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What should be the standard acceptable salary for 6+ years experienced person

Ashuthosh san
Ranch Hand

Joined: Jan 28, 2009
Posts: 35
Hi,

I am looking out for a change because my company has not given hike from 2 years. My current salary is very low and i am getting 5.75LPA. How much i can demand in the next company.
I have fighted with my current company for salary correction but they are not ready.

Regards
San
Sandeep Awasthi
Ranch Hand

Joined: Oct 23, 2003
Posts: 597
8 to 10 LPA in IT service companies. Depends on many factors though.


Sandeep
kaustuv saha
Greenhorn

Joined: Dec 14, 2009
Posts: 27
Well, it depends on many factors.

Typically,
1. Large IT services comapnies : 8 LPA (includes variable pay)
2. Medium sized IT services companies : 9 LPA (includes variable pay)
3. Outsourced Product Development companies : 10 LPA
4. Captive units of non IT MNCs (for internal development) : 9 LPA - 10 LPA (may or maynot include variable pay/bonus)
5. Product Development MNCs : 10 LPA + bonus
6. Product Development MNCs (Niche players) : 12-15 LPA + bonus
7. Investment Banks : 13 LPA + bonus


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Sandeep Awasthi
Ranch Hand

Joined: Oct 23, 2003
Posts: 597
kaustuv saha wrote:Well, it depends on many factors.

Typically,
1. Large IT services comapnies : 8 LPA (includes variable pay)
2. Medium sized IT services companies : 9 LPA (includes variable pay)
3. Outsourced Product Development companies : 10 LPA
4. Captive units of non IT MNCs (for internal development) : 9 LPA - 10 LPA (may or maynot include variable pay/bonus)
5. Product Development MNCs : 10 LPA + bonus
6. Product Development MNCs (Niche players) : 12-15 LPA + bonus
7. Investment Banks : 13 LPA + bonus


Why investment banks pay higher when they have gone in heavy loss ( not all of them, but most of them) just a curiosity.
Joe Harry
Ranch Hand

Joined: Sep 26, 2006
Posts: 9519
    
    2

kaustuv saha wrote:Well, it depends on many factors.

Typically,
1. Large IT services comapnies : 8 LPA (includes variable pay)
2. Medium sized IT services companies : 9 LPA (includes variable pay)
3. Outsourced Product Development companies : 10 LPA
4. Captive units of non IT MNCs (for internal development) : 9 LPA - 10 LPA (may or maynot include variable pay/bonus)
5. Product Development MNCs : 10 LPA + bonus
6. Product Development MNCs (Niche players) : 12-15 LPA + bonus
7. Investment Banks : 13 LPA + bonus


Are these figures from some study analysis or it is just that you have summarized them here.


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Ashuthosh san
Ranch Hand

Joined: Jan 28, 2009
Posts: 35
Thanks for all for your replies. You are telling me good numbers, today unfortulately some Large IT company offered me current salary + 45K
How do negotiate with the interviewer, please help me.
Jeanne Boyarsky
author & internet detective
Marshal

Joined: May 26, 2003
Posts: 30929
    
158

Ashuthosh san wrote:Thanks for all for your replies. You are telling me good numbers, today unfortulately some Large IT company offered me current salary + 45K
How do negotiate with the interviewer, please help me.

Why do you think you should be paid more? "I want more money" and "other people get paid more" aren't reasons. What value to you bring to the employer. Why are you better than a junior person? Why are you better than others?


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kaustuv saha
Greenhorn

Joined: Dec 14, 2009
Posts: 27
Hi

The numbers quoted here are not from any study analyis. I quoted these figures based on what me and my ex-classmates/colleagues got offered in recent times. Of course, they cannot be treated as a gospel and actual figures may vary.
Sandeep Awasthi
Ranch Hand

Joined: Oct 23, 2003
Posts: 597
kaustuv saha wrote:Hi

The numbers quoted here are not from any study analyis. I quoted these figures based on what me and my ex-classmates/colleagues got offered in recent times. Of course, they cannot be treated as a gospel and actual figures may vary.


