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Anonymous
01-29-2002, 12:24 PM
Sorry if this was addressed somewhere below.

Anyone have a feel for how much percent salary increase (base salary only) should be expected from switching jobs? This should be seen as incentive pay to get one to leave their comfortable situation in the current position. Assume:

1) Same cost of living area
2) Lateral move, same field

Thanks. Perhaps Claude can respond from experience...

Anonymous
01-29-2002, 12:30 PM
I've ranged from +15% to 40% but this can vary widely depending on the existence (or non, as the case may be) of a significant bonus.

I think it depends more on the market in general and the fierceness of the competition for talent rather than an individual situation. They've still got to fit you into their current structure, assuming there are other actuaries working alongside you.

Anonymous
01-29-2002, 12:36 PM
Thanks.

Let me add another couple of caveats, then, in light of the comment above.

1) Today's market place
2) Bonus structure is identical to current employment
3) Same work environment as current position (actuarial support, etc.) -- see it as though you'd be replacing someone who just left

Thanks. Obviously, this is theoretical, but it gives a good basis for negotiating salary.

Anonymous
01-29-2002, 12:49 PM
I've done two jumps; each jump was between 20% and 25% increase. I worked between 1 and three years at each job.

Troy McClure
01-29-2002, 01:06 PM
I would not leave a comfortable position for less than 10%, or more likely 15%. 40% sounds high, but attainable. Over 50% would be a special situation.

Also, even if COL is similar, I think it takes more to get me to move to another city than to move to another job in the same city, and I think employers expect that.

Troy McClure
01-29-2002, 01:08 PM
Oh, and obviously, if part of the reason for leaving is that your company is not paying competitively, then a higher percent is in order.

Anonymous
01-29-2002, 01:16 PM
40% sounds high, but attainable. Over 50% would be a special situation.



much more attainable if you care to start off being paid in Canadian dollars before prostituting yourself :smile:

now you can get what, 60% off the exchange rate alone ?!

Anonymous
01-29-2002, 02:16 PM
Wouldn't it also depend on your level?
For someone at a higher level, more experienced, and/or in a specialized job or field, it seems like it can be quite difficult to find a good candidate. Does that mean you can expect to get quite a healthy boost? Or would such a person already make a high salary so there's not as much room to bump them up by 50% or more?

Ponderer
01-29-2002, 03:48 PM
Recently changed field from life to health, same area therefore same COL, 3 years of experience (all life), and got a 10% salary increase. Should I be grateful to even get a salary increase as I did not have health experience? But my base salary now is right in the middle of the range as published by DWS' salary survey.

DW Simpson
01-29-2002, 06:42 PM
<small>Quote: Anyone have a feel for how much percent salary increase (base salary only) should be expected from switching jobs? This should be seen as incentive pay to get one to leave their comfortable situation in the current position. Assume:

1) Same cost of living area
2) Lateral move, same field

Thanks. Perhaps Claude can respond from experience...</small>

I took an informal poll of our recruiters, and the consensus was that it's an extremely hard question to answer without considering the geography, level, discipline, market situation, and other factors.

davespencer
02-06-2002, 01:02 AM
I agree, there isn't enough information to accurately answer. I normally recommend not making a switch if money is the only incentive, unless more money is a must (Example... your wife had a baby and decided to quit her job to stay at home).

Anonymous
02-06-2002, 10:20 AM
I have a related question. The prospective employer always wants to know what you are making at your current job. Generally, they will want to pay as little over that amount as possible. Is it always necessary to give your current salary? Why can't the employers provide a pay range for the position? Any feedback on this issue?

Anonymous
02-06-2002, 12:07 PM
Is it always necessary to give your current salary?



Hell no, you lie if they don't drop it, inflate it to the max conceiveable $ figure.

NO1UNO
02-06-2002, 12:24 PM
I was taught that if the prospective employer asks your current salary, you should respond by asking what is the pay range for the position. Then you can tell them if you are in the pay range or not.

Anonymous
02-07-2002, 11:22 AM
It's crazy.

You go through all that interviewing and crap not knowing what salary they'll offer as it's "unprofessional" to discuss. Even if they ask what salary you're looking for, you're supposed to answer that it's "negotiable, whatever is fair... yada yad yada".

Salary should be the first thing discussed so that all interviewing time on both sides isn't wasted.

Anonymous
02-07-2002, 12:40 PM
I don't know. I would rather discuss salary once they have decided I am their pick. Gives me a better bargaining position.

