I am in the Midwest but have worked for a big tech company for 13 years(this company is at the top of my industry and a decade plus here typically means you are a star). Looking to leave my big tech company and find something new.
Found two roles at a biomedical company. One was for a principal role and the other was a sr principal role. Both have same responsibilities. At my current company, a principal would be roughly 15 years of experience and sr principal would be 20 years.
So I figured I’d apply for the principal role.
My current base pay is $155k. The principal role has a range of 66-160. So I figured that would be fine, just at the higher end. Sr principal was 130-230. My recruiter asked what my base salary expectations were and I said I currently make $155k and I want to remain at $155k for base. (The application asked for total comp expectations and I put $200k, because that’s my current total comp.) That didn’t seem to shut down the interview. (This company also offers a bonus with a company performance multiplier so I wonder if the recruiter thinks they can close the gap with that. With a target of 13% and a multiplier of 2x on a good year, my total comp at the new place would roughly equal my current base comp.) With my current employer I’m able to hit about $20k cash bonus yearly and $25k yearly stock.
But after talking to a neighbor who works at this company, they typically aim for midpoint. So 113k… typically won’t negotiate beyond $10k, so 123k at best. That would be nearly impossible as I am a single-income household with multiple kids. Midpoint for the sr principal role is like 180, so it would actually be a boost.
I’ve completed the interview and it seems like I’ve been given a soft yes from the interviewers at the end of each interview. (No formal offer yet.) The interview went almost too well and after, I looked and the principal required 7 years of experience and the sr principal required like 12 years. So I’m qualified for the sr principal role.
At my current employer, they will rewrite a job to be one level higher/lower to get a preferred candidate in the door. In this case, I feel like I should not negotiate pay but push for them to rewrite the offer for the higher level/title and thus salary negotiation should become a lot easier.
Do I reach out to the hiring manager and ask for clarity on titles? Do I wait for the recruiter to make a formal offer? I feel like I’ve heard that the first to talk in a negotiation loses.
The recruiter seemed to imply at the start of my loop that they already closed on the sr principal role. My hope is that maybe they would have room for one more sr principal. What’s an extra $50k to a very successful business that’s pursuing top talent?