Annual Package @ Barclays

[Handsomeboy]

Hi folks,

I humbly ask for some good advice.

I'm a mid 30s SG guy interviewing for a mid/back office VP role. 3 burning questions:

1. What is the pay structure at barclays (e.g. basic + annual fixed package + allowances + variable bonus?). How does the basic differ from the AFP?

2. What is the typical package for a VP with ~8 years of experience?

3. When negotiating the package, does the HR take into account your previous annual package (basic + bonuses + allowances) or just the basic? I came from another bank that had low basic but high bonuses. Hence, it doesn't seem to make any sense even if Barclays was willing to give me a nice percentage increment above my current basic.

Thanks.

Originally Posted by Handsomeboy

Hi folks,

I humbly ask for some good advice.

I'm a mid 30s SG guy interviewing for a mid/back office VP role. 3 burning questions:

1. What is the pay structure at barclays (e.g. basic + annual fixed package + allowances + variable bonus?). How does the basic differ from the AFP?

2. What is the typical package for a VP with ~8 years of experience?

3. When negotiating the package, does the HR take into account your previous annual package (basic + bonuses + allowances) or just the basic? I came from another bank that had low basic but high bonuses. Hence, it doesn't seem to make any sense even if Barclays was willing to give me a nice percentage increment above my current basic.

Thanks.

I assume you are talking about Cap.

1) Basic + Advanced Fixed Payment + PB + car allowance
Car allowance is monthly.
(Basic + AFP) spread out over 12 months.
PB is once yearly.

2) About 160K p.a.

3) It of course isn't totally about how much you are getting. It's also about what the industry pays for a similar position requiring similar skills.
It will be up to your research + negotiation skills.

Originally Posted by Unregistered

I assume you are talking about Cap.

1) Basic + Advanced Fixed Payment + PB + car allowance
Car allowance is monthly.
(Basic + AFP) spread out over 12 months.
PB is once yearly.

2) About 160K p.a.

3) It of course isn't totally about how much you are getting. It's also about what the industry pays for a similar position requiring similar skills.
It will be up to your research + negotiation skills.

Thanks a lot bro.

Whats the difference between basic and advanced fixed payment?

Does your 160K include everything that you listed in 1)?

If you have low basic and high bonus, it would be good to negotiate from a total package point of view.

Lets say I earn $5k a month now and bonus for the last 3 years average at 6 months. I would say I need annually at least $90k + X% increment from job change to be motivated to move.

You should ask their HR whats the average bonus is like in Barcap, and work your fixed monthly from there. Say if its only 1 month average and lets say you want X% to be 20%, then its 1.2X90/13 = $8.3k per month fixed or $100k per annum fixed.

In this case, overall you will be better off. Do not allow HR to just discount your high variable bonuses. You must factor them in and use average 3 years or so to make a credible case that this variable bonus is in a way part of your current package.

Of coz the discussion is fluid, but the principle that you must not be worst off overall and can see a decent jump to join.

What is decent is really up to you, the market conditions, what is and how far are you from market rate, etc.

Just my 2 cents worth. Feel free to comment guys!

Barclays cuts costs, slashes 3700 jobs - 13 Feb top news on Today

http://www.todayonline.com/sites/def..._PM_merged.pdf

Originally Posted by Unregistered

If you have low basic and high bonus, it would be good to negotiate from a total package point of view.

Lets say I earn $5k a month now and bonus for the last 3 years average at 6 months. I would say I need annually at least $90k + X% increment from job change to be motivated to move.

You should ask their HR whats the average bonus is like in Barcap, and work your fixed monthly from there. Say if its only 1 month average and lets say you want X% to be 20%, then its 1.2X90/13 = $8.3k per month fixed or $100k per annum fixed.

In this case, overall you will be better off. Do not allow HR to just discount your high variable bonuses. You must factor them in and use average 3 years or so to make a credible case that this variable bonus is in a way part of your current package.

Of coz the discussion is fluid, but the principle that you must not be worst off overall and can see a decent jump to join.

What is decent is really up to you, the market conditions, what is and how far are you from market rate, etc.

Just my 2 cents worth. Feel free to comment guys!

Thanks for your great advice!

Does anyone have any intel on Barcap's package for back office VP? $160K per annum (i suppose its base + allowance only) appears kinda low??

Originally Posted by Unregistered

Thanks for your great advice!

Does anyone have any intel on Barcap's package for back office VP? $160K per annum (i suppose its base + allowance only) appears kinda low??

Most back office VP in Barcap basic should be $220 - $280k. $160k maybe is newly promoted junior VP or external hire of a lower level candidate from outside.

Originally Posted by Unregistered

Most back office VP in Barcap basic should be $220 - $280k. $160k maybe is newly promoted junior VP or external hire of a lower level candidate from outside.

Wow! Thats hella lot of difference. Perhaps I should reconsider this offer...

Not sure how much 'bargaining' power a candidate has especially since they have such a strong global brand name that there'll be many who'll apply for their positions.

Any other views?

[cslee]

Originally Posted by Unregistered

Wow! Thats hella lot of difference. Perhaps I should reconsider this offer...

Not sure how much 'bargaining' power a candidate has especially since they have such a strong global brand name that there'll be many who'll apply for their positions.

Any other views?

At the end of day, did the original poster get real offer or not? Is the handsomeboy went MIA or are you the same guy? Share with us what are you getting and the responsibilities, so that we can help to evaluate.

I just saw Roberthalf's salary report and there is one for banking and financial sector.

Maybe you can refer to that. Dont just dismiss it if it is too low or too high.

Its a good reference/starting point.