Just curious for opinions: I may have an opportunity at another local M&A place where the compensation is much better. Problem is that I have a great relationship with my MD (he's not responsible for my pay, by the way). I want to know if it would sound douchebaggish to let him know, if I took a better-paying job elsewhere, that I "tested the markets" and some firm values me a little (a lot, really) more. I even cringe at the thought of saying that, mostly because I've never left a job for higher pay before. Every time I left a job in the past, it's been for opportunity (study abroad twice, internships, etc.) purposes.
The thing is we work in M&A and when a client talks about going to the market (outside of whoever has an exclusivity period) and asks about their valuation, if they are a tough sell and they are aware of that fact, we let them know we will see what the market will bear. I feel that is very similar to my job situation, and I think he would understand that comparison best, but I can't help but feel that it sounds incredibly arrogant and douchey. Thoughts?
I wouldn't tell him that you went somewhat behind their back, looked around other places, and found someone who would pay you more. If you really have a good relationship though, you should ask him to sit down with you and talk everything through with him. He shouldn't be even slightly mad at you if you're that close, and it's better to ask up front than to keep things from your boss.
If you get a much higher offer, just tell him another firm offered you a much higher salary. No need to give some sort of elaborate background story or excuse, or say that "another firm values you a lot more." No matter what your relationship to your MD is, a lot more money is... well a lot more money.
Exactly. Everybody ought to understand that.
Would you prefer (or be willing) to stay put if your current shop matched the offer? If yes, then I'd suggest giving them the opportunity (even if you know they can't/won't do it). You'll be surprised how receptive (good) senior management is about supporting junior staff when new, favorable opportunities arise. Or at the very least not condemning them for the choice.
Never stay somewhere that it takes a competing offer to get paid what you're worth
Yea I understand the sentiment and it sounds great in theory but "what your worth" is a fluid and subjective figure until you actually get an offer somewhere else. And it also only applies if you've already vocalized your belief that your compensation should be higher and were turned down. Otherwise there's no way to know that a competing offer is required. OP, if you have already discussed your belief that you are being paid below market then you may not wish to give them the chance to match.
Yeah, I think that was the intent, even though I know very well what their answer would be. And I know he dislikes this other firm a bit, so I don't know if that would piss him off or entice him to talk to the firm's owner and discuss pay.
i dont think they would fault you for wanting more opportunity/money, just dont burn the bridge.
I did something similar and was able to come back after 9 months (for a promotion), after I realized the mistake I made.
There is no harm in saying the MD that you have a better offer at hand with a higher pay. You have build your skill in M&A over the years and now got an opportunity to further enhance your skills with a higher remuneration. Most of the time, MD's don't prove to be an asshole (at least the ones that I have worked with) because he is also working in the same industry. Since you enjoy a good relationship, letting me him know that you have a better offer (even if he knows that you are joining his competitor) should not be an issue. After all, your MD is a human being; he also joined your present firm because he found the then offer lucrative enough (in fact, he is still working here slogging his ass out because he finds it lucrative).
Again, why would you leave a better offer? Think business. And, we need to build our retirement fund as well.
But a word of caution. Just ensure that you talk to few people regarding your "would be" MD. I wouldn't leave a person who is "nice to work with" for a few extra dollars and later on repent.
Good luck!
All good points! Yeah, I thought of the idea of the new MD being a hardass and pushing the hours and demands. For this kind of pay, it seems worth it to a certain degree.
SB-ed.
Why do you need an excuse? I don't care what kind of relationship you have with your current MD, the relationship is one that is based on the firm giving you money and you giving them work. Business is business, tell them you got another offer and dont want to work there anymore.
I know it seems like everybody is going to react harshly and think of you differently, but throughout their careers the MDs have seen literally hundreds of people come and go, its just another day in the office and they will start the search to find somebody else to take your desk.
I would leave but on good terms. There's a very high probability they will match your new offer if you've been doing a good job, but that only puts you at risk to deal with the possible truth that the delta you are going to get paid at the existing firm might just be from your 'next years money pool'. Versus, if you leave to the new place, you start at the higher pay as fresh, and have a shot at going yet another level higher if they agree to pay 'next years money pool' on you.
(PS: 'next year' might not be literally next year, but I mean, the future pool of money allocated to your growth in your team, for instance).
"Mr. MD. I wanted to let you know I got offered a job at another firm. I love working here, but the pay raise would be significant and I'm not in a position to pass up this opportunity. I would really like to stay - is there anything you can do?"
Gave this advice to a friend in the magazine industry and it worked perfectly.
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