Ask A Headhunter!

[Ask A Headhunter]

Thanks HH. What i meant was,,,....how willing are companies to buyout candidates notice period for junior to mid level positions

If you are a in a junior role, and your notice period is 2 months, they would rather wait the full 2 months, or consider another candidate with a shorter notice period.

If your notice is 3 months, most likely they will not even consider you.

If you are mid level of say 5 years to 10 years experience, they might consider a buyout, but usually a max of 1 month and not more than that.

 

[asdCLOT]

Dear HH.

I recently interviewed for a role with an investment advisor. And got an offer of 3.5k with bonus UP TO 2 months. I have specifically informed the HR of this firm that I'm drawing 3250 with 2 months MINIMUM bonus. so mathematically I'm being offered a pay cut to join this investment advisor. I have 1.5 years relevant experience. And I have done my research that fresh graduated joining the same position is being offered above 3.2k. What are the chances the HR is low balling me? How do I open up a negotiation and not lose the chances of joining the firm? I have told them I'm considering the offer. There are 3 finalists in the final round including me. 1 from US 1 local and both I know are jobless. But the firm has so far only offered me the position.

Thanks HH

 

[greyhound]

Anything above 4.5K, you will not be covered under employment act.

Sent from Samsung GT-I9506 using GAGT

 

[makan007]

pls la
of cos i know SGD 4,500 and below is covered by employment act.

i am asking you if it is a "common practice" in the industry - which we have too few sample size to form a conclusion.

i am not asking about law la... that i can read up easily.

Give and take between your employer and you... generally your salary is high enough. No law for people earning more than 4.5K.

 

[Ask A Headhunter]

Dear HH.

I recently interviewed for a role with an investment advisor. And got an offer of 3.5k with bonus UP TO 2 months. I have specifically informed the HR of this firm that I'm drawing 3250 with 2 months MINIMUM bonus. so mathematically I'm being offered a pay cut to join this investment advisor. I have 1.5 years relevant experience. And I have done my research that fresh graduated joining the same position is being offered above 3.2k. What are the chances the HR is low balling me? How do I open up a negotiation and not lose the chances of joining the firm? I have told them I'm considering the offer. There are 3 finalists in the final round including me. 1 from US 1 local and both I know are jobless. But the firm has so far only offered me the position.

Thanks HH

Depends.

Is the company a big firm or a small firm?

If it is a big firm usually they won't even bother low balling you.

Your salary is calculated via "internal equity"

Best is to state to the company that the minimum salary you will accept (of which if that salary is not offered you will not take up the offer) if you really want to play hardball

Usually, offers are final (unless in exceptional cases where there are no applicants) but since you said there are others who are being considered, most likely if you negotiate for much higher (more than 5% above what they gave you), they will give the offer to the next person

 

[Ask A Headhunter]

 

[lecterc]

Hi HH,

In salary negotiation, why doesn't recruiters like to factor in the variable bonus as part of the annual salary? Its almost always Expected increment over (Basic + AWS only). But what if the variable bonus has been consistent or increasing in the past 5-6 years, can we still factor that as part of the current annual package? Doesn't this practice make it harder for people to move especially for those who worked at places like Singtel and many other local companies which practice high bonus with low basic? A 25%-30% increment in basic might not even make up for the bonus these guys normally receive hence there's no incentive to move.

I know that you mention unless VB is "exceptional" in one of the replies, can you please explain what you mean by that?

Thank you.

 

[ForeverLonely]

Hi HH,

There is a 1 year non-competition clause in my contract. How enforceable is it ?

 

[Ask A Headhunter]

Hi HH,

In salary negotiation, why doesn't recruiters like to factor in the variable bonus as part of the annual salary? Its almost always Expected increment over (Basic + AWS only). But what if the variable bonus has been consistent or increasing in the past 5-6 years, can we still factor that as part of the current annual package? Doesn't this practice make it harder for people to move especially for those who worked at places like Singtel and many other local companies which practice high bonus with low basic? A 25%-30% increment in basic might not even make up for the bonus these guys normally receive hence there's no incentive to move.

I know that you mention unless VB is "exceptional" in one of the replies, can you please explain what you mean by that?

Thank you.

Bonus usually got 4 type

1) No bonus or less than 1 month - But it means the base pay is higher (in most cases) - Certain USA banks practice this.
2) High bonus (but max 3 months) - Most European companies
3) Exceptional bonus (But usually only in hedge fund industry, or certain govt sector or GLC) where bonus can be 6 to 9 months, also applies to certain Japanese firms
4) Target bonus - where on your employment contract, says the exact amount you will be paid (Eg: they will say if you hit your KPI you will be eligible to get 20k bonus)

But, if you work in a place with high bonus low base, you can use it to negotiate for higher base, because in most cases, that is the exception, and most companies are in 1) or 2)

But remember, if you forever cannot let go of your bonus, you will never progress. Because if touch wood one day the market crash, and your bonus for that year is 0, then you will suffer.

Something's gotta give.

 

[Ask A Headhunter]

Hi HH,

There is a 1 year non-competition clause in my contract. How enforceable is it ?

usually, competition clause they will only enforce if it is to the detriment to the company.

Lets say, you do sales in company A, you go to company B (a direct competitor) and do HR or something non related to sales, they won't bother enforcing it

Or

You do sales in company A, you go to company B, but don't touch any of company A clients at all, they also won't bother.

They will only bother if

You do sales in company A, you go to company B, but
1) Reveal trade secrets of company A to company B so that company B can benefit to the expense of company A
2) Bring the clients of company A to company B

Companies will usually only enforce it if it brings harm to the company, otherwise they won't bother.