I am leaving a low COL area for a high COL area and when they asked about salary I told them but (very politely) made clear why that was not a good starting point in deciding what salary to offer. The result was a raise between 40 and 50%

Anonymous
02-07-2002, 01:59 PM
I do not think I would make an offer to someone who would not disclose current salary. I have not had someone force the issue yet, so I can't say for sure.

Anonymous
02-07-2002, 02:05 PM
It is interesting that salary discussions are semi-verboten at one's own company but semi-required before moving to a new company. The only consistent theme seems to be ``discuss your salary only when it is in a corporation's interest''.

42
02-07-2002, 04:55 PM
In my experience (both in changing jobs myself and hiring other people), 5-10% seems to be the norm. However, I recall giving a 40% increase for somebody who was greatly underpaid, and 0% to somebody who was overpaid. (We try to avoid the trap of overpaying just to get somebody in the door, since it would then have to be followed by low increases in order to bring that person back in line with the existing staff.)

Not Mike
02-07-2002, 05:51 PM
I'm pretty sure that lying isn't a good strategy since the HR department will check your story.... from what I hear, around 10% base increase is pretty normal if you're not vastly underpaid...

WinnieThePooh
02-07-2002, 06:20 PM
How does HR go about checking your history of past salary? Is that not somewhat confidential? Thanks

Quasi
02-07-2002, 06:31 PM
I think that most companies will verify employment dates, title, and salary (in other words, they won't say if you were good or not)....all the new employer would have to do is call the H.R. area of your current employer to see if you were telling the truth.

You can always stretch the truth regarding target bonuses...

Not Mike
02-07-2002, 06:42 PM
On 2002-02-07 17:20, WinnieThePooh wrote:
How does HR go about checking your history of past salary? Is that not somewhat confidential? Thanks


As skulker said, all they have to do is call your current/former employer... I actually thought that they couldn't do this, but my girlfriend is an HR manager... as long as you sign a document allowing them to do the background check (of course, if you didn't sign it, they'd know you were trying to hide something)...

Of course you could always say that "after my next review, I expect to be..."

WinnieThePooh
02-07-2002, 06:54 PM
Thanks, Words of wisdom, a former co-worker of mine was thinking of changing jobs. He went for an interview and I guess he authorized them to do a check like Skulker said can be done. We both reported to the same VP. End result the HR called our VP to confirm that he actually worked here, like they could not find out on their own! End result very tense situation indeed as the person had no job offer yet and VP found out he was interviewing. PoohBear

WinnieThePooh
02-07-2002, 06:54 PM
Thanks, Words of wisdom, a former co-worker of mine was thinking of changing jobs. He went for an interview and I guess he authorized them to do a check like Skulker said can be done. We both reported to the same VP. End result the HR called our VP to confirm that he actually worked here, like they could not find out on their own! End result very tense situation indeed as the person had no job offer yet and VP found out he was interviewing. PoohBear

davespencer
02-15-2002, 10:03 AM
This discussion points up one of the major advantages of using a recruiter. A good recruiter will know your compensation, know the prospective company's compensation range, take into account cost of living, and know if it makes sense for the interview to take place. Alot of the awkward money conversation need not take place.

arwen
02-15-2002, 10:41 AM
regarding what Winnie the Pooh wrote...do you have to authorize that background check if your current e'er doesn't know you're looking? they must understand that it's a sensitive thing, right?

Anonymous
02-15-2002, 01:44 PM
On 2002-02-15 09:03, davespencer wrote:
This discussion points up one of the major advantages of using a recruiter. A good recruiter will [...]

This discussion points out one of the major advantages of using a GOOD recruiter. Bad recruiter will take your current salary, compare it to the salary range, and if the lower bounary is 8-10% higher then what you make now then this is what you get - why would a recruiter risk loosing his money only to get you a few extra K a year?

Wigmeister General
09-06-2008, 12:31 PM
it looks like things don't change much

King Kong
09-08-2008, 11:02 AM
I just changed positions and my salary increase was 92%!!!! I did move to a higher cost of living place, but it was still great to get that offer!

Wigmeister General
09-08-2008, 11:19 AM
Congratulations. May we assume that a promotion came with the offer?

King Kong
09-08-2008, 11:50 AM
Not really. I am a little over a year out of school. When I graduated I had no exams passed, so I took an actuarial position with the state where I was well under the 10th percentile of salary survey. I passed 3 exams since, and recieved an offer in the northeast that pays very well. My first year income w/ Salary + bonus is more than double what I was making coming out of school. It was my plan to take that position and gain experience and pass exams in order to move on and those plans came to fruition.

Wigmeister General
09-08-2008, 11:55 AM
Gummint to private sector adjustments are usually quite significant. I know of several excellent gummint actuaries, who have foregone top $$$$ to be a public servant.