Salary increases when moving to a new job

Quantum85

Hi All,

I work in financial services - funds. I’m a team leader and am probably paid below the market average for this in my current job so I’m wondering about my prospects.

When moving to a new job you would expect an increase in salary but what is the standard increase? 5k, 10k, more?

The chan chan man

Quantum85 wrote: »

Hi All,

I work in financial services - funds. I’m a team leader and am probably paid below the market average for this in my current job so I’m wondering about my prospects.

When moving to a new job you would expect an increase in salary but what is the standard increase? 5k, 10k, more?

What age are you and what’s your current salary bracket? I’d consider a 10% uplift to be reasonable - unless you’re exceptional at what you do!

Creamy Goodness

10% minimum. Otherwise it’s not worth the stress of moving.

skallywag

If your main motivation for the move is financial, then I would be thinking minimum 10%, better 15-20%.

If it is at the lower level then I would really also consider the other aspects apart from salary. A 10% increase in salary will not really be worth it if it means that your general happiness in the position concerning workload, colleagues, etc. takes a downward turn.

colm_mcm

Would you be happy with getting your perceived industry average?

Umaro

I work in marketing and my last 2 moves were both around +30% increases.

€33k -> €45k
€45k -> €65k

The minimum I'd move for would be +20%. I'd also consider how frequently you're getting raises in the current role, as you probably wouldn't see one in the new role for 18 months.

Moving for a 10% increase just wouldn't make sense to me unless you need to get out of a toxic environment. A 10% increase when you're in the higher tax bracket actually works out as your take home pay increasing an extra 5%. I'm not sure it's worth the stress of changing job and going through the scrutiny of probation.

8-10

Quantum85 wrote: »

Hi All,

I work in financial services - funds. I’m a team leader and am probably paid below the market average for this in my current job so I’m wondering about my prospects.

When moving to a new job you would expect an increase in salary but what is the standard increase? 5k, 10k, more?

15% is always my guide. Less than that and you'd want to have lifestyle benefits or other non salary compensation

Fionn1952

I dont move due to salary increases any more at this point. Last few moves I've made have had ~15-20% increases, but the big factor that actually persuaded me to move were increased flexibility and work/life balance improvements. Perhaps not as feasible in the funds world, but salary is a massively secondary factor to this.

JoeCole26

I work in funds and have interviewed and recruited hundreds at varying levels. The standard would be 10% generally, and if you were very good up to 20%. Anything over that usually requires sign off which senior MDs are reluctant to do. A team leader/supervisor should be earning roughly €45-€50k but titles vary from company to company.

Just to note, some hedge fund companies are happy to pay slightly above the average but they will ensure they get their moneys worth. Ideally you want a balance, where you are working reasonable hours, are challenged and annual salary reviews.

Feel free to DM me if you have any other questions.

cormacc

Ideally you would want to be getting a 10-15k raise moving job as the tax man will take a fair bit and you want to make it worth your while. I know this is not always achievable but if playing by the 10-20% rule, make sure you overstate your current salary.

The main thing I would say is to be prepared for when opportunities present themselves.

JoeCole26

JoeCole26 wrote: »

............ in funds ..........A team leader/supervisor should be earning roughly €45-€50k but titles vary from company to company. ..............

Supervising presumably a team of level 8 qualified folk?
That can't be for Dublin offices?