Did you and your friends did BTech from IIT + MBA finance from IIM or CFA ?? Curiosity again.
Ashuthosh san
Ranch Hand

Joined: Jan 28, 2009
Posts: 35
Yeah i am not giving the reasons like i need more money and other reasons. I am mentioning i am good in so and so technologies and have strong in interacting with the customers.
So please anyone help me how do i negotiate for the good salary.
Subramani Shiva
Greenhorn

Joined: Dec 28, 2009
Posts: 23
Sandeep Awasthi wrote:
kaustuv saha wrote:Hi

The numbers quoted here are not from any study analyis. I quoted these figures based on what me and my ex-classmates/colleagues got offered in recent times. Of course, they cannot be treated as a gospel and actual figures may vary.


Did you and your friends did BTech from IIT + MBA finance from IIM or CFA ?? Curiosity again.



The package in investment bank varies widely depending on ones qualifications (B-tech colleges/NIT etc) and the skillset...And 13+bonus for a 6 year guy from one of those colleges is quite normal if he has good tech skillsets...
In product companies more than 'college' name the tech skill set matters more and there is a better level playing field in them....
My friend got a hike in a very good i-bank and with 5 years of experience his package is 20Lpa...he joined there as a fresher at 6lpa...
the ibanks pay very well coz its very cheap to get the work done if you compare to US as I worked with one in US... there for 5-6 years exp one could get between 100- 120K base + bonus depending on the division and how much money that division makes (for techies it can reach 40-50% of base and in very rare cases 100% of base - well all numbers based on good old days - 2 years back. But now again the banks are giving good bonuses)..
In india paying 16-20lpa(40-50k USD including bonus) is literally nothing compared to the same work..
arulk pillai
Author
Ranch Hand

Joined: May 31, 2007
Posts: 3259
Ashuthosh san wrote:Thanks for all for your replies. You are telling me good numbers, today unfortulately some Large IT company offered me current salary + 45K
How do negotiate with the interviewer, please help me.



In addition to what Jeanne had suggested, here are some tips:

1. If you get multiple job offers, you will be in a better position to negotiate. When negotiating, try to be reasonable, and know your value & market conditions. Money is not the only thing. Also, look for opportunities to grow within a company, acquire new skills, etc.

2. Impress your interviewr or prospective employer. Let him or her realize that you are worth the extra.

3. When you negotiate, bring out not only your technical skills, but also bring out your soft skills. Promote yourself as a well-balanced professional who can contribute.

4. Finally, never burn bridges. Don't fight for pay rise. Do it professionally. Explain it your manager, why you think that you are worth more? what are your value adds? , etc If you decide to leave, do so amicably and professionally.


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Sandeep Awasthi
Ranch Hand

Joined: Oct 23, 2003
Posts: 597
Subramani Shiva wrote:
The package in investment bank varies widely depending on ones qualifications (B-tech colleges/NIT etc) and the skillset...And 13+bonus for a 6 year guy from one of those colleges is quite normal if he has good tech skillsets...

Salary in any company varies depending on many factors which I have mentioned here
Subramani Shiva wrote:
In product companies more than 'college' name the tech skill set matters more and there is a better level playing field in them....
Who told you this? College/University/degree name makes impact in any company. Why so many students try hard to get admission in IIT/IIM?
Subramani Shiva wrote:
My friend got a hike in a very good i-bank and with 5 years of experience his package is 20Lpa...he joined there as a fresher at 6lpa...

Write something to back your claim. Provide hard data. Tomorrow I will say my friend was selected as a CEO of fortune 500 company with 5 years experience. I do not expect anyone to believe it.
Subramani Shiva wrote:
the ibanks pay very well coz its very cheap to get the work done if you compare to US as I worked with one in US...
Is it applicable only to i-banks? Not to other MNCs for example Pharma Giants?
Subramani Shiva wrote:
there for 5-6 years exp one could get between 100- 120K base + bonus depending on the division and how much money that division makes (for techies it can reach 40-50% of base and in very rare cases 100% of base - well all numbers based on good old days - 2 years back. But now again the banks are giving good bonuses)..
In india paying 16-20lpa(40-50k USD including bonus) is literally nothing compared to the same work..

