Hello all, I am seeking some life advice here. I currently love my job, it is at a F50 industry specific company and I make decent money great benefits, time off and 8-5 every day. However, I got recruited for a position as an analyst for a small company specializing in the same industry. The title increase comes with a 50% pay increase, but I was wondering is it worthwhile to leave somewhere I am happy for money? I am only considering because it is such a large jump in pay. I may be able to make it up here through promotions annually (management development as well) but I am unsure of what to do here. Any advice would be greatly appreciated. Thanks!
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Hey corpfincorpcredit, I think you deserve a response...heck, everyone does. We're listening, sorry about the delay ...my best guess at places on WSO that could help:
You're welcome.
Is all else equal (i.e. - hours, benefits, PTO, etc.)?
Hours slightly more. PTO and benefits are roughly the same. I have a predicament on my hands as I love my job at a f50 company but received an offer for 50% more pay and it’s a tough choice.
Personally, that is enough of a % to influence me to leave.
I guess if you decide to go, make sure you leave on really good terms so you could go back if it doesn't work out.
Have you asked your current company if they are willing to match the offer? You'd be surprised the power of negotiating when you have that kind of leverage.
I agree, I would try to leverage that offer to an increase at your current role.
OP's current employer match a 50% increase? Don't think that is very likely...
Sure, maybe not a 50% increase but potentially enough of an increase that would nullify the opportunity cost of leaving the company.
Personally, and if you can afford it, I'd stick with the F50 until you're in a position to move to a smaller company as a Director/VP. I find that making Director+ can be a challenging move to make internally at a BigCo, and also more competitive. It's a bit easier to go from BigCo Manager/Sr Manager --> smaller co. Director/VP --> BigCo Director. Whereas, if you go to a smaller company a few years out of undergrad and make "Director" fairly quickly, it looks like just title inflation on paper and you may not be as competitive for similarly titled roles at bigger companies.
It would depend if you see yourself enjoying the other position. You should ask the benefits, pto, hours (if you need to be on call weekends), etc. I would try to negotiating with your current job, but they probably won’t match 50%. I would take it if it fits what you want long term.
Don’t chase the money. Do what you love and the money will follow.
If you’re thinking about the long-term, a 50% salary increase at the junior level isn’t going to make a world of difference.
I think it’s important to think about the other lateral opportunities that will become available from this F50 company at a more senior level v. changing right now for immediate pay increase which likely isn’t more than ~60K net increase.
I’d go on LinkedIn and look at the end result of laterals from your company at the junior level v. people who stuck with your company and then made a lateral move v. people who stuck with your company until the senior level.
Talk to people. They’re always willing to give you guidance.
I don't think money is enough to answer this questions. I've changed companies in FP&A and aside from compensation and benefits there's a couple of items to compare
1.) Career progression... how far can you go at this new company vs where you're at now? It sounds like you may go further since it's a smaller company.
2.) After investing all this time at your current company, are you ok with learning a new business, processes, people, etc. Similar industry makes the learning curve easier
On a separate note, the cool thing about joining a smaller company is that it's less likely to have established processes and gives you an opportunity to add a ton of value from the start. That's my personal experience but like a lot of people said pay isn't the only determinamt.
Fucking leave and take the pay increase. Complacency is the enemy of progress.
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