Dreaded "prior comp" question
Not surprisingly I've found several threads discussing this but figured starting a new one would make more sense than a bump. Just skip to the last paragraph for the actual questions.
I was recently snubbed on an offer by being truthful about what my prior comp was. I looked up what the position I was interviewing for payed (presented a 15k increase), decided not to lie, and shockingly (sarcasm) got the offer at a 5k bump (10k saved). I obviously turned it down but it got me thinking. What's the point? They know what they want to pay and only ask to see if there's a chance to lowball you. Anyone who's ever been in the job market because they were making below market knows what I'm talking about here. You either lie to get what they had in mind anyway, or don't and let them screw you thus creating a self-fulfilling under payed loop.
I guess my question is your guys thoughts on this strategy going forward. Look up what the position pays (this takes about 2 minutes in 95% of cases) and put roughly 5k less every time. This assures a) you'll look interested because it's an increase, and b) you won't be low balled. If they go on to ask for some sort of verification (w2?) you just tell them you can't. If they don't move on at this point you thank them for their time and walk. As far as I'm concerned any company that would so adamantly pursue low balling someone is a HUGE warning sign. Be thankful you caught it early and run.
Thoughts on just always putting that prior comp was around what the new position pays? More importantly, is this all moot because they never verify or have people heard of stories where they ACTUALLY checked? Thanks guys.
Just add like 20% to your comp. I assume everyone we ask is lying anyways so the question is pretty much meaningless.
Thanks for the reply. I kinda figured it was common place to "inflate", just wanted to check. You're leaving money on the table by not doing so and it's such an irrelevant question anyway. Everyone knows market rates. No other # should matter. This isn't an NFL contract negotiation.
I'd still be interested if anyone's ever heard of it actually being checked. Would suck to jump through all the hoops just to have to walk at the very end.
Why don't you also tell them you have an IQ of 200 and can bench press a pickup truck
I wouldn't advocate straight up lying, especially since things can easily come back to bite you unexpectedly. I'd suggest being somewhat vague and tell them what you're generally looking for. If they still lowball you and you don't like the offer, then just don't take it, since they're not the kind of goons you'd want to work for anyways
"I made/make market." Is usually what I say. Sometimes they press further, sometimes not.
i hate it more when recruiters / companies ask "how is the job search going". well clearly haven't accepted an offer yet! what are you expecting? "so crap, please give me anything and ill accept" response? lol.
recruiters are worth their weight in shit
i think the Michael Pages & Hays of this world - yes. usually working with clients who have multiple agencies finding people for assignment, everyone lying to you ("were working on exclusive assignment" ), doing whats clearly an email blast to whole data base with jobs etc (why even bother wasting time calling about it before?) etc. but some, truly do seem to work on exclusive roles and if you develop good relationship with them (e.g. perform v.well in interview and that gets back to them from firm, you have better chance to continue being put through by them for good / interesting roles because they know you wont embarrass them in front of client). but otherwise yes, recruiters are mostly shit.
Kinda surprised this didn't get more responses as it's an issue most people have, or will have to face at some point.
To the above, thanks for the responses. Unfortunately in many cases "current comp" is a question asked that an app can't even be submitted without answering (with "market" not being an acceptable answer). Imo you basically have two equally terrible options here. 1) Answer honestly and risk having it used against you. 2) Merely put where you should be so you're not taken advantage of..... and risk having it used against you. Are we having fun yet!?
Would still be interested if the basic view towards this question is complete indifference because it's assumed everyone inflates like the first poster said. Tbh, that was exactly the answer I was hoping for, lol.
Don't most big banks require income verification? The place where I work certainly verified my previous W-2's after the offer was made as part of the reference/background check process. I was asked to email HR copies of paystubs/W-2's.
So if I lied and got the offer, it may have been killed at this stage as the offer letter clearly stated its subject to successful verification and clearing checks etc.
So the strategy is, find out what the specific process at the firm ur applying to is. Some of them verify, some don't. Ones that don't, you could probably hustle at.
I was asked to email my pay stubs to HR when my current employer was coming up with an offer. Luckily, they were pretty generous. I had another offer for $10k less, and they wanted to match or even go above the better offer that I had. I guess you can always say you have another offer for more $. If they really like you, they'll be willing to give you a bump.
"I expect the job salary to be competitive including the difficulty of the role, experience, and in line with the cost of living of the area."
Say you have made a commitment to your firm not to disclose your salary.
This gives a vague answer which is better than straight up lying and shows the recruiter that you are a loyal employee.
If you want to inflate without lying, you can add in bonuses, 401k match, healthcare, gym reimbursement, expensed meals/taxis, etc., to get an "all-in comp" number that's much higher than your base salary. If they ask for proof you can give it.
Where do you guys work that employers ask for W2s? I think it's ridiculous that they'd want to go so far to try to lowball you as much as possible.
It didn't seem like it was to low ball - after getting in I asked other employees (VP level), they had gone through the same process of having to show previous W2's as well. I cannot name the employer on an open forum here of course, but think NYC, big Asset Management and a $120k base salary offer in my case.
They actually gave me 25% raise just on base in addition to free benefits, perks and very generous bonus. I wonder if it was an integrity test.
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