Hey all,
So I just got off the phone with a recruiter who is saying that salary/bonus/etc information is absolutely required by the company in order to proceed with the interview process - they need to have the information to know how to "stay competitive" blahblahblah. BTW: this is a recruiter for the company I would be interviewing at. He sort of warned that if I'm not willing to provide that information, they wouldn't proceed with the interview process.
The context of this is that he reached out to me first saying he thinks I'd be a good fit. Hesitantly, I replied saying I'm happy where I'm at right now but would be open to talking. Then he setup a quick phone call with me with a few screener questions, and I got enough right for the hiring manager to want to setup a technical phone screen, which I'll need to schedule for next week.
Anyway, assuming things actually go further, is it OK to spill the beans about salary in this case? Or can (and do) companies actually pass on candidates who are unwilling to provide salary details?
I am assuming your in tech. I live in Fremont and commute to Mountain View everyday. I was in your situation not so long ago when I changed jobs. I never told anyone what my then current salary was. There is absolutely no reason for any recruiter to know. If the hiring manager has the budget and he/she thinks you are worth it, they are going to move mountains to get you on board. The market is very hot right now. Don't give up your soul. Especially when you are not sure if you want to take it or not.
If go through the interview process. Salary is just one part of the equation. More important part is that you have to like the company culture and team culture. This is how I managed it. Be honest:
1. Tell them that you are reasonable guy/gal and you haven't properly researched yet. Ask them to schedule interviews (If you are serious)
2. Tell them that the team, work, culture etc are also important things for your consideration and the only way you get to know them (somewhat) is by interviewing. This is true from a hiring manager POV too. Reiterate that.
3. Make sure you are very polite yet assertive.
4. At this point, you'll know if they are serious about you. If they are, they'll schedule you. If not, they won't. Either way, you win. I mean, think about it. If a company is deciding not hire someone over $10K, then that's probably not a great place to be in. They're probably struggling for cash. (This is a broad generalization, but a pretty safe one)
5. Assuming that you get the interviews, do not raise the salary question by yourself.
6. After the interviews, assuming you get the job, is when you start hardcore negotiating.
Negotiating salary/bonus:
1. First do your homework. Calculate how much you make (salary+Bonus), what benefits you get (Put a $ value to them) come up with a $$$ for the year.
Eg: $100K base + 20% bonus = 120K cash. 15% ESPP discount (Assuming you can contribute up to 10K per year) = $1750 profit via ESPP per year. Assuming you get $100 commute benefit per month = $1200 per year. So total cash compensation = 120k + 1750 +1200 = $122950. This is your current.
2. Next calculate your insurance costs, company's 401K matches etc and compare it your current.
3. You are moving from SoCal to the Silicon Valley. Avg rent for a 1 BHK apartment is around $2500. Subtract your current rent from this and add it to your expectation. Let's say it is $500 per month = $6000 per year.
4. How long is the commute to work. Would you be needing a car? Is there a direct commute?
Now do the math add, subtract whatever. Come up with a final annual base comp figure as the absolute minimum to maintain your current lifestyle. Then add another 10-15% to it to give yourself a raise. If you have any RSU that you lose from your current company, document those. Ask the future ompany for a sign-on bonus minimum of the RSUs you lose.
Once you have a spreadsheet ready. Get on a call with the recruiter and detail the numbers. Explain them that this your situation. But do not give your base salary. Keep in mind the number you give already has a 10-15% raise. The recruiters expect that. So they will try to low ball on that. You will probably settle with a 8-10% raise. Still a good win-win. Be data driven and explain each of your number clearly. If you, by any chance, lie, then make sure you have credible story.
Hope you got my drift. Good luck.
But there is no fucking reason why any recruiter wants to know how much you are making. Just don't encourage them with this nonsense.