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tigerbill
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Joined: April 22nd, 2004, 7:14 pm

Should I tell the truth about current salary?

March 20th, 2009, 9:03 am

Should I tell the truth about current salary when HH asks me? is it understandable when he finds my true salary is 10% lower than what i tell him?I mean, obviously what i want is an offer higher than current one, that is why i think to tell a bigger number.thanks. #######################ok, thanks all, now i understand.know how to reply such a question by HH then.
Last edited by tigerbill on March 22nd, 2009, 11:00 pm, edited 1 time in total.
 
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gc
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Should I tell the truth about current salary?

March 20th, 2009, 9:31 am

It depends on your salary and how smart your HH is... if he is a good headhunter I would tell him my salary without any problem. If he gives you the impression of being dishonest or slimy, I wouldn't tell him anything and change the headhunter.Knowing the approximate salary is important for the headhunter to only select those jobs that would be financially interesting for you (little point of going to an inverview to be asked by the hiring manager how much you expect to be paid only to discover that the amount you are already earning is more than he can give you). Even more important is that often jobs are decided based on the ratio between the cost of the candidate and his experience. In my last job the headhunter wanted to know my salary to help me prepare with the negotiation at the last interview. He knew the company he was placing me so he had some kind of idea of lower and higher bounds they would have been willing to pay (and he probably had a good idea of who were the competitors for my position). His optimisation problem was the same as mine: ask as much as possible (because his commission was a percentage of my salary) but not too much at the risk of loosing the opportunity....
 
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untwigged
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Should I tell the truth about current salary?

March 20th, 2009, 10:23 am

You tell the HH "My salary is X+Y", when it really is X. You get a job at a bank, with a new salary of X+Y+Z. HH tells the bank "Your previous salary was X+Y". Bank does a reference check and finds out your previous salary was really X.What do you think will happen here (especially in the current climate)? Hint: Your new salary will be 0.And if you think the bank won't check - you are mistaken. I almost lost a job once where I made a genuine mistake in writing down my comp history - an incorrect bonus I'd obtained 3 years previous was off by about 20%, and that came up on the reference check.
 
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pipih2008
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Should I tell the truth about current salary?

March 20th, 2009, 12:58 pm

its risky not telling the right salary but I heard some guys doing the same they "change" their salary from 150K to 500K to work back in their country and guess how much salary they have now?
 
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ArthurDent
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Should I tell the truth about current salary?

March 20th, 2009, 3:47 pm

QuoteOriginally posted by: gcHis optimisation problem was the same as mine: ask as much as possible (because his commission was a percentage of my salary) but not too much at the risk of loosing the opportunity....That's not correct since your HH works on commission of the whole salary not just the delta you get over your previous salary.Your problem = how to get ${extra} on top of an easily agreeable ${base}HH's problem = how to get 25% of the ${base + extra}.If he is too pushy on the extra, you may not get hired so he gets 0. He'd rather see you taking ${base} with him getting 25% of it than him getting 0.
 
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twofish
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Should I tell the truth about current salary?

March 21st, 2009, 4:00 pm

tigerbill: Should I tell the truth about current salary when HH asks me? If you answer the question, always tell the truth. You have the option of how to you tell the truth or of not answering the question. In this situation, I don't see how having a larger number will help you. If the only job that the HH has is your current salary + 5%, then you've priced yourself out of the market.
 
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DominicConnor
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Should I tell the truth about current salary?

March 21st, 2009, 4:43 pm

Should I tell the truth about current salary when HH asks me?Fuck, yes.is it understandable when he finds my true salary is 10% lower than what i tell him?I understand when my 4 year old decides to eat too much chocolate and is sick on me, does not mean I respect his decision.I mean, obviously what i want is an offer higher than current one, Really ?Someone wanting more money ?wow...Let me explain some of the many ways it is a bad idea to lie about your current money, and frankly I feel sad that I have to do this in a forum that is supposed to be for financial people. 1: If you tell me you made X last year, I will probably believe you and try to get X + dHowever if you've added d already, then I will try to get X + f(2 d), that may price you out of some jobs that you would have taken.You reckon that in this market that's good ?2: If you tell me you earn X, I will repeat that to your potential employer. If he finds out that you / I lied (which may well happen) you may get fired, and I will lose some trust that has taken me effort to build up. But I can survive if I lose 0.1% of the trust that there is for me in the market, you will not survive losing 100% of your job.3. I may find out that you've been lying to me. As a HH I have to represent you in terms of the things you have told me, if you've lied about this, what else might you lie about ?Reckon that's going to help the process of me getting you a job ?If you want me to represent you, then I need to know what your price for taking the job might be. To be honest I personally don't give a fuck what you earn now, and only ask to filter out jobs whose pay simply cannot match your aspirations, and because hiring managers ask me.In this market, or in a good market, or in whatever whirling vortex of chaos we may experience in the next few years, you are worth what you can get.
Last edited by DominicConnor on March 20th, 2009, 11:00 pm, edited 1 time in total.
 
