Huge paycut :(

[JS80]

Originally posted by: forfor
So I have been working a short term consultant (STC) at a very large, extremely prestigous company for the past 6 months. You can't work as a STC for more than 150 days in a fiscal year so they offered me a fulltime position. Well, I was getting paid $24/hour net as a consultant. The pay is not great here, but the name on your resume will open a thousand doors. Anyways, I knew my salary would be lower than what I earn now if I were offered a full time position, probably around $35K (net) or so since they'll then be paying my insurance, co-pay my commute, have annual leave, etc. but I was shocked to every single bone of mine when they offered only $29K (net) This is very low. I don't know what to do... as great as it is to be working for this company, the pay just doesn't do it for me... I have always believed in not letting finances affect my happiness but this is just too low. Most people at this company are 35+, only about 20% of the workforce is under 30, and only around 0.5% under 25. I don't know what to do... I have made good contacts here, and maybe I can go work somewhere else for a few years and come back as I am only 23, but what do you all think? Apparently my salary offer is determined by our corporate operations manual. They have a scale where they use your educational/professional background and depending on your advanced degrees + number of years working, they offer you what it says in the manual...

So anyways, I am sorry for the rant but I was making about $3400 net per month as a consultant and will be making $2400 now... if I accept the offer.

:frown:

lol what kind of "prestigious" company pays $24/hour for their "consultants," let alone $29k salary...

This could mean 2 things:
1) They really don't want to hire you full time, but at a cheap $29k rate they would
2) They really think you're stupid enough to accept $29k.

I would reject the offer and apply elsewhere. You may get a counter, but I would still work elsewhere.

 

[JS80]

Originally posted by: postmortemIA

Originally posted by: forfor

Originally posted by: postmortemIA
do you have college degree?

Yes, actually a top 20 college according to US News. Double majored too, in Finance and Management.

Then anything less than $40K is insult.

$40k seems sorta low for an "analyst" or "consultant" in finance with 1.5 years experience...

 

[HeroOfPellinor]

If you're a consultant, then you are probably overestimating how much you're making as they aren't paying payroll taxes on your behalf and you'll owe them come tax time. Are you going to receive a 1099 instead of a W2?

So this may not be as much of a pay cut as you think.

Sounds like a good company, so I'd take it and find out what the reqs are for higher pay and make a checklist and start checking things off and throwing the operations manual back in their face review time.

 

[bobdelt]

Originally posted by: Rage187
you went to college and make less than $50,000???

almost nobody i know who went to college started out over 50 unless it was engeineering... a lot of people went on to grad schools but those who stayed and work didnt get offered anything close to that, and thats in LA.

 

[OutHouse]

Originally posted by: Rage187
you went to college and make less than $50,000???

Gasp!!! him and many many many others.

 

[postmortemIA]

Originally posted by: JS80

Originally posted by: postmortemIA

Originally posted by: forfor

Originally posted by: postmortemIA
do you have college degree?

Yes, actually a top 20 college according to US News. Double majored too, in Finance and Management.

Then anything less than $40K is insult.

$40k seems sorta low for an "analyst" or "consultant" in finance with 1.5 years experience...

Yes, it is, but at least it is not insult, $40K in midwest is not something to be ashamed of. $29K on other hand is pay for somebody with high school, or some college.

 

[JS80]

Originally posted by: forfor

Originally posted by: kranky
First thing you have to do is add up the value of all the benefits you'll get as a full-time employee. Your health insurance alone is probably worth $800 a month if it's good coverage. And factor in the savings from not having to pay self-employement taxes.

Insurance runs that much? I am paying $220/mo through Aetna for medical + dental. I also don't pay any taxes in the U.S. due to a trade agreement between the U.S. and my home country.

You also need to figure out what the potential is down the road. You seem to think it's pretty good, so even if you have to take a small temporary setback, it could be well worth it in the long run career-wise.

Thank you for your advice. This is my mentality at the moment, posted here to reassure myself... again, thank you and all the others.

are you here on a work visa? it's super expensive to sponsor foreigners...

