Job transfer to Orlando and salary

[Consigliere]

Originally Posted by EG150

I've been considering a move from northern NJ to Orlando. I work in retail banking as a Branch Manager. My salary is $70,000, which is only ok in NJ but I've been told I'd do pretty good with that in the Orlando area. My question to you folks who may have moved from to Orlando via a job transfer, was your salary adjusted? Can't seem to get a straight answer when asking this question within my company.

From my experience with several corporate moves, it largely depends on whether your company asked you to relocate, or whether you approached them with your desire to relocate.

If they approached you, then you should have the upper hand in negotiating relocation expenses and you should also expect a salary bump regardless of the COL differences due to your willingness to be a 'company man' and uproot your family for them.

If you approached them with your desire to relocate, then you have no leverage and will probably have to accept what they offer you per your company policies.

[Passion4_Cars_Travelling]

I was told it would be a 40% increase if I transferred from Florida to Long Island, NY. I was in corporate finance back then. Get a firm amount from your HR.

[seain dublin]

Originally Posted by EG150

The problem is that different branches have different sizes in terms of staffing and the amount of revenue they generate. So even within the same region, the salary structure for a branch manager in one location may differ significantly from that of another location. The way I phrased the question to HR was "considering I would be transferring to the same job grade as I'm currently in, would there be an adjustment of salary and if so how much". I was given a long response which really amounted to either "I don't know" or "we would decide on a case by case basis". I guess I would only really truly know once I see an open position and apply for it.

Thank you all for your input. I definitely see how much more house you can get for your money in Orlando compared to NJ and the property taxes where I live now (Bergen county) are just ridiculously high. While I would still consider the move if there was a pay cut, I don't think I could stomach a pay cut of more than 10-15% because although housing is less expensive in Orlando, there are other things to consider (insurance, gas, child care, etc) that I would imagine don't differ that much state to state.

Smart way to look at it.

I know one couple for example who moved from NY to FL, but didn't crunch the numbers until after the fact. Between the two of them they took about a $40K reduction in salaries. After they crunched the numbers they were saving about $15K a year, they were better off in a higher COL state.

Originally Posted by Arcenal352

Nailed it. At least you're thinking with your head. For example, your car note will cost the same wherever you go, so your $70,000 in NJ will be much stronger in that area versus someone making $45,000 here.

Exactly, and if someone is carrying debt(credit cards, loans), that all goes with you. A lot of people also forget about car insurance, now the OP coming from NJ may see a reduction. But many people who move to FL from the Midwest and Mid Atlantic states get their socks knocked off with FL car insurance costs, it seems to be an item people don't always think about.

You can't just look at no sales tax and cheaper housing. Unless you're retiring.

[Jbeechuk]

$70k for a bank branch manager is pretty decent. Don't know if any of that is commission. My wife has been in all areas of banking for 20+ years. In Columbus, OH, most branch managers make less than that...probably $50-60k. If you can keep that salary in Orlando, that's pretty good for a lower cost of living city.

[WithDisp]

Nobody knows and the OP isn't responding.

The salary will make all the difference in his decision and remains a variable.