Hello all,
Currently in infrastructure investing and like the company, its people and everyone seem to enjoy my contribution to the firm. That said, I noticed a large discrepancy between my compensation vs the market (exact same role elsewhere, even in smaller firms). I have a desire to stay as I see a career path there, but can't justify the difference.
I now have an offer that is in line with the market, but I'm wondering if I should sign it before approaching my current employer for a counter-offer and if successful, turn around and tell the new firm that I would not go forward anymore. Alternatively, I would mention to my boss that I'm very advanced in a few hiring processes and would like to review my salary and if successful, I refuse the offer, otherwise, I sign the new one and give my resignation letter within a few days. Open to any other idea on how to approach, assuming that they want to keep me.
What's the best approach?
Navigating the waters between a new offer and your current employer can be tricky, but based on the most helpful WSO content, here are some strategic steps you might consider:
Evaluate Your Current Position: Before making any moves, assess why you're considering leaving beyond just the salary. You mentioned liking the company and seeing a career path there. These are significant factors. Remember, compensation is crucial, but it's not the only thing that contributes to job satisfaction.
Market Research: Ensure your understanding of the "large discrepancy" in compensation is based on solid data. Gather information on comparable roles within your industry, considering factors like firm size, location, and responsibilities. This will arm you with the necessary information when discussing your salary.
Internal Discussion Before Signing the New Offer: Approaching your current employer before signing the new offer might be a more ethical route. This allows for an open and honest conversation about your concerns without the pressure of a signed offer from another company hanging over the discussion. Express your desire to stay, your appreciation for the career path available, and your concerns about the compensation discrepancy.
Prepare for the Conversation: When you decide to talk to your current employer, be ready with your market research, your contributions to the firm, and a clear idea of what you believe to be a fair compensation package. It's not just about matching the new offer but finding a package that acknowledges your value to the company and aligns with the market.
Avoid Ultimatums: Based on the WSO Networking Guide, it's generally advisable to avoid presenting your situation as an ultimatum to your current employer. Instead, focus on your desire to stay, your contributions, and your hope to align your compensation with the market value.
Be Prepared for Any Outcome: Before initiating this conversation, prepare yourself for all possible outcomes, including your current employer not meeting your expectations. This preparation will help you make a clear-headed decision about whether to accept the new offer.
Consider the Long-Term: Think about where you see your career going in both scenarios. Sometimes, a significant salary increase might come with trade-offs in terms of company culture, job satisfaction, or career progression opportunities.
Professionalism is Key: Regardless of the outcome, maintain professionalism. If you decide to accept the new offer, ensure you follow the best practices for resigning from your current role, as outlined in the WSO content on quitting time and leaving for another fund. This helps preserve relationships and maintains your reputation in the industry.
Remember, this is a significant decision that impacts your career trajectory, so take the time to consider all factors thoroughly.
Sources: https://www.wallstreetoasis.com/forum/job-search/negotiating-offer-before-during-and-after-interview-follow-up?customgpt=1, Quitting time - views on how to leave your job, How exactly should I renege?, Leaving for another fund - How to deal with current employer?, Okay so I've got an offer. Now how to negotiate a higher offer?
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