It is applicable to every MNC. Not specific to investment bank.
I do not know if you experience/knowledge of product companies but they require exceptional technical skills specifically if you are going to work in new development. And they pay higher generally. I am not against any investment bank. I want to understand if same person can get X salary, why banks are paying X + Y where Y is big factor.
Small companies pay little higher because they do not have good brand name, so attract people they pay little higher.
Product companies pay even more higher because they require exceptional technical skills.
Why investment bank pay higher?
And why this topic of investment banks paying higher coming in to discussion again and again recently.
Declaimer : I don't have any reservations working in investment banks.
Sandeep Awasthi
Ranch Hand

Joined: Oct 23, 2003
Posts: 597
And to add, big product companies not only require high quality technical talent, their HR have exceptional skills to hunt for talent. Mostly they do not rely on HR consultants to hunt for talent. HR themselves hunt for talent in highly professional way.
Subramani Shiva
Greenhorn

Joined: Dec 28, 2009
Posts: 23
Who told you this? College/University/degree name makes impact in any company. Why so many students try hard to get admission in IIT/IIM?

I have seen product companies giving 100% hikes just to make sure that there is parity and there isn't much difference between people in the same band to maintain internal parity range.. But it is not the same with I-banks.....
Subramani Shiva wrote:
My friend got a hike in a very good i-bank and with 5 years of experience his package is 20Lpa...he joined there as a fresher at 6lpa...

Write something to back your claim. Provide hard data. Tomorrow I will say my friend was selected as a CEO of fortune 500 company with 5 years experience. I do not expect anyone to believe it.


What do you mean by providing hard data?? Discussing company names and specifics is NOT allowed as per java ranch.... And there are quite a number of people in the range I have mentioned in the investment banking...For people working in the investment banking domain it gets done.. If you are not aware its not my issue..

One cannot compare pharma salaries with i-bank salaries in technology.. no where in pharma 5 year exp IT a person makes 120 and 50k bonus 2 to 3 years after college.... Thats the boon and bane with investment banks... and its the main reason why people are getting highly inflated salaries in investment banks....
Sandeep Awasthi
Ranch Hand

Joined: Oct 23, 2003
Posts: 597
Subramani Shiva wrote:
I have seen product companies giving 100% hikes just to make sure that there is parity and there isn't much difference between people in the same band to maintain internal parity range.. But it is not the same with I-banks.....

So there is no parity in investment banks?

Subramani Shiva wrote:
What do you mean by providing hard data?? Discussing company names and specifics is NOT allowed as per java ranch.... And there are quite a number of people in the range I have mentioned in the investment banking...For people working in the investment banking domain it gets done.. If you are not aware its not my issue..


If you can not provide any thing to back then no one will believe your claims. Or you expect everyone to believe whatever you claim?
I will provide you some data. One i-bank paying higher salary was first one to fall.
Another bank sold their captive unit to IT service company. This is in India.

Subramani Shiva wrote:
One cannot compare pharma salaries with i-bank salaries in technology.. no where in pharma 5 year exp IT a person makes 120 and 50k bonus 2 to 3 years after college.... Thats the boon and bane with investment banks... and its the main reason why people are getting highly inflated salaries in investment banks....


I never claimed pharma companies paying higher salary. So far I have not made any claim. But why one can not compare pharma salaries with i-bank? You claim to have knowledge of salaries in US, salaries of pharma companies, salaries of i-bank, technologies used in pharma companies. What else you want to claim without any backing?

My point is very simple. It does not matter if you do not agree with it. But the point is let's assume I buy something X in US for 10$. Same thing I can buy in India for say Rs.25. Looking at currency difference I am getting it cheap. Even Rs 50 is cheap, but why should I pay Rs 50 when I can get that in Rs 25?
This is what I said in my earlier post.

I want to understand if same person can get X salary, why banks are paying X + Y where Y is big factor.
Subramani Shiva
Greenhorn

Joined: Dec 28, 2009
Posts: 23
Sandeep Awasthi wrote:
If you can not provide any thing to back then no one will believe your claims. Or you expect everyone to believe whatever you claim?
I will provide you some data. One i-bank paying higher salary was first one to fall.
Another bank sold their captive unit to IT service company. This is in India.


