To find salary offered an insult?

[Willowtree5]

As part of a restructure, I have been asked if I would take on three direct reports (I currently don’t manage anyone, but have in the past - big pull of current role was no line management responsibility).

I said I’d consider it - whilst I know I can manage people, it does add to my workload and the ‘mental load’ of dealing with all the crap around sickness/absence, 1:1’s etc.

My manager said she’d establish what additional uplift to my salary would be possible and let me know.

They’ve come back with an offer of £125,000 (current salary pre bonuses £105,000) which I find frankly insulting given the workload this would add.

AIBU to tell them to stuff it?

You already jumped the shark with 'Dmanager', you don't need to over-egg it.

Sounds a reasonable increase, but remember it's only 8k after tax. I'm sure they will counteroffer you, and when they do, I'd be asking about a healthy pension contribution, assuming you don't need the extra ££ per month.

Depending on what you already pay into a pension, you could potentially bang in 15k into a pension with minimal effect on take-home pay,

Eh? That’s how it’s done on here, isn’t it?

I'm glad someone else has already pointed out:

It's not a race to the bottom..!

There are so, so many posts along the lines of, "I work in the NHS/HE/Local Govt. (delete as applicable) and only earn £30k managing 50 staff!"

If ever there's a comment on how great pubic sector pensions are when there's another strike looming, the chorus of "It's not a race to the bottom!" is never far away.

Regarding the difference in net household income @Willowtree5 might gain from the extra £20k, it could actually be pretty much zero.

If you earn £105k and pay 5% into your pension (assuming standard tax code) your taxable income is under £100k and you net £69,576

At £125k with same 5% pension you net £77,176 but you're well over the £100k taxable income level.

So that's £7,600 extra net, but at that point you've lost the free childcare, which could be pretty much the same as the extra pay.

Yep. I think people don’t realise with the clawback of personal allowance and loss of childcare allowance actually makes this a lot more work for only a tiny bit more pay.

But that isn’t the company’s issue is it that is a personal tax one

Yes but then the OP may get another raise and then another one.

I love how earnest the higher salary experts are on here, attempting to explain life in London to us 95 percenters , whilst the OP is using terms like Dcoroner 😂.

I fcking love Mumsnet, please don't ever change.

im going to wager that you’re snide

You clearly don’t work in or know much about finance.
There is finance the industry, as in “I work in finance”.
Then there is the finance job function, more often that not within companies that have nothing at all to do with finance. These jobs could be anything from bookkeeping right up to being the finance director. They are often not well paid, regardless of seniority, because what drives their pay is their industry NOT their job function.

Conflating the two is utterly meaningless - it tells you nothing.

What extra actual work or overall responsibility for delivery would you have?

Part of me thinks easy money,.plus a new baseline to shop around for a new job.

Other part thinks they've already made a significant ongoing saving by getting rid of others so it's their problem to recruit a manager.

Maybe consider what percentage more work will you need to do and set that out in the counter offer.

To some of us who live in London!

@Ziegfeld what does someone do all day who is' in finance' as opposed to someone 'working in finance? '

Do you mean someone 'in finance' is an investment banker or hedge fund trader?'

And not a finance director or CFO? It's very confusing, would appreciate an explanation!

When did I say it was a company issue?

Or she may not. For now, it’s not worth it.

Literally - not only did I live there for a decade myself but this site is known for being very London centric , it's actually hilariously patronising.

In her whole career, no more pay rises, that’s highly unlikely. I think it’s worth busting through the stitch up margin tax rate band rather than always trying to stay on the cusp of it.

It’s so varied and it isn’t now just the City - I remember when we moved to Canary Wharf (Publishing Office) where it would take the Executive Leadership to hit 6 figures and it was different.

I think she means I’d you work in a financial institution such as big accountancy practice, private equity fund, investment back etc then the salaries are very high.

if you work in a company outside of those sectors but do a finance function the salaries are often no where near as high. E.g. finance director in a recruitment firm in London.

"...to us 95 percenters"

Well, at least you do acknowledge that you are at the 95th percentile. A lot of people don't.

So if she will receive payrises she can do so without the added stress of people management for what will be, in short to medium term hardly extra.

If she asks for and gets the 50k extra it’s certainly worth it.

From 100 - 125 it’s absolutely not.

I thought OPs comment about it being retail showed a significant detachment from reality.

Mine boss manages all the registered professionals in the service for 50k. We're an NHS clinical team. We work bloody hard to treat your children. She is 80% clinical and in the remaining day of the week she does service development, and manages 5 of us with quarterly reviews, caseload management, clinical supervision...

I explained this further up the thread but will have another go here.

People who work “in finance” work in the financial services industry.

This is made up of banks, insurers, asset managers and brokers, mostly based in big financial centres (City of London, Edinburgh, New York, Boston, Tokyo, Frankfurt) although some firms have back and middle office staff in other cities. There are obviously a huge range of people who work in these firms. Some are ‘hedge fund traders’, but there are all kinds of other revenue earners, plus operations people, compliance people, risk people, and all the usual business functions (IT, HR, legal, tax, finance, comms) you might find in any largish company. All of these people would say they work “in finance”; virtually none of them are a “finance director” or CFO.

No it just makes you sound like even more of a pratt D doesn’t go in front of any and every word.

Because the OP wrote

More fool you for not asserting yourself and negotiating for a fair deal.

So it was my response to her saying I was the problem rather than the sectors I was in simply not having the luxury of the budget to do what she was asking for.