Salary conversation with boss
I feel I am under paid right now. Will be promoted to Vice President in operations this December. Average promotion hike from associate to Vice President is around 10% . I am planning to have a conversation with my boss and ask about 20-30% hike during promotion. Can someone please recommend and guide me here ? Details below. For simple calculation purpose lets say my base 100k 1. Associate to vp promotion hike is 10% (resources - Glassdoor , blind and spoke to colleagues) so my salary after promotion will be 110k 2. Glassdoor suggest that average vp in operations at Bofa makes 130k 3. I think my boss likes me and is impressed with my work. 5. I Have no intention of leaving my job. I love what I do. Just trying to negotiate a good salary here. 4. I don’t want my boss to think that if He doesnt satisfy my salary req 130k , i will leave the job amd May be he should start looking for a replacement. Can someone recommend appropriate hike to ask from my boss based on information above?
Which business line are you in? Some groups will naturally be able to pay more than others.
I am in research. Operations.
How many YOE?
You have to have intent to leave if you want that raise. Internal hikes are going to be a pissing match.
Mid-year comp changes are pretty much impossible. You'll have to wait for year end. Promotions within role are also incredibly hard especially if you're not a diverse candidate.
You think diverse candidates get promoted easier?
Hired easier nowadays perhaps, but I have my doubts on a claim that diverse candidates are promoted easier; no one is promoted “easily” in banking.
u get the bump in the next cycle after promotion not on the promo year
@BofA I got a bump at each promotion and larger % than what you'd see year to year
Almost every other person is a VP in banking industry. Isn’t this a known fact? YOE please
It requires at least 2 promotions to become a VP for a new grad. So, not true.
My friend got AVP with MS degree and was promoted to VP in 1 year in Citi
If you are not willing to leave then you have a weak negotiating position.
TC or GTFO
TC and YOE or GTFO
TC and YOE and FBC or GTFO
U don’t have leverage during negotiation. Get a job offer before the talk.
Exactly. Without a BATNA it's not a negotiation.
Come up with tangible reasons for the hike. How much you saved the company, prominent projects you killed, etc. He has to justify the numbers to his bosses so make it as easy as possible. And don’t give any ultimatums. This should be a negotiation.
There's no such thing as a negotiation without at least a hidden ultimatum. What you mean is that it should be a plea. If they had other offers and then it would be a negotiation without an ultimatum to ask for a raise that is above those offers, without saying they have the offers.
If it comes through as an ultimatum, all you’ll get is a no while they start looking for your replacement. Someone who seems unhappy is not likely to stay. If you have to give ultimatums, you don’t know how to negotiate and make your case well.