URGENT advise needed :(
 

Dear All, appreciate some advice on my situation.

I quit without a job (due to personal reasons), recently went for a interview via a recruiter where I asked for 20% increment, the company said its "within their Budget". Today, recruiter called me and said the company can only offer me 12% increment as I might not have enough relevant experience. Told her I will need to consider.

What do you guys think? Should I say no, I am strictly looking for a 20% increment to the recruiter? Or is 12% reasonable in this market? It is the same industry, job scope is perhaps half similar to what I was doing so I have the knowledge.

Do you think the recruiter is conveying a lower amount to me on purpose for her benefit? I also know I'm their most preferred candidate cos my Friend there alr saw them interviewing others but not qualified.

Should I take the risk and say no? Will they forego me then?

Thanks guys!

You are supposed to negotiate. It is part of the game. Go back and think about what the interviewers said during the interview. Look at your resume and look at the JD carefully and see if you deserve that pay raise or not. Convey why you deserve a higher pay with justification and stand your ground if you really think you deserve it.

I agree, there is always room for negotiation, that's why it's called contract negotiation. The above poster who replied u, very nicely and plainly explained what u need to do. Good luck!

what about fresh graduate with an internship experience at a bank. Is the contract pay negotiable?

No need to settle anything less than 20%. To me 20% is bare minimum, I always target at least 25% each move.

Did you hold firm on your 25% target? Or did you start asking for 30%?

Because if you go with 25% target, then they come back with 15%, probably I need to go back with something like 20%-22% or else they won't entertain negotiation.

If start at 30% target, then at least there's room to lower to 25% for negotiation.

For the last job I just told the recruiter my expectations are above 20%. The first offer was slightly above 20%, then it was to & fro a few time and settle at ~27%.

Woah. That's amazing. It must be that your resume is stellar.

I think different technique for different people. I can't convey an expectation of above 20% with confidence like you. I appreciate the information but I think I'm better of with lower expectations.

Depends greatly on the nature of the job change. It also depends on annual remuneration package instead of monthly basic.
I have 4 job changes in the 7 years. Based on annual remuneration package

1st Job (close to 2 years) to 2nd Job for better job prospect. Related skills - 50%
23% increment

2nd Job (3 years) to 3rd Job for upgrade to management level. Related Skills - 30%
30% increment

3rd Job (7 months) to 4th Job because of company restructuring and change of superior.
5% increment

4th Job (1 year) to 5th Job for better job prospect (Regional role). Related Skills - 60%
32% increment

Was countered offer for 1st, 2nd (1st resignation one year before 2nd resignation and chose to stay) and 4th job.

Don't blindly listen to what others have to say, without understanding more of the context behind it. Different industries, different departments, different landscapes... these play a huge part in determining the amount of increment that is reasonable to ask for, and the amount that is just plain ridiculous.

I had a friend who received a 60% increment, jumping from a UK bank to a German bank. Is this normal? If u knew his backstory of how he had stayed at the UK bank for 7 years and only received an effective increment of 4% each year, u'll understand why he got this increment amount.

If the above poster receives a 20+% increment every time he jumps, first off, congrats. My questions will be, what industry are u in? Are u in a client facing role? How many years experience do you have and how long do you stay at a role before moving?

Without understanding all these, it is impossible to use 20% as a benchmark without coming across as ignorant and arrogant to the hiring manager. For myself, I jump on an average of 12-14 months, and my expectations are between 10-15%. This is in line with the average in the banking space and usually falls within reason with the hiring managers for someone of my experience level.