Making a Lateral Move

[Invicta]

I'm considering making a lateral move. The job will be in the same city, both are in P&C insurance, but in different line of business. I'm fairly well compensated now (around the middle of the band on the salary survey), how much of a % raise should I try to negotiate for? Signing bonus?

[Dr T Non-Fan]

First things first: get an offer, then get back to us.
Before you even start looking, how much raise will it take for you to change jobs? Whatever it is, that is your minimum amount. Don't accept any more than that. Try for 20% more than that. See what the counter is.

Signing bonus is simply some salary up front. Some of it can be, in your opinion, the perks/bonuses that you won't get because you left your company. Including loss of vacation/PTO days. If you have some upfront expenses realting to this "move," you can try to get compensation for that.
Regardless, you can take your expected bonus, divide it by the number of years you expect to be there, and add it to your annual salary. Cash flow is somewhat incidental, unless you need a new car or something, which you'll need of you have to drive farther to your new job.

[Stan]

Originally Posted by Dr T Non-Fan

First things first: get an offer, then get back to us.
Before you even start looking, how much raise will it take for you to change jobs? Whatever it is, that is your minimum amount. Don't accept any more less than that. Try for 20% more than that. See what the counter is.

Signing bonus is simply some salary up front. Some of it can be, in your opinion, the perks/bonuses that you won't get because you left your company. Including loss of vacation/PTO days. If you have some upfront expenses realting to this "move," you can try to get compensation for that.
Regardless, you can take your expected bonus, divide it by the number of years you expect to be there, and add it to your annual salary. Cash flow is somewhat incidental, unless you need a new car or something, which you'll need of you have to drive farther to your new job.

IFYP

[CowboyGuy]

Originally Posted by Dr T Non-Fan

First things first: get an offer, then get back to us.
Before you even start looking, how much raise will it take for you to change jobs? Whatever it is, that is your minimum amount. Don't accept any more than that. Try for 20% more than that. See what the counter is.

Signing bonus is simply some salary up front. Some of it can be, in your opinion, the perks/bonuses that you won't get because you left your company. Including loss of vacation/PTO days. If you have some upfront expenses realting to this "move," you can try to get compensation for that.
Regardless, you can take your expected bonus, divide it by the number of years you expect to be there, and add it to your annual salary. Cash flow is somewhat incidental, unless you need a new car or something, which you'll need of you have to drive farther to your new job.

What is usually a realistic expectation for the highlighted part assuming I would want to avoid overselling?

[Dr T Non-Fan]

Originally Posted by Stan

IFYP

Thanks. Definitely a typo.

Originally Posted by CowboyGuy

What is usually a realistic expectation for the highlighted part assuming I would want to avoid overselling?

The question's answer is a personal one. Whatever average I make up will likely not apply to you.

If you don't want to leave your job, it will take a large increase to get you to leave. If you don't hate your job, you might even accept a pay cut.

So, somewhere between -20% and 75%.

Now, your required increase will have to fall within the range of how much the new company is willing to pay you. Company won't pay you more than the range just because you want it. You'd have to convince them that you're worth it. AND, you'll have to convince them that the next candidate in line is a huge drop in quality.

[Bernoulli]

Originally Posted by Invicta

how much of a % raise should I try to negotiate for? Signing bonus?

Probably 0% or just over that. Seriously, if you work in personal lines and now want to move to commercial lines, the companies will perceive you know nothing and you will be lucky to get an offer. Same with a pricing to reserving move. Personally, I would move to get a broader perspective and make yourself more marketable in the future.

[actexp]

you should give us an idea of your experience and job level

[CowboyGuy]

Originally Posted by Dr T Non-Fan

Thanks. Definitely a typo.


The question's answer is a personal one. Whatever average I make up will likely not apply to you.

If you don't want to leave your job, it will take a large increase to get you to leave. If you don't hate your job, you might even accept a pay cut.

So, somewhere between -20% and 75%.

Now, your required increase will have to fall within the range of how much the new company is willing to pay you. Company won't pay you more than the range just because you want it. You'd have to convince them that you're worth it. AND, you'll have to convince them that the next candidate in line is a huge drop in quality.

Originally Posted by Dr T Non-Fan

First things first: get an offer, then get back to us.
Before you even start looking, how much raise will it take for you to change jobs? Whatever it is, that is your minimum amount. Don't accept any more than that. Try for 20% more than that. See what the counter is.

Seriously?

So if I'm currently making 100k, is there even a possibility I could jump right at 150k (and according to you, this is a pretty realistic and conservative assumption since it is only 30% to change jobs and then 20% above that as per your recommendation)?

[Dr T Non-Fan]

You've read way too much into my posts. There are two parties here: you and a company. You have to agree on the salary in order for you to accept their final offer. It's not a vacuum. And, I don't know how happy you are at your current job. Extremely happy? Then maybe it would take a 75% increase to get you out of your seat. Will that be what some company offers? Probably not.

1. Anything is possible. You might be the exact person they need and are willing to pay you 50% more than what you're making now. That's possible.
2. Emphasis should be on the gap, not on the extreme. The gap indicates how unconfident I'd be in stating some kind of EXACT number that you want.
3. Emphasis on the MINIMUM that YOU would accept to move. That depends mainly on how happy you are at your current job. Without knowing this minimum, why are you even thinking about moving or asking questions about the average of other people's preferences? YOU are the only one who matters in this decision.
4. The 20% above is the counter-proposal, and it depends onwhat is being proposed. If a company wants you at the same salary, I doubt that they'd take a 50% counterproposal seriously. Not without a lot of convincing that, yes, depends wholly on the situation at hand and not some industry average. More responsibility, management, etc., for example.

[clam]

And you may want to consider the number of working hours per week. I had a coworker changing job from 40 hours to 60 hours. His salary did not go up 50%. So, I was like, you are working for less per hour basis.