Would you lateral to a significantly smaller company for a significant raise?
Currently work in Corp Dev at a Fortune 10 company. Was offered a role at a much smaller regional competitor (still Fortune 500) with a 75% pay bump along with a title bump.
I’ve been at my current company for 4 years now, and have lot of respect for the people I work with. If I stayed, I doubt I’d make as much money as I was offered for another 2-3 years. And likely wouldn’t receive a title bump for another 1-2 years.
Between higher pay, a fancier title, and the potential to make a much bigger impact and rise the ranks faster — I am strongly considering accepting this offer.
Would I be shooting myself in the foot by moving to such a smaller, lesser known company? What would you do?
Yes
75% is more than the typical no brainer 30%, so it’s even less of a brainer
Is there such thing as a small, less known F500 company? I would only be concerned that comp flattens out after this move but that doesn’t sound like the case.
Within banking for instance there definitely are smaller F500 banks that will feel a world away from the F100, Regions is a F500, so is Key, Citizens, 5/3, BNY Mellon, PNC, Truist and US Bank. Those are all going to be a very different experience than one of the 4 largest commercial banks for instance.
I was expecting to see you were going to a middle market firm, not another F500. Do you feel they’ll be able to grow and win? I will be honest I would take it, particularly if Corp dev is a core part of their growth strategy. Promotions are unpredictable in the corporate world and this is a massive pay bump.
See if your current firm will match the offer. If not, take the other
That’s not a great idea, he will be a marked man. He was willing to bail, that won’t be forgotten and may hamper career progression there.
This is something I’m actually curious about. All things equal I’d say at my current company 10 times out of 10. That said i don’t expect them to match. Is there any harm in giving them the chance to?
I understand the implications of that (seem willing to leave, flakiness, etc.) but I have a solid relationship with my team’s head and I do think they value me (to a certain extent lol).
Ignore the idiotic comment above about not asking for match. Great employers understand the importance of employee retention and if you have an on offer in hand that you're prepared to take, there is absoutely no reason not to ask for a comp match if you like your current employer.
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