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iliketopology
Posts: 461
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Should I tell the truth about current salary?

March 21st, 2009, 4:48 pm

QuoteOriginally posted by: tigerbillShould I tell the truth about current salary when HH asks me? is it understandable when he finds my true salary is 10% lower than what i tell him?I mean, obviously what i want is an offer higher than current one, that is why i think to tell a bigger number.thanks.Yes, always. Also, be extremely careful about how much bonus you made - closest to the thousand. If you were wrong at the beginning, then while you are being made an offer, you shall get a second chance. Then make an initiative to correct the figures. Don't tell them how much you want unless asked. These are old fashioned rules but still true and will always be. It might even surprise you that some of the banks even do the criminal background verification. In some cases, they have even called the local police station in the prospective employee's country where you did your undergrad, worked , grew up. That is what they did in my case and gave me an entire report.
Last edited by iliketopology on March 21st, 2009, 11:00 pm, edited 1 time in total.
 
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DominicConnor
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Should I tell the truth about current salary?

March 22nd, 2009, 8:11 am

The legality of checking your criminal record that way varies a lot by country, in Britain it is itself a criminal act, but abuse is so widespread that the authorities have a policy of not prosecuting unless the media find out.
 
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KackToodles
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Should I tell the truth about current salary?

March 22nd, 2009, 9:56 pm

QuoteOriginally posted by: untwiggedYou tell the HH "My salary is X+Y", when it really is X. You get a job at a bank, with a new salary of X+Y+Z. HH tells the bank "Your previous salary was X+Y". Bank does a reference check and finds out your previous salary was really X. Easy. Just say "Oh, that was just my bank salary. I also manage my private investment fund, where I earned Y. But it's a private fund and the imformation cannot be publicly disclosed."
 
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quantmeh
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Should I tell the truth about current salary?

March 23rd, 2009, 3:10 am

QuoteOriginally posted by: tigerbillShould I tell the truth about current salary when HH asks me? is it understandable when he finds my true salary is 10% lower than what i tell him?how can a lie be understandable? simply don't tell your salary if it's embarrassing
 
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pipih2008
Posts: 91
Joined: June 27th, 2008, 2:07 pm

Should I tell the truth about current salary?

March 23rd, 2009, 3:59 am

?
Last edited by pipih2008 on April 3rd, 2009, 10:00 pm, edited 1 time in total.
 
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deepvalue
Posts: 918
Joined: April 25th, 2007, 6:08 am

Should I tell the truth about current salary?

March 23rd, 2009, 8:11 am

QuoteOriginally posted by: jawabeanhow can a lie be understandable? simply don't tell your salary if it's embarrassing if you are worried your salary is embarrassing low, just give us a number and we'll tell you if you are being screwed.
 
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rmax
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Joined: December 8th, 2005, 9:31 am

Should I tell the truth about current salary?

March 23rd, 2009, 8:18 am

never Ever ever lie in business for all the good reasons that people have posted above...However make sure that when you discuss your salary with the HH you talk about your Total Comp. Salary, recent bonus, pension, investment plans, RSUs - the whole lot. You can then calculate whether you are getting a good deal on yor new role. This is not being dishonest, it is making sure that your full worth is taken into account.
 
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tigerbill
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Joined: April 22nd, 2004, 7:14 pm

Should I tell the truth about current salary?

March 23rd, 2009, 8:37 am

ok, thanks all, now i understand.The reason I asked this question is because my current company provides additional compensation which was not included in the contract (and salary payslip, either), for instance, meal, insurance. that is why i thought to add 10% to my actual salary. I was wrong, now i know how to reply such a question by HH.
Last edited by tigerbill on March 22nd, 2009, 11:00 pm, edited 1 time in total.
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