Instead of asking what you currently earn (now illegal in NY) they will rephrase the question as what are your expectations. This is a loaded question - ask for too much and you’re out of contention, too little and you’ll be kicking yourself later. General rule of thumb is to add 20-30% to your current comp to remain in the credible zone.

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What state are you in? I think I’m NY it’s illegal for them to ask you what your comp is (relatively new law). Since you’re at LAZ I think base is relatively standard to other banks, so couldn’t hurt to share, but bonus info doesn’t have to be given

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Completely agree with MD above. I generally add 10% to my current comp to start with and then the standard +20-30% ask to get a decent range. That said, I have recently come out of an interview process with a big US fundie that actually asked for me to show them my real number and previous year bonus (they were going to lock in a guaranteed bonus because I’d have to forgo). Radical transparency not a bad thing either

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It's a don't ask don't tell market in NYC now. That said, you can tell them your expectations for the role. In the next 90 minutes don't ask don't tell expands to many states.

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Don't throw out the first number

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Agree as far as trying not to throw out the first number if you can help it. That said, many banks are coping with the new law in NYC preventing current comp discussion by asking candidates what their salary expectations are

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Could it be advantageous to tell them? Moving to a different industry where comp is typically lower

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I’ve seen it go both ways. If you had a really high bonus, might make them feel like you’re “too expensive”. Or might make them increase their package to try to close the gap. I think if you absolutely expect to make less, give a number to them to set expectations

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VP1, I was asked that.. I gave them a small range, they said, “sounds reasonable, happy to go with that"😕 now I’m worried I could have got more

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If you did your research it should have been in range. Good luck.

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