 

[flashbacck]

Despite the operations manual, you can probably negotiate a higher pay. Maybe they can put you at a the bottom level of a higher position. If you're going to negotiate, make sure you can justify it. i.e. mention all your experience, successful projects, or whatnot.

 

[sygyzy]

If those company demographics are correct, they are going to hit a talent crunch when all their people start retiring. They are best served learning their lesson early and paying the youngin's more.

 

[Svnla]

Originally posted by: bobdelt

Originally posted by: Rage187
you went to college and make less than $50,000???

almost nobody i know who went to college started out over 50 unless it was engeineering... a lot of people went on to grad schools but those who stayed and work didnt get offered anything close to that, and thats in LA.

True. I used to work with a guy with a mechanic degree from West Point <he was a tank commander in Desert Storm 1> and he didn't make $50K.

OP, you have to make a choice. Do you want to stay there for the name of the company and experience and potential of making more money later? Don't forget that $29K/year may be not much but it is much better than $0/year. Why not take the job and looking for something else better?

BTW, $29K a year is a bit low with a college degree and over 1 year of experience <even for my location - southern state of US>. How many hours you work a week? I hope they don't ask you to work 60-70 hrs a week for $29K.

 

[iliopsoas]

Originally posted by: forfor

Originally posted by: postmortemIA
do you have college degree?

Yes, actually a top 20 college according to US News. Double majored too, in Finance and Management.

Finance and Mgmt aren't considered double major. Double concentration, maybe. Only a few courses separate the 2.

 

[James3shin]

a BS is exactly that, "BS." Gotta get that next level.

 

[flyboy84]

Originally posted by: Paddington

you went to college and make less than $50,000???

I graduated from Cornell, and I'd say most of my class - who got jobs - made less than that when they graduated.

There was a desperate craze to get finance jobs on Wall Street. Thousands of people were applying for maybe 20-30 positions altogether. This included virtually all of the computer science/engineering guys since the tech industry had collapsed. Those handful of Wall Street jobs were the only good paying ones out of college.

All the premeds who didn't make it got stuck working as lab assistants/researchers for horrendous pay. English majors get crap jobs as writers, rewriting press releases...

To be sure that you're going to get a good paying job these days you almost have to go to graduate school. A college diploma does nothing.

I think you might be mistaken about the tech industry collapsing. I graduated with an engineering degree from Union (good school, but not as prestigious as Cornell) and have an engineering job out of college at 55k in an area with relatively cheap cost of living (upstate NY). I had pretty good grades (3.64) but I know others who had closer to a 3.0 at Union who got engineering jobs at good companies (GE, Pfizer, etc). I know one CS major (year before me) who got a starting salary of 65k in NYC.

Grad school certainly does help though. One of my colleagues (basically one level up from me) has a MSEE from Cornell and less than 2 years experience and makes 10k more than I do.

 

[mugs]

Originally posted by: iliopsoas

Originally posted by: forfor

Originally posted by: postmortemIA
do you have college degree?

Yes, actually a top 20 college according to US News. Double majored too, in Finance and Management.

Finance and Mgmt aren't considered double major. Double concentration, maybe. Only a few courses separate the 2.

My college wouldn't even let you do two majors from the same department because of that.

 

[JS80]

wow...a lot of you guys are way underpaid (or maybe not...)

 

[mugs]

OP, why did you list your net salary and net hourly wages? Everyone seems to be interpreting that as gross, which is what everyone in this country talks about when dealing with pay.

Bottom line is, if you think you should make more, demand more. If they don't pay up, find another job that will pay you what you want.

 

[flyboy84]

Originally posted by: mugs
OP, why did you list your net salary and net hourly wages? Everyone seems to be interpreting that as gross, which is what everyone in this country talks about when dealing with pay.

QFT I forgot to ask that. Who the F lists net salary?

