Sharing for educational purposes. Got an offer for a Sr. Manager role and I declined. YOE 8, non-tech Base: $163k Bonus target in March $35k No sign on bonus unless show documents of prior bonus from current employer Paid for relocation Subpar benefits: no 401k match for the whole entire 1st year, not qualified for health benefits the whole 1st month upon joining #interview #finance #freddiemac The HR rep repeatedly said it was a competitive offer with which I couldn't agree. Just curious about your take on the offer, in comparison to Freddie's offers generally. Was this offer competitive for Freddie? #finance #interview
That’s the cost of lifetime job security. It’s a quasi government organization. Do they give a pension now?
Shouldn't you get health benefits from your old job through the end of the month you left? Then benefits start with new company on your first 1st of the month. The 401k stuff is annoying I've seen that at smaller companies.
health doesn't apply to me. I put it out there for info sharing. 401k is raising eyebrows.
It's certainly not great. I've had 2 companies where I had to wait to join 401k. Verizon benefits were day 1. Definitely sign of a lower tier company. If it's one of those companies people stay for a decade it matters a bit less.
The offer is fair for senior manager role in finance, and probably a better than average offer as well, Freddie doesn’t pay that good
Lol. The benefits at Freddie are not sub-par. 8.5% 401k match. Immediately vests, they just do the match 1 year after start - this isn’t unheard of for financial institutions. Health benefits start after first calendar month, but who cares. You should have your old benefits during that time anyway. If you’re in McLean, you have access to an acupuncturist, chiropractor, and a PA. The fitness center is pretty decent as well. $12k first homebuyers benefit. $9k towards student loans over 5years. The base seems about right for a Sr Manager. For bonus, the target is $35k but you can get up to $57k with how they calculate their bonuses.
Thanks for the response. Two questions: 1. How did your garner your insights? 2. Would you mind expanding on how they calculate their bonuses?
I recently started and they went very in depth with the benefits. Idk what recruiter you worked with, but they should’ve provided this and explained it to you. Their bonuses are basically a merit with the target as the projected lowest bonus you get with average performance. What was explained to me, is that depending on your performance review your bonus increases by a percentage from the target. And if the bank does well, your bonus percentage further increases. I believe there’s up to a 165% bonus from what I’ve read in the literature provided.
Thanks for your input. I wondered if the info I received was dated. It basically said no matching the 1st year.
Nah OP you’re right, it’s no matching first year. Not sure why this person would lie
Isnt that a good offer for VA?
No idea. It's a paycut for me so I declined it. On top of that, health benefits are not great either. Also told me my first year its just base because they pay bonuses in March.