Standard Chartered - Salary Negotation

[dan001]

Hi All

I just received message from SC saying that I passed all interviews. HM said HR will begin internal approvals for the offer and if everything OK then they will issue offer. I haven't discussed anything about comp yet but as part of approval process HR have asked for past payslips.

Anyone been through a negotiation with SC lately and how did it go?

Do they take your prior salary and base their offer on an x% uplift? How much uplift did they offer? And how much higher was your counter offer that they accepted?

Also, they said HR will be issuing the offer. Is the negotiation with HR or the hiring manager?

Thanks

Originally Posted by dan001

Hi All

I just received message from SC saying that I passed all interviews. HM said HR will begin internal approvals for the offer and if everything OK then they will issue offer. I haven't discussed anything about comp yet but as part of approval process HR have asked for past payslips.

Anyone been through a negotiation with SC lately and how did it go?

Do they take your prior salary and base their offer on an x% uplift? How much uplift did they offer? And how much higher was your counter offer that they accepted?

Also, they said HR will be issuing the offer. Is the negotiation with HR or the hiring manager?

Thanks

What field/role in SCB are you being offered? Also, are you new to banking?

Per market practice across banking in SG in general, they’d offer a bump from your current salary which explains why HR is asking for payslips. General pay increment is 15-25%. Market isn’t great now and employers have the higher bargaining power than candidates in today’s tight labour market, so use this piece of info wisely in your salary negos. SCB does also have a “target bonus” which would also form part of the offer. As with all (or most large banks), salary negotiations are with the HR, and HR may have their own internal discussions if required.

[dan001]

Originally Posted by Unregistered

What field/role in SCB are you being offered? Also, are you new to banking?

Per market practice across banking in SG in general, they’d offer a bump from your current salary which explains why HR is asking for payslips. General pay increment is 15-25%. Market isn’t great now and employers have the higher bargaining power than candidates in today’s tight labour market, so use this piece of info wisely in your salary negos. SCB does also have a “target bonus” which would also form part of the offer. As with all (or most large banks), salary negotiations are with the HR, and HR may have their own internal discussions if required.

Thanks for this.

Yes I am in banking and have spent my career in banking at a foreign bank, 12 years. I work in digital transformation strategy but am not a technologist and will be going into a similar role at SC in retail and wealth at director level. I don't know how my salary maps to SC but according to agency recruiters my current TC seems to be at the higher end.

Interesting you say that bargaining power is with the employer. Do you mean it's this way because of candidate oversupply or is it because banks are being more cautious with hiring? And do you see this happening for non tech digital roles?

Also, just to clarify the target bonus. From the bank's perspective, do you have a sense of whether they focus on negotiating the base during negotiation, with the target bonus being an additional cost of the hire, or do they focus on selling the TC to you?

Originally Posted by dan001

Thanks for this.

Yes I am in banking and have spent my career in banking at a foreign bank, 12 years. I work in digital transformation strategy but am not a technologist and will be going into a similar role at SC in retail and wealth at director level. I don't know how my salary maps to SC but according to agency recruiters my current TC seems to be at the higher end.

Interesting you say that bargaining power is with the employer. Do you mean it's this way because of candidate oversupply or is it because banks are being more cautious with hiring? And do you see this happening for non tech digital roles?

Also, just to clarify the target bonus. From the bank's perspective, do you have a sense of whether they focus on negotiating the base during negotiation, with the target bonus being an additional cost of the hire, or do they focus on selling the TC to you?

Thanks for the elaboration. I don’t have extensive years of working experience hence can only speak for what I know and heard. Besides, like any international company, practices and standards may differ from time to time, from role to role, from rank to rank. I am neither in transformation strategy nor a director level (band 5).

Bargaining power is with the employer because of both reasons you stated. Overall sentiments for businesses, not just banks, are not as promising/optimistic as last years. Again, this is general, and your role in digital transformation does sound exciting and valuable, so who knows you may still have the bargaining chip.

My personal exp with the variable bonus is that my HR would make explicit mention to the presence of the variable bonus in order to manage (and hopefully try to lower) your base salary. Depending various factors and circumstances, things could go either way really (i.e one may get a good base bump and a good bonus). Regardless, both your base and variable would be quoted in your offer letter (which is very rare I think but it goes to show the bank’s commitment in giving out its bonus). You said your current TC seems to be at the higher end already, if so then naturally you might face some hurdles.

What’s ur current pay?

[gerofrancis]

Hi there - have your received your offer letter yet?

I have the same situation, they informed me that they wanted to offer and asked for my payslips and it has been 2 weeks, but according to HR, they are still working with it. WHat is your experience?

Originally Posted by gerofrancis

Hi there - have your received your offer letter yet?

I have the same situation, they informed me that they wanted to offer and asked for my payslips and it has been 2 weeks, but according to HR, they are still working with it. WHat is your experience?

Upon providing your payslips and your asking salary, HR should take it back internally to assess, discuss and even have a conversation with you on what would work. They may then come back with their indicative offer, both base salary and bonus, for you perusal and consideration. Once you agree, they will then spend a couple of working days to churn out black and white offer letter. Congrats!

[gerofrancis]

hey thanks - looking forward. how long did it take for you to have the indicative offer after submitting your payslips? bec for me it has been almost 2 weeks but they said it is still work in progress after my last follow-up.. just getting a little impatient

Originally Posted by gerofrancis

hey thanks - looking forward. how long did it take for you to have the indicative offer after submitting your payslips? bec for me it has been almost 2 weeks but they said it is still work in progress after my last follow-up.. just getting a little impatient

Hello francis, what department/role are you apply for?

It took me slightly more than 2 full weeks from the time I provided my documents to the time HR provided me the indicative numbers

[gerofrancis]

hey, are you the same person from previous forum as the name says 'unregistered' ?

I applied under Risk, it is under T&O. how about you?

Did they offer your expected basic pay? if you don't mind me asking - how much % did you ask for ?