Salary renegotiation: should I provide a "expected salary range"?

Question

I've recently got an offer from a boutique consulting firm. The head hunter suggested me to provide an “expected salary range” instead of a specific expected salary. Is this is really a good advice? A bit skeptical on this because most probably the company will take the lower range.

Another question is about bonus at consulting firms. Is bonus negotiable, and should I try to negotiate a “guaranteed bonus”? Some companies state that bonus is based on individual performance and is discretionary. What is the usual bonus (in terms of months) on a general level for consulting firms?

Thank you!

Answer 1

Is providing a salary range a good advice? You can simply quote your baseline expectation as lower bound plus 30-50% as the upper bound. Try to fix your lower bound to something higher than your absolute lower bound since you can expect the company to target your lower bound and then some more. Do research the typical salary ranges for the firm you are joining - if their range is below your lower bound then they will never be able to match your expectations.

Negotiate a “guaranteed bonus”? Most firms have bonus as “discretionary” or “performance-based” so you can't really negotiate that. Try to ask for other frivolities such as signing bonus, relocation bonus, etc.

What is the usual bonus? There is no fixed range. Depending on the company, the market, your position, your performance - the bonus can range from 0-5% to 80-150%. Most common ranges for consultant level people are 20-50%.

Answer 2

Hi there,

Do not put your lowest acceptable offer in this range. Give them a range that is above your expectations. They will almost certainly offer you the lowerst salary in the range.

Additionally, do your research. Look at what other people in that company, role, and country earn (Reddit, Blind, Fishbowl, are all great here). Provide that range (or a bit higher).

Sign-on bonus is generally the best thing to negotiate on (again, research market rates). Annual/performance bonuses are rarely negotiable.

Good luck!

Answer 3

Hello!

Many companies ask this at some point in the recruiting process, it´s super common. I would only provide it in case it was asked, always with a good margin to negotiate (e.g., +20%)

Hope it helps!

Cheers,

Clara

Answer 4

Hi!

Providing a range can be beneficial for your negotiation - just expand it on the upper side.

The bonus might be negotiable according to the firm, so I'm not sure I could give you more information on that.

Hope this helps.

Best,

Anto

Answer 5

Yes, provide an expected range. They may target the lower bound, but should do it at their own peril… ;)

Salaries are likely to be fixed. This way your range has a higher chance of being closer to that specific number.

Bonus is sometimes negotiable… but they take with one hand what they give with the other… I've seen companies reduce base salary so they could provide the guaranteed bonus, or just the higher bonus…

The usual bonus depends on specific rank (not to mention country).