231–240 of 321 posts
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Loan applications. Credit cards. They all ask for your income. I always put 1,000,000. Never been denied a loan.
Mortgage loans and car loans in America also ask for your W-2 or proof of that said income. Can't prove it, they won't let you use your claimed income as basis for loan approvals.
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An old neighbor of mine was a headhunter. He once told me that some companies had a trick to get around the law. Upon getting hired, you'd sign a document saying that you'd agree to all policies in the employee handbook. Pretty standard stuff. One of the company policies was that you needed to prove any previous salary you stated in the negotiation. If it was too far off, they'd just terminate you. The trick is that…
Isn’t that too late to negotiate compensation? I had figured most of the value is knowing how to properly lowball candidates
There was a story recently about how large landlords use salary data to raise rents. If they see you got a raise, they’ll increase your rent accordingly. And pretty soon, retailers will do the same. Your personalized price for a gallon of milk at Walmart will reflect your annual raise. I love living in the future!
Many years ago, back when companies could ask for your previous compensation [0], a hiring manager once said to me "don't ever lie about your past compensation". I wasn't sure how they could figure this out at the time until someone later pointed out that many corporations do a credit history check on you as part of the background check. This gives them access to past compensation. The information asymmetry here is,…
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This is one of those strategies that may be "correct" in the sense that it works once or twice, but isn't a great long term strategy. e.g. let's say you sue and then win: that's now in the public record (which any new hiring company can see).
Its the perfect case for why labor organizes. Collectively battling this is good, but individually no one wants to because its personally high risk (legal costs, deter future employers hiring you) and low reward (some settlement that won't change your life).
Many years ago, back when companies could ask for your previous compensation [0], a hiring manager once said to me "don't ever lie about your past compensation". I wasn't sure how they could figure this out at the time until someone later pointed out that many corporations do a credit history check on you as part of the background check. This gives them access to past compensation. The information asymmetry here is,…
An old neighbor of mine was a headhunter. He once told me that some companies had a trick to get around the law. Upon getting hired, you'd sign a document saying that you'd agree to all policies in the employee handbook. Pretty standard stuff. One of the company policies was that you needed to prove any previous salary you stated in the negotiation. If it was too far off, they'd just terminate you. The trick is that…
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"don't ever lie about your past compensation" — because they can't figure it out on their own and IF they do (at least in my jurisdiction), you've got a nice case on your hands to sue them for violating privacy laws. The correct answer is: ALWAYS lie about your past compensation. It's the only way to get forward, one way or the other.
This is one of those strategies that may be "correct" in the sense that it works once or twice, but isn't a great long term strategy. e.g. let's say you sue and then win: that's now in the public record (which any new hiring company can see).
- My current comp is X, but that's not what I am worth to you.
- I've done my research, and someone with my experience is worth Y. I expect at least Y.
You set your salary expectations with your opening bid instead of letting them make the opening bid. It's also contingent on you having done your research =)
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An old neighbor of mine was a headhunter. He once told me that some companies had a trick to get around the law. Upon getting hired, you'd sign a document saying that you'd agree to all policies in the employee handbook. Pretty standard stuff. One of the company policies was that you needed to prove any previous salary you stated in the negotiation. If it was too far off, they'd just terminate you. The trick is that…
I call BS. Why would they hire you at an agreed to price, go through the cost & effort and then try and "get you"? Your old neighbour was either in bed with his hiring clients or not very good at his job.
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I am technically in the upper class based on income and place of residence. I drive an 11 year old vehicle, wear inexpensive clothes (often plain tees), eat out infrequently, etc. I unintentionally spend more in areas that tend not to be obvious to non-friends. I'd be upset if people could easily lookup my income.
An 11 years old vehicle could be a Corolla or an S-Klass.
There was a story recently about how large landlords use salary data to raise rents. If they see you got a raise, they’ll increase your rent accordingly. And pretty soon, retailers will do the same. Your personalized price for a gallon of milk at Walmart will reflect your annual raise. I love living in the future!
Large institutional landlords use Equifax data, TWN, and other 3rd party financial tracking systems to dynamically price renters across the board; new rentals, security deposit, renewals, etc. These are pricing strategies insurance companies use to their advantage, often partnering with landlords to ensure they're getting risk-reduced renters.