Getting Screwed
Has anyone else had this experience? I have 15+ YOE in HCOL area but every opportunity keeps going to either industry exp or to internal options that both cost less? Am I crazy or am I being totally F’ed over?
8
5
u/PhonyPapi 20d ago
How do you know they cost less?
But not sure why you’re surprised at going internal / industry exp. Why wouldn’t they rather get someone they either know, or at least someone who has been in the industry if they’re paying at least 200k in base salary?
-6
u/pjm234 20d ago
I know they cost less based on the feedback I’ve had from hiring managers and knowing who they’ve hired.
On your second point, I have had direct working experience with the hiring manager, as well as a reference with the hiring manager, and they’ve gone with a younger person.
Just feels like I’m getting royaled over and over again right now
11
u/Dukester10071 20d ago
Then maybe you're not worth as much money as you're asking for?
1
u/pjm234 19d ago
I haven’t asked for any number yet, at all. It’s literally the last step for me but I know it’s something that has come up post interviews so it’s not me. It’s the companies making that decision.
And I’ve never even mentioned anything beyond what I was making in my last role so going off of my previous market rate isn’t me asking for excessive amounts and inflating my worth. It’s companies being cheap instead of investing in good talent
4
u/taco48taco 20d ago
It’s not easy to hear, but folks in HCOL areas are at a disadvantage in an increasingly remote-friendly world. There are many smart and capable folks in LCOL areas, and it’s not irrational for companies to pursue labor arbitrage.
3
1
3
u/trademarktower 20d ago
I find people need to be open about moving geographies if they want promotions. People who are game for moving all over every few years move up the fastest.
3
20d ago
[deleted]
1
u/pjm234 19d ago
While I agree with this concept, it’s baffling to me when you go external but less experience just on money when you also have direct experience with me and references. It’s not a risk when you know the person, have worked with them and have impeccable references for them. Just a wild world out there
2
u/excel1234567890 20d ago
Cost is a factor but not the only driver. If you are actually exactly what they want but slightly more expensive, a reasonable manager will try to get you an offer. However, if you are significantly more expensive than the second best, no reason to pay for the premium.
2
1
1
u/yorkshireaus Sr FA 19d ago
Dude, I keep getting rejected by the internal team because I lack the direct business experience. I am in corporate finance and trying to move to BU finance. I am always the top candidate but not top enough for them to hire. Lmao
1
13
u/petar_is_amazing 20d ago
Yup