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Old 04-22-2018, 11:14 PM
SixMileDrive SixMileDrive is offline
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Default Bermuda vs US Salary Expectations

I want to make sure that during salary negotiations I'm not shorting myself but at the same time not asking for so much that I am being offensive.

If my target range in the US was 90-105k, would a target range of 110-150k be reasonable in Bermuda (assuming I also get a housing allowance)? If not, what should I be asking for?

I've looked at the salary survey and there are so few data points that I don't know how valuable they are. I am also assuming that, due to my experience, I am a high-value candidate for the company I am talking to.

The position I am looking at is very attractive to me and I hate going into things relatively blind.
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Old 04-23-2018, 02:34 AM
tommie frazier tommie frazier is offline
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at a company I once was at, the adjustment was 30-40% on salary + a HA. it could vary by person and need, etc.

If you are not sure where the salary range should be - and for such a change in locale you must be with a recruiter who can help you, right?!?!?! - have them offer the number, reverse it using a formula like I suggest above, and then adjust. Make sure the HA is adequate for the area (there are BDA web sites that list rentals - find them and take a look at what you can get and what is included).
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Old 04-23-2018, 02:44 AM
Westley Westley is offline
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Agree that, ideally, you should be working with a. recruiter that understands Bermuda and is looking out for you.

If not, would just defer on any salary discussions with employer until you really have your research done and don't be afraid to reach out directly to people that are in your LI network or here or elsewhere that you know. Need to understand how HA works, how it's taxed, what it covers or doesn't cover and what the housing market looks like. It's a long-term commitment, much more difficult to leave than if you just switched jobs here.
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Old 04-23-2018, 07:23 AM
Abnormal Abnormal is offline
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Company policies on housing allowances are hardly uniform. Some will flat out say "we don't give housing allowances". Others have standardized policies based on job title - an AVP gets X, a VP gets Y, an SVP gets Z, and so forth. And even that's not consistent across companies - I know of one that provides heavily subsidized mortgages to their staff (not of much use to non-Bermudians) but no housing allowances.

Then there's the question of whether or not the housing allowance is simply additional income or whether it's offered on a "use it or lose it" basis. That's important to know.

As an aside, times have changed. In the day pretty much every exempt company provided housing allowances, at least to reasonably senior people. Today, that's not necessarily the case.
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Old 04-23-2018, 11:05 AM
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If you'd like to discuss your situation and BM salaries in detail, please feel free to email me at tom.troceen@dwsimpson.com. The COL in BM is very high, and you also have to account for the fact that you'll probably want to travel out of BM regularly. It all adds up, and usually does result in a substantial increase in pay to offset these expenses and attract talent to the island.

The biggest factors will be if you're in Life or P&C, along with if you're a fellow, have management experience, and other in demand skills.

Best of luck with the move. Let me know if you have any questions!

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  #6  
Old 04-25-2018, 12:33 PM
Westley Westley is offline
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That's a pretty generous offer from Tom and recommend OP takes him up on that. Recruiters are always looking to increase their connections - that's their job, really - which makes people hesitant to contact them for some reason. There are many situations, like this, where recruiters are happy to have a conversation - the fact that they might try to place you at some point in the future doesn't make that offer any less valuable.

Also, I just re-read the OP. Agree that you should be concerned about "shorting" yourself and also about "being offensive". But while you should be concerned about both, you should be much more concerned about the former; the company will make sure to be concerned about the latter.
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Old 04-25-2018, 02:43 PM
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Bermuda Onion Bermuda Onion is offline
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Quote:
Originally Posted by SixMileDrive View Post
I want to make sure that during salary negotiations I'm not shorting myself but at the same time not asking for so much that I am being offensive.

If my target range in the US was 90-105k, would a target range of 110-150k be reasonable in Bermuda (assuming I also get a housing allowance)? If not, what should I be asking for?

I've looked at the salary survey and there are so few data points that I don't know how valuable they are. I am also assuming that, due to my experience, I am a high-value candidate for the company I am talking to.

The position I am looking at is very attractive to me and I hate going into things relatively blind.
I would say your range is reasonable from a general standpoint. Especially the high end with a housing allowance.

If you feel like the offer is a little short I wouldn't worry too much about it as long as the following are true. The position is desirable, your family situation will work and you will like Bermuda itself (golf at Mid Ocean in the a.m., boating in the afternoon, grilling out by someone's pool at night - but being stuck on a sweaty rock all year). Most people move up very quickly though if the situation is right.

Basically if you are a high value candidate you will likely end up making bank pretty quickly.
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Old 04-25-2018, 04:08 PM
Beach Bum Beach Bum is offline
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Whatever you do make sure you demand a very healthy risk premium (salary adj) for moving to Bermuda.

I'd think with all of the M&A, continued soft market conditions, excess capacity, 2017 results, competition, that Bermuda is losing its appeal. Throw in the new US Corporate Tax rates and other changes, I think Bermuda will be hurting.

Although off topic, don't even get me started with Lloyd's, that place is a mess of a business right now. Same reasons as above but throw in Brexit and the amount of subpar business they write. They took a huge hit given their market share in the 2017 cat events.
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Old 04-25-2018, 04:26 PM
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" being stuck on a sweaty rock all year"
This answers the question in another thread about why someone might NOT want to go to Bermuda.
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Old 04-26-2018, 12:14 PM
Harbinger Harbinger is offline
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Originally Posted by Bermuda Onion View Post
being stuck on a sweaty rock all year
Can you explain the physics on how a rock sweats?
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