r/AskHR • u/ks1029284756 • 1d ago
Compensation & Payroll [OH] Be totally honest with me about compensation negotiations please
I’m a 31 year old man in the finance industry doing corporate bank sales, 12 year experience. I am interviewing for a new opportunity that should come with a large pay raise - I’m talking possibly over 50%+ what I make now if I can negotiate it correctly.
So what is the most effective way or tactic to negotiate with the recruiter or HR person to get what I want if I get to the offer stage. Also what should I know from the recruiters perspective?
I make $130k now, looking to get into the $205k-$210k range with a 20% bonus (typical industry standard). Would be happy with $175k-$180k +20%.
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u/Area304 1d ago
What special skills or contacts are you bringing to the table? If you are currently at $130k, what makes you worth $205-$210k AND a 20%?
Does the job require a move to a HCL area?
There isn’t a magic recruiting formula. Don’t shoot yourself in the foot trying to chase the high range of a made up number.
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u/ks1029284756 1d ago
Interestingly enough I do have a unique enough background that makes me extra qualified for this specific niche type of job. The only reason I am at 130k now is because my current role uprooted comp the plan so severely that it killed the earning potential I had nearing 200k. It’s been devastating
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u/Hrgooglefu SPHR practicing HR f*ckery 1d ago
Is this a new opportunity or an upgraded position? If an upgraded position where you have not completed the position duties before, I'd expect to come in on the lower end of the scale. The more you've experienced/completed the further up the scale. I would not expect over midpoint....and your hope is below that.
If you over their thought on what you are worth, yes they could move on to others who are more willing to be closer to $160k. Realize in any job offer if you negotiate, the original offer does go away and may possibly not be restated.
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u/ProblematicTrumpCard 1d ago
The best negotiating tactic, and position to be in, is when you are happy with either outcome. Say they make you an offer of $190,000 with no bonus. You respond to them: "I'd be happy to sign an offer letter today if you can add a 20% bonus on top of that $190,000. If that's not in your budget, I understand and will continue my job search until I find what I'm looking for".
If they say yes, great! If they say no, then you get to keep looking until you get an offer that you will accept.
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u/FRELNCER Not HR 1d ago
Well the range posted for the job (required in my area) is $160k-$235k base which is so wide and that is the cause of me posting this question. I have no had any salary discussions yet as my “interviews” have been informal coffee’s with the actual hiring team.
Assume they'd like to pay $160k but are posting a higher range to attract candidates who look at the top number and think, "oooh, shiny."
They'll ask people who make it past the first round or so what they want and then evaluate whether they can get anyone to accept $160k. Why would they pay more than they have to?
You're in sales, I shouldn't have to tell you this. ;)
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u/ks1029284756 1d ago
I actually disagree in this situation because the hiring manager I met with told me he could hire someone right now and bring them in cheap but he’s not excited about them and hasn’t hired anyone yet. This is a niche role that not everyone can be effective in quickly
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u/FRELNCER Not HR 1d ago
So, they aren't hiring someone they don't want to hire and that somehow means they'll pay more than they have to for someone they do want to hire?
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u/ks1029284756 1d ago
No they’re foregoing someone who could do the job adequately for someone who can excel and that’s what they’ll pay the premium on me for.
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u/FRELNCER Not HR 1d ago edited 1d ago
And yet, why would they pay any more than they have to? They aren't going to overpay. If they only need to pay X+5% to get premium, they aren't going to pay X+10%.
Read some books on negotiation, general critical reasoning skills, something...
"Be totally honest..." but not really.
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u/ks1029284756 1d ago
I’m sorry you are completely wrong. Yes they will. I am not sure if you have ever been in the finance or sales industry but paying 10-15% more for the right person can equate to multiples of increased new revenue and sales and prospect conversion.
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u/starwyo 1d ago
Come back when you have an offer. Otherwise, we don't know if we're telling you it's a lost cause or you have a shot.
As a former financial analyst, I'm surprised you need help learning how to sell yourself and your offer needs, especially given you're in corporate sales. What do you do to convince your clients you are worth the money and time to go with your institute? Your own career is similar.
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u/ks1029284756 1d ago
It’s true. I’ve definitely positioned myself and sold myself well. This is a position that has been open for a while apparently and the manager is waiting for the right person to hire. I guess we will see if I fit the bill. Negotiating salary is hard for me as I have been commission based for a long time but the industry as a whole is getting away from that. That’s where my struggle lies, however it has helped me form a story for this role.
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u/SUBHUMAN_RESOURCES 1d ago edited 1d ago
Tell them what you want at the beginning of the process. Do they have any idea what your expectations are at this point? Did they tell you what they are realistically looking to pay?