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After Appraisal, company haven't shared updated offer letter (with new salary), it's been 2+ months now.
If I start searching for new job, will that HR ask about recent offer letter? Or only salary slips are enough?
P. S. Current company didn't share updated offer letter to any employee (in fear that employees will switch 😅) Accenture Tata Consultancy Capgemini Deloitte ZS Associates Fractal Tiger Analytics Deloitte USI
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There's a couple of options out there for 140k / 150k + equity if you have the technical skills AND domain knowledge.
There is hedge funds, which can offer sometimes up to 250k/300k OTE.
There is contracting, which can net you 800/d + VAT.
Finally when we talk about compensation in UK, we usually talk about base salary, not including RSU (cause let's be honest, UK startups have less chances for a strong exit).
Yet you are right, salaries have dropped, opportunities are less, the British sterling pound value is in tatters and the cost of living is up.
But I (we) can't complain about any of that, cause my partner is in science (cancer research) and they all get paid in the 30k to 35k range
Lol this is true. It’s mainly because gbp was 2x value of usd a while back. Salaries haven’t caught up
120K is a lot especially out of London considering COL, free healthcare, education, etc.
Because ALL salaries are higher in the US, but purchasing parity is very similar. As an example my dad retired as a senior engineer, making less than a graduate engineer makes in the states.
But, if I break down my salary here compared to the UK...
My mortgage is $2,200, my health insurance is $1300 and I will pay another $1,000 a month on top of that in deductibles. My home repairs average another $3,000 a year, but that comes as a lump sum where every 20 years I need to replace my roof, and the outside of my house, I need to find $80k for that.
You also have to look at the industry and customer base size. If a UK company makes $1 for every person in the UK they make 70mil if they make $1 for every person in the US they make 5x that, so they can afford to pay their employees a lot more.
Having lived in 4 countries, the US is the one I feel poorest in (technically it's the one I'm wealthiest in)
Edit: just noticed your second post acknowledged the self employment costs of insurance versus having an employer.
Health insurance is expensive for a family, but you clearly don't have even an average employer sponsored health insurance plan. My company comes to $600/mo for the most expensive health insurance plan, and is nowhere near $1,000/mo out of pocket for a family, even if you max your deductible + out of pocket max.
It sounds like you need to find a new employer with decent benefits...
And the difference of 120,000 GBP in London vs 120,000 USD after taxes is 74,650 GBP versus 81,485 USD in California. Additionally, the same level of engineers are making nowhere near the same amount of money. 120,000 GBP is extremely high in the UK, while in the US that engineer is likely 180,000 minimum
To top off the cost of living, in the UK utilities are often similar than they are in the US (well... roughly 50% cheaper electricity), the UK has a 23% VAT on vehicles, so they'd cost a lot more, their cost of gas is roughly 7.35 to the 3.90 in the US, groceries are the same if not more expensive (depends on what you're buying), and honestly most things are either more expensive or at best the same costs as the US.
Add all of this up, and it's really a joke to act like you save more in the UK (especially if you live in London) than in the US.
Plus, the cost of buying a house in London is actually crazy. It's only if you live nowhere near the city that a house is more affordable, but still a lot of money.
Something I have been thinking about
Cause GbP is still 1.87x AUD for example where lots of experienced engineers are still as low as 140k AUD..... it may seem low but is actually quite high compared to a lot of markets.
Because the cost of living in big cities, like NY, is 40% higher than living in London.
Mentor
Have you heard of this bizarre concept called “Cost of living”? Look it up, lol.
Salaries are based on cost of living. It’s not surprising. That’s like asking why engineers get paid less in Ohio.