But then again, usually company B will only hire you because of the trade secrets you hold, or because of your clients you can bring over

 

[dxdx999]

Hi HH,

thanks for your help as always.

so sad story: i got 2 offers, went with 1, and they rescinded it before i could put pen to paper due to headcount going down.

so back on the job hunt again, but recruiters are now starting to say my 3-4 mths period jobless (1 oct till now) is a red flag.

what is a good reason to overcome this?

 

[Ask A Headhunter]

Hi HH,

thanks for your help as always.

so sad story: i got 2 offers, went with 1, and they rescinded it before i could put pen to paper due to headcount going down.

so back on the job hunt again, but recruiters are now starting to say my 3-4 mths period jobless (1 oct till now) is a red flag.

what is a good reason to overcome this?

Lesson learnt.

Never resign, and never push away the other offer, unless you have physically signed the contract.

Just say you wanted to take a break, or take a course, or travel, take care of sick parent, or w/e.

Usually they won't check

 

[wahkao3]

Hi HH,

thanks for your help as always.

so sad story: i got 2 offers, went with 1, and they rescinded it before i could put pen to paper due to headcount going down.

so back on the job hunt again, but recruiters are now starting to say my 3-4 mths period jobless (1 oct till now) is a red flag.

what is a good reason to overcome this?

say your mother sick, taking care of mother

 

[dxdx999]

Lesson learnt.

Never resign, unless you have physically signed the contract.

Just say you wanted to take a break, or take a course, or travel, take care of sick parent, or w/e.

Usually they won't check

yes have learnt it the hard way.

will giving lame excuses like that be perceived as bullsh1t and less attractive, thus giving me a ding ?

also, until when will it be considered as 'untouchable'? 6 mths? 8mths or more?

 

[lecterc]

Bonus usually got 4 type

1) No bonus or less than 1 month - But it means the base pay is higher (in most cases) - Certain USA banks practice this.
2) High bonus (but max 3 months) - Most European companies
3) Exceptional bonus (But usually only in hedge fund industry, or certain govt sector or GLC) where bonus can be 6 to 9 months, also applies to certain Japanese firms
4) Target bonus - where on your employment contract, says the exact amount you will be paid (Eg: they will say if you hit your KPI you will be eligible to get 20k bonus)

But, if you work in a place with high bonus low base, you can use it to negotiate for higher base, because in most cases, that is the exception, and most companies are in 1) or 2)

But remember, if you forever cannot let go of your bonus, you will never progress. Because if touch wood one day the market crash, and your bonus for that year is 0, then you will suffer.

Something's gotta give.

Thank for the quick reply.
Generally does Fund house (aberdeen, schroders..etc) or hedge funds pay better than banks for IT positions? Thanks again.

 

[Ask A Headhunter]

yes have learnt it the hard way.

will giving lame excuses like that be perceived as bullsh1t and less attractive, thus giving me a ding ?

also, until when will it be considered as 'untouchable'? 6 mths? 8mths or more?

No. How can they verify?

Call the hospital?

 

[Ask A Headhunter]

Thank for the quick reply.
Generally does Fund house (aberdeen, schroders..etc) or hedge funds pay better than banks for IT positions? Thanks again.

Hedge funds will always pay more (bonus can be as high as 50% or more of your total year salary)

But

Hedge funds are volatile (during bad times like a financial crisis, they will close down permanently) whereas traditional fund houses or banks pay less, but more stable.

 

[asdCLOT]

Hi HH,

I have tried asking the HR to relook into the base compensation. But they have said this is a flat figure they offer to all new hires. Which also means my experience means nothing to them ? Correct me if I am wrong. In addition, my bonus and increment is coming in march. Most likely 4% increment and 3months bonus.

Their package: 3.5K, private investment ops, 2 months Maximum bonus, 15 days leave during year 1 and 20 days leave there after. Insurance and medical benefits starts after 3 months probation. (Cambridge associates)

My current package: 3K, fixed income ops, 2 months guaranteed performance bonus up to 6 months max, 13th month bonus, 16 days leave a year, full medical and insurance since i'm here for sometime. (A particular Sovereign fund)

Kindly advise if i should make the switch or wait for my bonus and increment.

Thanks HH

Depends.

Is the company a big firm or a small firm?

If it is a big firm usually they won't even bother low balling you.

Your salary is calculated via "internal equity"

Best is to state to the company that the minimum salary you will accept (of which if that salary is not offered you will not take up the offer) if you really want to play hardball

Usually, offers are final (unless in exceptional cases where there are no applicants) but since you said there are others who are being considered, most likely if you negotiate for much higher (more than 5% above what they gave you), they will give the offer to the next person

 

[Ask A Headhunter]

Hi HH,

I have tried asking the HR to relook into the base compensation. But they have said this is a flat figure they offer to all new hires. Which also means my experience means nothing to them ? Correct me if I am wrong. In addition, my bonus and increment is coming in march. Most likely 4% increment and 3months bonus.

Their package: 3.5K, private investment ops, 2 months Maximum bonus, 15 days leave during year 1 and 20 days leave there after. Insurance and medical benefits starts after 3 months probation. (Cambridge associates)

My current package: 3K, fixed income ops, 2 months guaranteed performance bonus up to 6 months max, 13th month bonus, 16 days leave a year, full medical and insurance since i'm here for sometime. (A particular Sovereign fund)

Kindly advise if i should make the switch or wait for my bonus and increment.

Thanks HH

Sounds to me you are not getting a very good deal on their package.

How about the job scope vs your current?

Do you see long term progression?

Sometimes monetary is not everything in a job.

 

[asdCLOT]

Sounds to me you are not getting a very good deal on their package.

How about the job scope vs your current?

Do you see long term progression?

Sometimes monetary is not everything in a job.

The framework for both roles are essentially the same. Promotion at CA is almost every year for the first 3 jumps. At my side its 3 years-5 years for the first 2 jumps.