Hi - I am a third year analyst and my firm wants me to relocate to another city. It is a vote of confidence that they are asking me to do it. Before I agree, I obviously want to negotiate my relocation package. What is industry standard? one off bonus? raise? promotion?
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Unless the COL is significantly lower, a slight raise/ promotion could be in order.
EDIT: Actually what kind of transition are they asking you to make? Is the whole office just moving or just you?
Don't know about BB, but in my case the COL was about the same, they raised my base salary by c. 20%, bonus yet to come and pay my rent.
Don't know if there's an industry standard, but for junior employees, you'll usually get your move taken care of and a month or two at a hotel / serviced apartment and the broker fee on a new apartment. If you are at a bank, base salary are generally set per level so would you get paid the same as your new colleagues. That being said, if you are transferring to London, I don't think it's unreasonable to ask to get paid whatever the equivalent of your USD salary in pound as the pound has become so weak.
I think the fact that they ask you to relocate is a very good sign and I think that should be reflected in your bonus, but I would be extremely surprised if any employer would agree to that in writing.
International relocation - negotiate salary? (Originally Posted: 07/30/2015)
Hi everyone.
I am a Big 4 consultant in western Europe looking to go on an international assignment for 1-2 years to the USA. My question is; would it be appropriate to negotiate salary/compensation or is that not done since this is a temporary move within my firm? There is also a 'relocation package' that I would be eligble for and I think my current office and the relocation office will share these costs, does that matter in this scenario as well?
FYI I haven't received the offer/contract yet but was just curious what your opinions would be. I don't want to jinx it of course but if it is normal in the USA to negotiate everything then I don't want to miss out on an opportunity to add a few USD either :)
Thanks for your input!
It depends what your current salary is and where you are going in the US. I've heard that Big 4 pay is significantly lower in Europe than US, so it's definitely not greedy to ask for more if you're going to have higher living expenses.
Yes, pay in the EU is definitely lower than in the US. Is it common for regular hires to get a salary offer that is adjusted for the office location?
Accepting the relocation package is an absolutely-appropriate first start. I assume it would cover the fees for hiring professional movers for whatever you'll bring to the states, and little else.
Use an online cost-of-living calculator to compare rent, transportation, taxes, food, etc. to your current city. Don't forget to ask about the health insurance situation: companies typically cover the employee and their entire nuclear family, but if you have to arrange your own, it might be $4k per person per year. Travel back to Europe over holidays could cost up to $2k per trip.
When the time comes, put out feelers first: "I've noticed the cost of living would be higher in NYC: would the firm consider covering the difference?" If this is not standard practice, they'll let you know. If they're willing to negotiate, you just pull out the calculations you made earlier. It would be hard to think of you as "greedy" if you can demonstrate how you arrived at your chosen figure.
They have several relocatin packages but it depends on your performance etc. which one you are eligble for. All packages at least cover flights, moving costs, immigration services, etc.
Great idea to do a cost of living calculation to provide hard numbers to compare with! The only worry I have here is that they will compare cost of living but will also notice the pay is much higher, so it 'evens out'.
I think it really matters where you are coming from and where you are going to since salaries can varies quite a bit across Europe (I had a b-school buddy from Norway who was sponsored from a Big 4 consulting and his salary / package was way, way higher than what people get paid in the US). Similarly, NYC or San Francisco are much more expensive cities than Atlanta or Houston.
Anyone else?
Sorry mate but I think you will not be able to negotiate. Your salary will probably change because your salary will be based on the compensation table of your new office. But the system is rigid. First year analyst earn X $, 2 year y$ etc....No room for negotiation.
You can ask them to pay the expenses for moving and perhaps the first month of a flat while you look for a permanent place. (They will of course pay your plane ticket.)
Thanks for your input. So does that mean that I can expect a different salary if I start there as 1st or 2nd year consultant? i.e. does the time already spend in one level change the salary in the new office?
Example (this numbers are fake, it is just to make the point):
US office: -1st year Analyst $65K -2year Analyst $75k -3year Analyst $85k
UK office: -1st year Analyst $70K -2year Analyst $80k -3year Analyst $85k
If you are in the UK office and go to the US office, different scenarios:
-If you are a 1st year analyst and remain a 1st year analyst, you will still be in the same category but in a new compensation table, your salary will change from 70k to 65k. Less then before, because of the cost of living.
-if you are a 1st year analyst and will start as a 2nd year analyst, you will go from 70k to 75k.
Of course, if you were in the US office going to UK office, and further going from a 1st year analyst position to a 2 year, your pay would be higher because of the change in the hierarchy and because the cost of living is higher.
Do you understand my point? What counts is the office compensation table and your position in your new office.
That is true if you go there fore some years. I know that if you ask for a 6 month transfer it might be different... You keep your old salary plus some sort of compensation...
Yes I understand your point. I was just wondering if there would be a difference between 1st year Consultant, 2nd year Consultant, and so on. But apparently there is so I can expect to enter in that compensation table! Thanks again.
Relocation within current firm (Originally Posted: 05/29/2017)
Hey everyone! I am just rounding a year with my firm out of college, but I had to relocate to another state (out of Colorado) for the job. I had approached my current boss about relocating back to Denver since we have an office down there and he was on-board with the idea. Salary wasn't the issue with me wanting to move, it was more about family; though, I am now thinking logistics and I currently live in a state without income taxes, and a modest cost of living. Fast forward to me living in Denver with high taxes and cost of living. Would it be appropriate to me to ask for a cost of living adjustment for the move since they are working with me to get me moved back down to where I grew up? If so, how should I ask?
I ran the numbers and I would be able to live off my current salary, albeit, not much higher than a college student plus (for lack of a better term). Any suggestions?
relocate back to Denver with your current company, then look for a pay raise at a competitor if there is one in your industry.
Relocation option question (Originally Posted: 11/05/2009)
Hi All,
I am relocating to London from NY next year for an assoc. role in a BB. I am currently offered with a relocation package as such:
lump sum of about 3000 pound (~4800$) post tax. [Is this the normal price?]
Co-ordinated move (I get no cash and everything would be taken care of).
Basically I am thinking of what cost would be incurred if I move myself, correct me if I am missing/mis-calculating sth: 1. one-way air ticket (700$) 2. Moving belongings (1000$: how to estimate this cost?) 3. Apartment search (500$)
I don't have much to move around and am comfortable with looking for apartment there myself. Should I pocket the money and move myself? Or have I significantly underestimated the cost of moving?
Thanks.
How much stuff are you moving and will they pay broker fees.
If you are just taking clothing and renting furniture on the other side of the pond, then your moving costs are basically nil.
My recommendation is to take the lump sum if they don't pay broker fees and take the complete move package if you are moving more than clothes and they do pay broker fees.
Also, is the completed move package a Business class or Coach ticket?
Thanks. I do not need to move furniture but will have to ship about 20-30 books. The air ticket...man, do you really think the ticket class is important for a 7-hour flight?
Take the lump-sum option if you have friends or family in NY to help you look for the place. Your shipping costs won't be much,neither will air ticket, the broker fee is something to watch out for though. I haven't looked for a new apt. in NYC in 3 years so I don't really know what the rental market is like. My guess is that not too many places even charge broker fees.
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