Author Topic: Deciding whether or not to accept new job offer  (Read 887 times)

dragonwalker

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Deciding whether or not to accept new job offer
« on: September 07, 2018, 11:02:13 PM »
I work as a personal banker at a large national bank. It's mostly a sales and servicing job at a branch. I've worked there for 8 years with 6 years in my current position. I am currently 30 and live in the suburbs of Los Angeles. I currently make a base of $45K. In years past bonuses and commission has been an additional 10K-18K. Major changes in the last year have dramatically cut this figure and this year it's on track to be about 5K. Over the last several years 2 of my former co-workers and manager left to a large regional credit union and they seem to be very happy in their back-office position.

One of them informed me of an opening in their department job for which I applied for and I have finally received a job offer today. It's essentially a back-office support role which happens to have a lot of similarities with the servicing element of what I do. The recruiter offered me a base of $52K + 5.2% of salary as part of a profit sharing plan this comes to $2704 + 4-7% departmental bonuses. Totaling about $56K. Similar health benefits. 401K is up to 8% but matches only 60% of my contribution. At my work now I get 100% match on my contribution but only 7%. 120 hours of PTO comparted to 136 current. 12 paid holidays compared to 10 currently. On a practical level I would be losing a couple hundred dollars in tuition money the company would ask back and about $1K on bonuses the month I leave. I would be paid out $3.8K in carry over vacation time I have not taken. Another huge problem is I have no idea how to use all the vacation time I have stored up because my position kind of necessitates my presence so I can keep producing.   

They have an interesting variable rate mortgage program starting at a rate below 2% for employees (my colleague has taken advantage of this and it seems intriguing and seems to be of practical benefit).

One of the big struggles I've had at my job is seeing some way to grow. All the opportunities seem limited to sales and branch related functions. I do like how the credit union and the recruiter mentioned mentorship program and onsite training and leadership management. My employer ended those types of programs years ago. Another benefit is that this particular credit union is fairly large and their positions are more or less local and I have already seen job postings on their website which I could see myself in the future. I currently have my BA degree in finance and have been taking additional courses the last few years to get my CPA and I'd like to move into accounting and one day work as a CPA. The few if any opportunities I see in my company are across the country and seem to require a huge amount of experience. I'm not seeing any junior positions open and very few not at a branch.

In the past few years work has grown more frustrating dealing with internal policies and just the general sense of being a cog in a huge machine. On the plus side I do like my co-workers and I work well with my immediate manager and I have established a reputation as a reliable and dependable person good at my job but not the best (sales wise). I have tried at my company for a similar type of position and I never even received a response back. I have tried for a more senior sales position several years ago when I was in an even better position and I was passed over for promotion. I am not certain how higher management views me but I feel they are lukewarm and I think that may be the biggest obstacle moving anywhere in my current position.   

Another big difference is the new job would be about a daily commute time of 1.5 hours driving compared to 36 minutes round trip on my bicycle (yes I have biked to work for about 7 years now). Eventually in 1 year the company HQ at the new position is relocating to a more isolated location from the city at which point I would strongly consider relocating. I currently pay $555 for a room in a house and it suits my needs. I would probably upgrade to at least a 1 bedroom apartment or possibly with a roommate but housing expenses would double to triple but I was considering this anyway given the stage in my life and the fact I’ve lived here for 5 years saving as much as I can on housing. With the mortgage program and hopefully a housing market crash I might be able to buy, we’ll see.   

Bottom line do you think it is worth leaving to this new job? On another note I had anticipated being offered the position because of the glowing recommendation my former manager who works at the credit union gave me and I was prepared to negotiate the salary. At the moment when I was told the offer I did my best to simply listen to the benefits, thank the recruiter, asked some questions, and requested we talk again on Monday doing my best not to disclose how I felt either way. I was hoping for a base salary closer to mid to high 50s. My friend told me the salary range for the hiring position does go to $60K. My initial bottom line when I was thinking of what I would accept was $55K and unless I am mistaken I feel this is within practical reach. Tell me if any of you think this may not be. Any higher and perhaps I’m entering territory that they feel is not justified. For those of you who think I should take the position how do you best think I can work the negotiation to get more. Thanks so much for all of you who read through this and gave me some feedback. 
   