For the so called data you have provided - This i-bank pays well and still remains one of the top... I never asked you to believe whatever I claim? I am speaking from what I have seen firsthand.. If you dont want to believe it its none of my problem...


I never claimed pharma companies paying higher salary. So far I have not made any claim. But why one can not compare pharma salaries with i-bank? You claim to have knowledge of salaries in US, salaries of pharma companies, salaries of i-bank, technologies used in pharma companies. What else you want to claim without any backing?
My point is very simple. It does not matter if you do not agree with it. But the point is let's assume I buy something X in US for 10$. Same thing I can buy in India for say Rs.25. Looking at currency difference I am getting it cheap. Even Rs 50 is cheap, but why should I pay Rs 50 when I can get that in Rs 25?
This is what I said in my earlier post.

I want to understand if same person can get X salary, why banks are paying X + Y where Y is big factor.


Its a simple logic for anyone to understand.... They were making boatloads of money in mortgage backed securities and cds... and they need best talent... and salary is inflated coz they compete against each other insanely....the work is also equally difficult putting long hours everyday when one is in front office....
I have recruited people for my team from Pharma, Insurance & I-Banks both in NYC and India - that atleast gave me a basic knowledge? I never mentioned about technologies in pharma companies...Read it properly....

I-Banks like to keep people from top colleges - in east coast and NYC - loads of ivy league-ers join either on tech or biz side of i-banks.. they pay for brand... Its simple... and you have hedge funds in US to compete with investment banks.... my friend making decent salary from the operating system company (2-3 years exp) - one hedge fund just doubled his salary in 2007ish hitting 220k and he moved from seattle to east coast.... And fired him when the recession deepened in 2008....

If you were not in NYC / Connecticut - Gold coast area (http://en.wikipedia.org/wiki/Gold_Coast_%28Connecticut%29) you wouldn't be understanding how crazy pay packages were going up for techies also...

In India the same is continuing.... The place I work for tech we take people from all colleges as long as they are good in tech... If some one has previous i-banking experience its very simple logic to pay him better...
There is one boutique firm which wouldnt even look into resumes if it is not from IIT/etc....

Sandeep Awasthi
Ranch Hand

Joined: Oct 23, 2003
Posts: 597
Subramani Shiva wrote:
For the so called data you have provided - This i-bank pays well and still remains one of the top... I never asked you to believe whatever I claim? I am speaking from what I have seen firsthand.. If you dont want to believe it its none of my problem...

What is meant by so called? Is it not true?

Subramani Shiva wrote:
Its a simple logic for anyone to understand.... They were making boatloads of money in mortgage backed securities and cds...

Is this reason they pay like anything? Then no wonder if they fall down one after another.
Subramani Shiva wrote:
and they need best talent...

I am yet to know any company who does not need best talent. If talent want to go to that company or not is different issue.
Subramani Shiva wrote:
and salary is inflated coz they compete against each other insanely....

Companies in other sector do not compete with each other?
Subramani Shiva wrote:
the work is also equally difficult putting long hours everyday when one is in front office....

So there is no work life balance. One point I understood that you have to put long hours this is why they pay higher. I can agree on this.
Subramani Shiva wrote:
I have recruited people for my team from Pharma, Insurance & I-Banks both in NYC and India - that atleast gave me a basic knowledge?

Well what your job profile is not a topic of discussion.
Subramani Shiva wrote:
I never mentioned about technologies in pharma companies...Read it properly....

Oh you said salaries in technologies.

Subramani Shiva wrote:
I-Banks like to keep people from top colleges - in east coast and NYC - loads of ivy league-ers join either on tech or biz side of i-banks.. they pay for brand...

Are we talking about India or US?

Subramani Shiva wrote:
my friend making decent salary from the operating system company (2-3 years exp) - one hedge fund just doubled his salary in 2007ish hitting 220k and he moved from seattle to east coast.... And fired him when the recession deepened in 2008....