 

[Quasmo]

Originally posted by: FoBoT
NOVA ?!?!

for that $$$ ? !??!?!

wouldn't you have to live in a cardboard box behind the dumpster at Arby's to live on $31K ?!!?!!!!!!!!!?!?!!!!!!!111111111111111oneoneoneone

No kidding, that area is fricken redic.

 

[isekii]

Originally posted by: forfor

Originally posted by: FoBoT

Originally posted by: Rage187
you went to college and make less than $50,000???

he lives in minnesota, cost of living should be fairly decent there

and he is only 23 years old, i assume single/no dependants

Sorry my profile was outdated. I live in McLean, VA and its extremely expensive here.

So move somewhere more bumfvck.. it'll be extremely cheaper there.
Unless you're near by DC or VA beach, how expensive can it really be

 

[Gooberlx2]

Originally posted by: Rage187
you went to college and make less than $50,000???

Sheesh...I guess less than $50K is apalling in the business world...but believe me, there's plenty of other fields, which require college degrees, that don't start out anywhere near that (*cough* animal husbandry *cough*).

 

[PoPPeR]

Originally posted by: Paddington

you went to college and make less than $50,000???

I graduated from Cornell, and I'd say most of my class - who got jobs - made less than that when they graduated.

There was a desperate craze to get finance jobs on Wall Street. Thousands of people were applying for maybe 20-30 positions altogether. This included virtually all of the computer science/engineering guys since the tech industry had collapsed. Those handful of Wall Street jobs were the only good paying ones out of college.

All the premeds who didn't make it got stuck working as lab assistants/researchers for horrendous pay. English majors get crap jobs as writers, rewriting press releases...

To be sure that you're going to get a good paying job these days you almost have to go to graduate school. A college diploma does nothing.

weird... i'm starting at 50k+ with nothing but an BS in accounting from Arizona State.

And people tell me that I'll be underpaid.

 

[Winchester]

Dont forget that they pay for benefits, a large percentage of your social security, medicare, insurance, etc. If you do the math you will probably be making MORE money than you are now.

You can estimate roughly 40% to be "self-employed." With a full time position they take care of most of the costs. Benefits alone can run $100/month for healthy guy in his twenties. I think it is a good offer.

 

[Art Vandelay]

Originally posted by: JS80

Originally posted by: forfor

Originally posted by: kranky
First thing you have to do is add up the value of all the benefits you'll get as a full-time employee. Your health insurance alone is probably worth $800 a month if it's good coverage. And factor in the savings from not having to pay self-employement taxes.

Insurance runs that much? I am paying $220/mo through Aetna for medical + dental. I also don't pay any taxes in the U.S. due to a trade agreement between the U.S. and my home country.

You also need to figure out what the potential is down the road. You seem to think it's pretty good, so even if you have to take a small temporary setback, it could be well worth it in the long run career-wise.

Thank you for your advice. This is my mentality at the moment, posted here to reassure myself... again, thank you and all the others.

are you here on a work visa? it's super expensive to sponsor foreigners...

Diplomatic visa. I work within the same company as him.

 

[AAjax]

All of a sudden the recent offer i got sounds not so bad. Thanks for the perspective check.

 

[iliopsoas]

Originally posted by: PoPPeR

Originally posted by: Paddington

you went to college and make less than $50,000???

I graduated from Cornell, and I'd say most of my class - who got jobs - made less than that when they graduated.

There was a desperate craze to get finance jobs on Wall Street. Thousands of people were applying for maybe 20-30 positions altogether. This included virtually all of the computer science/engineering guys since the tech industry had collapsed. Those handful of Wall Street jobs were the only good paying ones out of college.

All the premeds who didn't make it got stuck working as lab assistants/researchers for horrendous pay. English majors get crap jobs as writers, rewriting press releases...

To be sure that you're going to get a good paying job these days you almost have to go to graduate school. A college diploma does nothing.

weird... i'm starting at 50k+ with nothing but an BS in accounting from Arizona State.

And people tell me that I'll be underpaid.

Dude, you're overpaid at $50K starting salary for general accounting work.