Lateral/semi-lateral moves
Was discussing a job offer that a friend recently received for a semi-lateral move. It was about 10% more money, slightly more responsibility, but similar title and progression prospects.
It led me to ask if that was enough for him to move jobs? He likes his team, knows his current company's culture very well (and it isn't bad), and was 10% enough to throw that away and jump into the unknown?
I don't think I would make a lateral/semi-lateral move for less than 25% (I'm in a good spot roo right now), but wanted to pose the question to the forum.
What would it take?
Based solely on the info you’ve given us, it would take a lot more than that if lateraling for the same position (eg not moving from sellside to buyside, acquisitions to development) and staying in the same market / product type.
I think you should lateral when you identify a clear roadblock to your progression at your current firm or a clear opportunity to progress faster elsewhere. Or if you’re severely underpaid and find a job that pays a ton more. Jumping solely for 10% pay increase is not a good move in my opinion
He’s 34, a Director/VP level making ~300k all in. There is probably only one or two promotions available to him for the rest of his career. So he isn’t really “starting over” like people would be as analysts/associate.
Your buddy is 8 years ahead of me so the calculus on a lateral move at that stage of your career is totally different. I’m thinking more at the associate level.
I’m not sure what I would do in that situation. I think this is where having mentors 10 years older than you is extremely valuable
I think it would depend on what you thought your current trajectory was at your current job/role. I mean these moves should really only be made very strategically at that level.
Personally, I would not take it as described. But, I really like where I work, with whom I work, etc.,
If someone is more "indifferent" or "mildly disliking"... I can see them saying yes to things like this.
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