Job offer, "chasing" money, career changes and the like

M

mrsrobinson

Well-Known Member
Mar 9, 2006
7,704
Virginia
Boat Info
2001 380DA
Engines
Caterpillar 3126
I have an interesting job offer I am considering. They found me, I am really not looking. It's about a 20%+ increase in pay, potential for more. 10% travel, no travel with my current job. I have never "chased" money in my career.

I made a career change 8 years out of college because I was bored. I got into IT, specifically software development. I self-taught myself and took a few night classes at my college. I took a big pay cut (40%) to do so (had to sell my nice SUV and get a cheap car and no more dinners out for a while) to follow my passion. The money eventually took care of itself. Not bragging, sharing who I am/was.

Now, in the latter part of my career, this offer is appealing. A chance to make some more money going into retirement. The work "on paper" looks more interesting/appealing then my current gig. It's a brand new product for an international company that's currently in beta. I like everyone I interviewed with, cultural seems like a nice fit. I have become complacent where I am, comfortable I guess. Which has really never been me. But, perhaps that is ok at this point in my career.

Things I think about:
  • I am fully vested in my 401K where I am, new company has a 4 year vesting period and the match is lower. I share this as I was once laid off from a big job 1 month before I was fully vested, and lost it all, literally.
  • It's a promotion by title, but really the same work. I have never been a titles person.
  • 10% travel with new company, no travel with current gig. I am not a fan of work travel.
  • New gig is 100% remote except for travel - travel as it has been explained to me is "when you think you need to to be with your team" 1 time a month, 2-3 days.
  • I don't know what I don't know, I know what "I've got" where I am and it's ok. I am referring to work life balance, stress, anxiety and the like. I have it pretty good where I am with flexibility. We have been 100% remote, need to return to the office 1 day a week starting in June. I have a great manager.
  • I don't need the money
  • Financials for current gig were bad this year, received 1/2 my bonus and no merit increase. Employees are starting to resign. Lost a couple big customers, pipeline as best I can tell doesn't look great.
  • I recently promoted an employee, who now makes more than me.
  • I asked for more money, HR said their "market research" says No. My "market research", which is interviewing, says different.
  • I may have missed a few :)

I am curious to hear what others have done, their thought process, pros and cons they weighed, especially at this stage in my career (I am 55).

Thanks
 
Last edited:
Tough spot.

I am probably too conservative and have been with my company ~20 years. I also have a couple people on my team that make more than I do.

Similar spot with missed bonuses and pay increases.

My company has been private, public, private and public again. With financials historically less than good.

We have lost many people, downsized, outsourcing etc. along the way.

I'm still there though.

I guess I value the known (even if not necessarily good) over the unknown.

Not sure at what age with your current gig you hope to retire? Can you stick it out until then?

I did travel at one point. Fun at first, hated it in the end. It always found a way to mess up plans.
 
Based on the data you provided, it appears obvious it is better to move on to the next opportunity. A company struggling in this environment is not the place to be. 10% travel is 2-3 days per month. That is easily manageable for most, but you did not mention any detail in that area. For every 5 years you work the new job, you earn an extra year of income over the current job.
Time to jump, at 60 it is too hard.
 
100% remote work is huge. I’ve been remote for over 3 years, way before Covid. I thought I would miss office comrades, but I love working home. I would never go back to office working.
Allows me to grocery shop, laundry, clean, spend lunchtime at the boat, etc. wife loves it because she doesn’t have to do domestic chores.
And don’t forget- high gas prices? what gas prices?
As Erik said I could handle hotels a couple days a month to work home rest of time.
 
mrsrobinson said:
  • Financials for current gig were bad this year, received 1/2 my bonus and no merit increase. Employees are starting to resign. Lost a couple big customers, pipeline as best I can tell doesn't look great.
  • I recently promoted an employee, who now makes more than me.
  • I asked for more money, HR said their "market research" says No. My "market research", which is interviewing, says different.
  • I may have missed a few :)

I am curious to hear what others have done, their thought process, pros and cons they weighed, especially at this stage in my career (I am 55).

Thanks
Click to expand...

I think these bullet points at the end of your post would answer the question for me.
 
ENstig8or said:
I think these bullet points at the end of your post would answer the question for me.
Click to expand...
Yeah, this annoyed me, pissed me off. I am trying to pause though before I make a change to make sure it's not just an emotional change. Then, one of my best employees resigned on Friday. That has me rethinking.
 
ENstig8or said:
I think these bullet points at the end of your post would answer the question for me.
Click to expand...
^^^this. My company just gave everyone a big salary increase and the bonus is insane, biggest ever. We were bleeding employees last year so they are trying to stop the flow out the door. And remote work is approved for anyone that wants it. Rumor is the are about to put for sale on 1of 2 HQ buildings.
edit- and all employees get 6 weeks vacation. Ya, they trying to keep the talent.
 
20% is a big bump in pay. I'd do it as everything else seems manageable. I made a jump a few years ago for 30% and everything else the same or better....a bit of travel but that just gives free stays when we take family vacations. Sounds like you're doing your due diligence...my vote is jump ship!
 
I left a the semiconductor company that I'd been with for over twenty-five years to work with a similar group. If it hadn't been for that, I'd still be there, rather than being laid-off four years later, being picked-up by another company that was then sold to an investment company. Well, we were an ESOP company, so the check they wrote me will allow me to retire about five years early. Morale; nothing's sure.
I'm like @JayhawkCurtis in liking the appearance of stability, but, had I not made that first move, I wouldn't be where I am now, and never looking back!
"Financials for current gig were bad this year, received 1/2 my bonus and no merit increase. Employees are starting to resign. Lost a couple big customers, pipeline as best I can tell doesn't look great."
Do it.
 
mrsrobinson said:
Financials for current gig were bad this year, received 1/2 my bonus and no merit increase. Employees are starting to resign. Lost a couple big customers, pipeline as best I can tell doesn't look great.

