Job relocation to London. Compensation?

LOMS

LOMS

LOMS

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Hello,

My company have asked me to relocate to the London office. We haven't discussed financials yet but obviously a compensation will be in place.

What is a reasonable number to ask? Has anybody been in a similar situation before?

For discussion purposes, let's assume I'm paid 45K gross annually. This is obviously somewhere outside our expensive capital.

As far as incremental monthly expenses go, my initial calculations show a monthly increase of £650-700, that's predominantly in rent.

This would bring us to £8.4K a year before tax. After tax 14K. I'm not taking into account NI taxes here even.

Question is, does this sound reasonable/realistic? What's the legalities here? Has anybody been through this before who could share their opinion?

Cheers lads
 
It depends where you live now and how much you are paid relative to London. Have you also looked at the London job market to understand the typical rate for your role there?

Living and travel costs can be very significant in London.

Legally I think they can offer you statutory redundancy pay if they move the role beyond a certain distance and you choose not to go.
 
Interesting. Without actually saying what the number should be, I think you should calculate how much it would take to maintain your current living standards (eg. if you live on your own now, then renting a place on your own with a similar commute time to work) and use that as your opening for negotiations.

Then calculate a second amount which is what you are prepared to accept to move, and don't let them go below that!
 
How big is the company? If it's large, you'll likely be offered the 'going' London rate for a comparable role. If it's smaller then you may be able to negotiate something.
 
I'd go to the discussion armed with the facts & figures about the increases in travel & rent (I assume the main two) - then request that you are able to at least maintain your existing standard of living in this move.

Any reasonable company will expect to have to pay extra, as for many positions the base rate is already a fair bit higher in London (if they had to rehire), I know my role in London is around £20/25k higher.

In the past I've used relocations as an opportunity to renegotiate my contracts, usually ending up better off (even after taking into account the additional travel/move). So if you believe they may be open to this it's something worth exploring.
 
Don't do it unless you can see other doors opening up.

I work for a large financial institution and the London weighting is a measly £4k per year for a salary around then 45k mark.

You really need 60k down here to live solo comfortably in a 1bed. It's a hell of a city though!
 
zegna said:
Don't do it unless you can see other doors opening up.

I work for a large financial institution and the London weighting is a measly £4k per year for a salary around then 45k mark.

You really need 60k down here to live solo comfortably in a 1bed. It's a hell of a city though!
Click to expand...

Unless prices have gone through the roof since I left (they were always rising but not that fast :P) you can live fairly comfortably on a lot less than that based somewhere out on the edge of Zone 4/5.
 
zegna enjoys these threads because it allows him to talk about banking 10 grand a month which often bares no relation at all to the question posed by the OP. Sometimes he is less obnoxious and suggests that a minimum of 60k a year is necessary to live in London.

You can make of the above what you will.
 
Unless you are commuting in from outside of London vs car then it is normally cheaper transport. Obviously a lot of factors in there such as proximity to your previous work, you could have previously walked for example. Normally if you are within commuting distance of London getting a season ticket paid for us the first step.
 
[FnG]magnolia;27166353 said:
zegna enjoys these threads because it allows him to talk about banking 10 grand a month which often bares no relation at all to the question posed by the OP. Sometimes he is less obnoxious and suggests that a minimum of 60k a year is necessary to live in London.

You can make of the above what you will.
Click to expand...

Haha

Thanks for this, perhaps I need to start again with a new name.

Back to the topic- pre tax 45k would be enough if you're very sensible and don't have any aspirations of saving money.

You could share a flat and live in illford, go for drinks in Romford and never buy anything.. but that defeats the point of London.
 
TBH 45k wouldn't be your limit in most jobs in London and the other half may work too making it very worthwhile for the experience.
 
There is a lot of crap being spoke in this thread...

Where are you moving from?
Do you want to live in central ish London or do you want to live in commuter belt?

London is one of the most highly populated cities in the world.... Not everyone in it is earning £45k+ and they manage....

If you earn £45k elsewhere in the UK (let's say bottom half of the country), if you got a salary boost to say £55k your quality of life would be no different in London.
 
You should be thanking them for bringing you to civilisation rather than asking for compensation!





:p
 
Ok just read this properly - go for a high ball 65k amd then negiotiate down.

If they offer you any less than 60k refuse and stay put. In the meantime get your CV (make sure you say you live in London or they won't touch you)out and see how much recruiters reckon you're worth here.

Pretend you have another offer and make your manager worried.

Then watch it play out.. It's all one big game ultimately.. Don't be a sucker, the market is different down here.
 
You do not I repeat do NOT need 60k to live comfortably on your own in Loondon.
That is utter tosh
I live with my Girlfriend (who pays half the rent but I pay for)
All food
All bills, Elctric, Water BT fibre optic internet
Council tax
Car parking
Top up her oyster on the odd occasion

We live in Dalston/Islington
Its a pretty expensive area on the cusp of zone 1 (btw, you don't want to live in Zone 1.)
Zone 2 is where its at either North or North east.

I do all this. On a lot less than 60k

If you copied what I did, on your own?

You need wait for it........... about 35k

You will be fine, You need about an additional 9k per year than somewhere like where I used to live. (south wales), I don't know where you live but 14k should cover it even if you live in another big English city (or for example if I was moving from Cardiff central)
To be fair I have my own flat., I could quite easily house share. in fact I would prefer it if I was single and you could get it way way cheaper
 
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Lima said:
There is a lot of crap being spoke in this thread...

Where are you moving from?
Do you want to live in central ish London or do you want to live in commuter belt?

London is one of the most highly populated cities in the world.... Not everyone in it is earning £45k+ and they manage....

If you earn £45k elsewhere in the UK (let's say bottom half of the country), if you got a salary boost to say £55k your quality of life would be no different in London.
Click to expand...

You clearly have no concept of how much further money goes in say, the Midlands than anywhere within zone 3.

£10k pre tax is not enough to compensate.

The crap is infact spewing for your mouth
 
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