Going from entry level to next levels are usually the highest and typically not a big deal to do in the same company essentially going from trainee to a sub-manager level.
I doubled in 3 years within the same company this way. It is the steps after that where moving can be worthwhile. You can get 40%, 100% or more per job change. So if you’re not achieving that internally, it can be worth considering an external move.
Also, there may be limited upwards movement within the same company simply due to lack of positions above to move to.
Well, from my point of view (and i v been head of a couple of Private Banking Teams), the value of a relationship manager increases with time… As his clients gets more sticky with him.
So, i would not change company, as ur salary as a relationship manager wont increases substancially except if you can move a lot of client… and if you dont, you might loose your new job faster than u think (happend multiple times in my teams)
Yes as why I‘m planning to stick with them for several years, maybe even till I‘m close to my FIRE number. We have 3 in our team that will retire soon and I‘ll be able to get some of the diamonds.
Do remember that you put your gross salary into the OP up there and even with that trajectory, I am all but certain you can increase it further by … just being aware of market rates for the services you provide.
So I would implore you to first, find out about those market rates. You do that by 1) research into the competition 2) interviews with that competition and 3) creative negotiation with your competition and your current employer.
The examples I know of people being held with a carrots like the ones you list above (senior people retiring, etc) to stay in places with below-market compensation are too numerous for me to list here.
Perhaps this is something one needs to experience before being able to believe this coming from strangers in an online forum.
There are some things you have to experience to learn (what it is like being a parent, why you shouldn’t use margin when trading) I don’t think this is one of them.
I think it is more a human bias. When you are doing OK, your lizard brain doesn’t want you to jeopardize that so rationalizes staying. I had the same thing: I had a job offer with 100% pay rise but I’d need to move back to Zurich from Basel and my brain came up with all these rationalizations why I should stay in my current job. Probably the worst career decision I made.
“Relationship management” for a bank is a sales position, with the product sold being highly profitable for the bank and the target audience being mass affluent to high net worth individuals (read: those with the necessary assets & deposit base).
Stands to reason banks develop cultural norms not to see “relationship managers” as sales people, because if they were aware they’re sales people they might also become aware that there may well be places with much lower caps on commissions and much better structuring of fixed vs variable comp.
Once one divests from the view that “employer loyalty is a net-good for sales people”, it will become possible to perceive that “actually there’s money lying around on the streets; I just have to pick it up” – and this I think is much easier to learn from negotiations success than being told on internet forums.
Right now after 6 months basically non of my clients are sticky with me. This will take years, maybe even a decade to achieve that. The good thing is that my colleague I’m working with will retire soon and he has currently one of the biggest and most profitable books in the region. I already worked with some of them when he was on vacation, so there is a big chance of taking over several of them within the next 2-3 years.
My 2024 total comp is 132k. Realistically it will get to 150k within the next 3 years and 170-180k within the next 6 years (right before I turn 40). So I wonder how much I’m actually leaving on the table by staying loyal to my employer.
It’s nuanced in my opinion! The cold hard reality is that businesses - any - value the strongest performers regardless of their loyalty, they are too valuable bringing money in. In fact they promote killing of loyalty by always poaching from each other, therefore while on paper someone who’s changed 6 jobs in 10 years may look like they always chase the next thing, if the value they bring with them outweighs the fact they will likely just jump ship again then they get hired over a good soldier/good corporate citizen.
The problem is if these people, being super driven and prepared to step over corpses, create a toxic environment around them, this is bad for business.
Another point, while the value of loyalty diminishes the larger the shop one is in, at the local level (if your immediate team) it is never forgotten, and can come back and reward you even years later.
Job hopping shouldn’t be done purely on assumption that job hopping results in higher salary.
One should spend reasonable time in a role to actually learn something. This would always be useful. Both in future company or current company (new role) . What is reasonable is up to an individual but 3-5 years would be appropriate.
No skills job hoppers only survive in bull market.
I notice lot of people just want to change roles or jobs without really learning anything. This means they don’t really have any confidence because before the time of contribution came, they left.
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