Thanks
Click to expand...

That right there is what we call "writing on the wall".

I worked startups back in the nineties, and had the bad habit of being the last one out the door. I guess my loyalty blinded me to said writing. Don't be that guy.
 
I also liked the stability of being with one company long term like @JayhawkCurtis but I agree with @Nater Potater and @bobeast that it looks like it may be a good time for you to make a change.

Traveling once a month for 2 to 3 days sounds like it should be doable but only you can answer if that would be worth the 20% bump in pay.
The 4 yr vesting for the 401K should just be for the company match and sounds like it would be 25% or some percentage each year up to 100% after 4.
There might be some risk being that it is a beta product but the job market being what it is as @Pirate Lady said should help give you some comfort.
 
Having run a large business for decades I have learned a few things about staff engagement and loyalty. One…you can’t buy it. Two…compensation needs to be competitive, but not the highest in the industry. It should be at the median or better. Three…the three keys to retaining a talented and engaged staff assuming comp is in the ballpark are meaningful work, respect and input into decision making. A company that offers these conditions of employment, retains its staff, delivers a high quality service or product and is successful. If you work for a company that offers these things, stay there. If not look elsewhere. The money will take care of itself if you do what is expected of you plus just a little extra. Money is a neutral motivator. It is only a negative if it is not enough relative to the industry standards. Passion and engagement lies in doing something meaningful.
 
sbw1 said:
Having run a large business for decades I have learned a few things about staff engagement and loyalty. One…you can’t buy it. Two…compensation needs to be competitive, but not the highest in the industry. It should be at the median or better. Three…the three keys to retaining a talented and engaged staff assuming comp is in the ballpark are meaningful work, respect and input into decision making. A company that offers these conditions of employment, retains its staff, delivers a high quality service or product and is successful. If you work for a company that offers these things, stay there. If not look elsewhere. The money will take care of itself if you do what is expected of you plus just a little extra. Money is a neutral motivator. It is only a negative if it is not enough relative to the industry standards. Passion and engagement lies in doing something meaningful.
Click to expand...
Well said, thank you. My current work is meh, not really meaningful. I do have respect. I do have some input into decision making. The problem is we don't have the funds to do the things I know we need to do to be more efficient and deliver higher quality faster and it drives me nuts.
 
Why are people resigning? Sometimes turmoil creates opportunity. Your value may go up based on too much unplanned attrition. If your current company is not doing well and in financial trouble, maybe time to jump off the boat - you ain’t the captain!

Your HR’s statement would piss me off, but not a reason to leave a job. Unless of course your execs let HR run the company, then another reason to leave.

20% is a nice bump, but not life changing. Can 10% travel become 25%? Would this make you miserable, wishing you didn’t leave?

Sounds like new product - does it work, is it marketable, do they have proper funding?

This is a good problem to have. Good luck with your decision.
 
mrsrobinson said:
I have an interesting job offer I am considering. They found me, I am really not looking. It's about a 20%+ increase in pay, potential for more. 10% travel, no travel with my current job. I have never "chased" money in my career.

I made a career change 8 years out of college because I was bored. I got into IT, specifically software development. I self-taught myself and took a few night classes at my college. I took a big pay cut (40%) to do so (had to sell my nice SUV and get a cheap car and no more dinners out for a while) to follow my passion. The money eventually took care of itself. Not bragging, sharing who I am/was.

Now, in the latter part of my career, this offer is appealing. A chance to make some more money going into retirement. The work "on paper" looks more interesting/appealing then my current gig. It's a brand new product for an international company that's currently in beta. I like everyone I interviewed with, cultural seems like a nice fit. I have become complacent where I am, comfortable I guess. Which has really never been me. But, perhaps that is ok at this point in my career.

Things I think about:
  • I am fully vested in my 401K where I am, new company has a 4 year vesting period and the match is lower. I share this as I was once laid off from a big job 1 month before I was fully vested, and lost it all, literally.
  • It's a promotion by title, but really the same work. I have never been a titles person.
  • 10% travel with new company, no travel with current gig. I am not a fan of work travel.
  • New gig is 100% remote except for travel - travel as it has been explained to me is "when you think you need to to be with your team" 1 time a month, 2-3 days.
  • I don't know what I don't know, I know what "I've got" where I am and it's ok. I am referring to work life balance, stress, anxiety and the like. I have it pretty good where I am with flexibility. We have been 100% remote, need to return to the office 1 day a week starting in June. I have a great manager.
  • I don't need the money
  • Financials for current gig were bad this year, received 1/2 my bonus and no merit increase. Employees are starting to resign. Lost a couple big customers, pipeline as best I can tell doesn't look great.
  • I recently promoted an employee, who now makes more than me.
  • I asked for more money, HR said their "market research" says No. My "market research", which is interviewing, says different.
  • I may have missed a few :)

I am curious to hear what others have done, their thought process, pros and cons they weighed, especially at this stage in my career (I am 55).

Thanks
Click to expand...
I would ask the company trying to hire u for what ever amount it took u to give up what u have. It seems u are happy where u r at, but money talks. u never get what u want unless u ask sir.
 
You didn't mention how long you have been at the current job, but I will say this, if it's been over 5yrs then all the signs say jump. Another thing no one has mentioned, there is only one demographic of person that can get laid off with little to no repercussion, white mid 50's males. If you fit that demographic then definitely jump positions. Sorry just being honest.
 
You must log in or register to reply here.

Forum statistics

Threads
113,182
Messages
1,428,063
Members
61,088
Latest member
SGT LAT
Back
Top