« Last Edit: September 07, 2018, 11:23:49 PM by dragonwalker »

sanderh

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Re: Deciding whether or not to accept new job offer
« Reply #1 on: September 07, 2018, 11:54:12 PM »
To answer one of your many questions: if the recruiter initially offered 52, you have a glowing recommendation and your friend told you the salary range goes to 60, then it seems you can negotiate it to high 50s at least. The question is whether there are other aspects of the job you want to negotiate - then you may need to settle for a lower salary in exchange for these other aspects.
The 1.5h drive would make your hourly wage lower (assuming 40h workweek, add 2h per day to your current commute, which is approx. 1h per day). Current time spent on job 45h per week, new job 55. So you would be taking a cut in your hourly wage for the time spent on the job (work plus commute).

booyah

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Re: Deciding whether or not to accept new job offer
« Reply #2 on: September 08, 2018, 03:42:36 PM »
Take it!!!! From everything you said, your current employer doesn’t plan to ever promote you in a significant manner. Even if this job change costs more in housing and commuting, it will catapult you into more opportunities for the future and I have no doubt you’ll come out ahead.


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The Fake Cheap

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Re: Deciding whether or not to accept new job offer
« Reply #3 on: September 09, 2018, 11:09:07 AM »
For reference I also worked in a major bank (in Canada) for a few years before moving on.

I see you are only 30, so I'm assuming you have a ways to until FI/retirement.  However having said that, if you have like less than 5 years to FI, I would just stick it out in your current role since you don't really seem to be super unhappy there. But if you plan on working longer, then the move seems like a no brainer. 


I would also like to add that I think it would be appropriate to ask for a higher base salary at this point, or you could also ask for more PTO, etc.  if they are unwilling to move on the salary. 

Paul der Krake

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Re: Deciding whether or not to accept new job offer
« Reply #4 on: September 09, 2018, 11:37:14 AM »
There is no real future in personal banking is there? Your job is being automated away and branches are closing every day.

That being said the new commute is ridiculous.

bwall

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Re: Deciding whether or not to accept new job offer
« Reply #5 on: September 09, 2018, 02:15:34 PM »
There are not many circumstances in which I'd trade a 35 minute bike commute for a 1.5 hour car commute.

sequoia

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Re: Deciding whether or not to accept new job offer
« Reply #6 on: September 11, 2018, 02:59:44 PM »
"Another big difference is the new job would be about a daily commute time of 1.5 hours driving compared to 36 minutes round trip on my bicycle"

I would take the job "as is" assuming I can improve the daily commute. Maybe move closer to the office, car pool, etc. Have you calculate how much is the cost for 1.5 driving (gas, maintenance, wear and tear, car insurance, your time)?

If the commute can not be improved, that is a tough decision. I would ask for higher pay, and if they say no, I am leaning toward taking it anyway because the current job seems like a dead end. One-two years down the road maybe time to get another job but at least you are on higher pay scale.

PDXTabs

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Re: Deciding whether or not to accept new job offer
« Reply #7 on: September 12, 2018, 02:58:50 PM »
Another big difference is the new job would be about a daily commute time of 1.5 hours driving compared to 36 minutes round trip on my bicycle (yes I have biked to work for about 7 years now). Eventually in 1 year the company HQ at the new position is relocating to a more isolated location from the city at which point I would strongly consider relocating. I currently pay $555 for a room in a house and it suits my needs. I would probably upgrade to at least a 1 bedroom apartment or possibly with a roommate but housing expenses would double to triple but I was considering this anyway given the stage in my life and the fact Ive lived here for 5 years saving as much as I can on housing. With the mortgage program and hopefully a housing market crash I might be able to buy, well see.

A 1.5 hour drive vs bicycle commuting would be a hard pill for me to swallow, unless I could count the days until the move to the new HQ.

patchyfacialhair

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Re: Deciding whether or not to accept new job offer
« Reply #8 on: September 13, 2018, 01:27:42 PM »
Can you relocate for the 1 year for a closer commute? 1.5 hr drive is insane.

Just rent a room like you currently are, probably won't cost much more, and then reevaluate living situation once headquarters moves again.

dragonwalker

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Re: Deciding whether or not to accept new job offer
« Reply #9 on: September 14, 2018, 12:05:12 AM »
Thanks everyone for the advice it seems everyone is leaning heavily toward taking the new position as I am as well.

I did receive news today from recruiting that my request for a higher salary was declined. They would not budge at all for that or any sign up bonus, nada, zilch.

I have decided that I am still going to take it primarily because my former colleagues seem to be enjoying a higher quality of life.



Parton

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Re: Deciding whether or not to accept new job offer
« Reply #10 on: October 30, 2018, 06:45:36 AM »
Attachment to work is the worst feeling that can be, one has to put up with what you do not like, and the management understands this all and cannot do anything for you because they do not care.