if you have relocated from a major metro market (e.g. NY/NJ) to another hub like Charlotte or JAX, how was your salary adjusted if at all? please mention what area/department and tenure. this has changed over the years, they used to adjust you down after the first year in the new lower cost location but is that still the case. I imagine it could be different for 'reasons' they change and make up justifications for
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I have moved from NYC to Charlotte and now to Virginia since 2016. Same team, same band no lowering of salary. All of the moves were based on my personal needs based on my wife's career opportunities. Initially when I told my manager I was relocating to North Carolina (30 minutes outside of Charlotte- Near my wife's new job), I was not offered the opportunity to relocate my position since no one in my group was working in Charlotte, and I actually never asked because I was looking for new opportunities, but my manager later offered the opportunity to relocate my position. So I had to take the offer just to make this move from NYC to North Carolina easier for myself and my family, without any lapse in income and health insurance.
In spite of my complaints about many aspects of Bank of America's compensation scale and management issues, the bank has treated me very well and given me a lot of flexibility with all of my moves. So with that I am greatly appreciative.
that's really helpful and thoughtful to notice I must definitely add that factor to consideration. in this case, it's me wanting out of NYC (10 years past my 3 years pledge) and CLT is always a safe choice, from what I can tell. I know they view me as a keeper already. I think I have a strong case since my team is lacking leader in my band in CLT. I remember some folks used to have to accept lower salary for a move...so as long as that's not the case anymore, it can work for me.
Did anyone here actually experience having to go down in salary? what were the circumstances?
*relocated
(typo below - sorry)
More important question than the ones you've raised (which kind of miss the point):
Are YOU asking to move OR are THEY asking you to relocate? How much do they want/need you in the new location?
I've been relovated 3 times for this company. (all Major Metro to Major Metro and all within the past 15 years.)
Move #1. New role (same band, diff dept): was able to negotiate a higher salary, fully paid temp housing for 3 months + moving expenses (grossed up for taxes as it counts as "income). But that was many years ago....
Most important point: THEY wanted me to move.
Move #2. Same role, same band: Coast to coast. No change in comp. But did get the temporary housing (which had to be extended b/c I could not find a place) + grossed up moving expenses.
Again, most important point: THEY wanted me to move.
Move #3. Diff role, diff dept, diff city. This time it was MY preference to move. I was networking all over the bank to get a job back closer to my aging parents. Even though the new job I found should have "technically" been a band lower and no housing/moving expenses were included [company was under MAJOR expense pressures that year], I asked the hiring manager about moving expenses and he chipped in $10k (for a coast to coast move -- less than what they paid for move #2, but did actually cover my out of pocket. I never mentioned the issue of band/salary -- because I was VERY eager to move back "home" for "quality of life". Was pleasantly surprised to be kept whole. Same band, same comp.
I have been very happy each time. The bank treated me well and did right by me.
That said, my final move was to a "less desirable" geography (MM, but "non-core") for the dept. Haven't gotten another raise and my bonus has been trimmed for 3 of the past 5 years.
But I am happier.
fwiw as 30-year veteran, never heard of anyone being taken down a band nor down in comp. Many colleagues moved from NYC to CLT -- which I thought should be less -- but they were kept same or if it was a bigger job, got more $$$/ Because the company wanted them there. Seems silly CLT paid same or more than NYC, but have seen it.
Just be clear on your priorities and don't be afraid to state them nicely. Get your manager to advocate with HR for you. It will help if they view you as a "Keeper".
You got this - Best of luck!