My friend triples his salary every year. But I do not have anything to back it.
Subramani Shiva wrote:
If you were not in NYC / Connecticut - Gold coast area (http://en.wikipedia.org/wiki/Gold_Coast_%28Connecticut%29) you wouldn't be understanding how crazy pay packages were going up for techies also...

It is not our debate. And use URL tag to post links.
Subramani Shiva wrote:
The place I work for tech we take people from all colleges as long as they are good in tech...

No one goes to college to recruit bad.

Better we end this debate because I did not get answer to my question. Why same person with same quality, talent, same qualification, experience why banks pay higher. If banks require different talent, different qualities which match with their business then I can understand. But I got answer to another question why it is been highlighted recently that banks paying higher salary.
Subramani Shiva
Greenhorn

Joined: Dec 28, 2009
Posts: 23


No one goes to college to recruit bad.

Better we end this debate because I did not get answer to my question. Why same person with same quality, talent, same qualification, experience why banks pay higher. If banks require different talent, different qualities which match with their business then I can understand. But I got answer to another question why it is been highlighted recently that banks paying higher salary.


I had clearly told that Banks pay more to people with prior experience and domain knowledge.... your statement that "Why same person with same quality, talent, same qualification, experience why banks pay higher. " doesnt apply as at all as they dont pay well to any tom dick and harry....



I think your intention is not to understand but rather trying to find faults and keep saying that why people should get more salary in banks...How do you expect to Back up?? The so called your back up statements were useless and senseless...? what is backing up in your terms?? Putting salary slip in a public forum?? Considering your previous so called backing up statements - how is this even a backup...? Have you mentioned pays with solid backup like salary slips? Now I can again use your so called logic to say anyone can claim anything... What is the usefulness of the below backup you mentioned?? Why do you expect someone to give out the name of a particular bank when as per javaranch we dont need to give out names?

I will provide you some data. One i-bank paying higher salary was first one to fall.
Another bank sold their captive unit to IT service company. This is in India.



And in terms of i-banks - India and US doesnt make big difference as people do the same job and it gets done cheaper here.. Now again if you try comparing with other industries banks pay well in US and the same trend is continuing in India which is a very simple logic


Pushkar Choudhary
Rancher

Joined: May 21, 2006
Posts: 425

I think both of you have might have pushed this argument too far by making personal remarks and thus violated one of the basic policies of Javaranch to Be Nice. I'm sure you would've already caught the attention of a moderator who might need to take some action against this.
Ashuthosh san
Ranch Hand

Joined: Jan 28, 2009
Posts: 35
Thanks for all your replies. Now i got an idea how much i can demand
ankur rathi
Ranch Hand

Joined: Oct 11, 2004
Posts: 3830
Ashuthosh san wrote:Thanks for all your replies. Now i got an idea how much i can demand


How much???

Just curious so asking.
Campbell Ritchie
Sheriff

Joined: Oct 13, 2005
Posts: 39832
    
  28
Ashuthosh san wrote:Thanks for all your replies. Now i got an idea how much i can demand
"demand"???
Ashuthosh san
Ranch Hand

Joined: Jan 28, 2009
Posts: 35
I mean to say how much i can negotiate..
Sandeep Awasthi
Ranch Hand

Joined: Oct 23, 2003
Posts: 597
Pushkar Choudhary wrote:I think both of you have might have pushed this argument too far by making personal remarks and thus violated one of the basic policies of Javaranch to Be Nice. I'm sure you would've already caught the attention of a moderator who might need to take some action against this.


To respect JR policy and moderators I did not post anything for two days. I debated it little longer, I agree but reason was valid. Once I changed my job I had many offers. All the offers were more or less same except one who gave me little higher salary plus big joining bonus. I selected that company which was biggest mistake I did. The reason why they paid me higher I came to know only after 3 months. My suggestion if someone is paying you way high from others, at least find out reason why are they paying high. Money everyone wants, I also want. But I will be little careful. I don't have any personal conflict with Shiva and it is valid to debate at JR. After the debate is over, we are still JR mates. Sometimes it can happen that debate gets stretched little bit. It can happen in any forum. Evaluating multiple offers against each other and choosing the best which suits your career objective is also skill.
 
 
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