Author Topic: Coasting : do I need a punch in face or wait it out?  (Read 2964 times)

rymanani

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Coasting : do I need a punch in face or wait it out?
« on: June 29, 2015, 09:51:33 AM »
I mentioned to a friend recently that I am the longest serving team member in my office, a stat quite surprising given the size of the company, for someone in their late 20's.
 
After some thought, he told me he was disappointed to see that I wasn’t "crushing it" as he put it, and simply coasting through my career.
 
He's correct  - I am coasting, and I'm not being challenged by my job. I am however making progress, having been with the company for my entire career (seven years), I've had several promotions, and looked to be getting a further one towards the end of the year.
 
However,  the sale of the business has been announced, and whilst retention policies are in place, I'm not necessarily guaranteed my next promotion. I will, however, get a decent severance package, potentially worth about 6 months salary, to stick around (plus other severance benefits, certain tax restrictions on share programs would be lifted).
 
The alternative is to take a new job, with a 20% raise (not on the table yet, but that's the market rate which ex-colleagues have been able to achieve).
 
Financially I'm secure, but not FI, with around 10-12 years of expenses saved up, but obviously still want to accumulate as much as possible whilst earning good money. Hence my hesitance to leave my current employer which offers a great pension scheme and benefits.
 
Given the sale process could take anywhere from several months to years, and little career growth can be guaranteed/likely, what are your thoughts?
 
Is this a good time to wake up, jump ship and start being challenged, or would this be a good time to wait for a decent pay off, then find a job?

ShoulderThingThatGoesUp

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Re: Coasting : do I need a punch in face or wait it out?
« Reply #1 on: June 29, 2015, 09:53:55 AM »
If you're really so far behind, you'll be able to find an offer that beats the benefits for sticking around before those benefits come into play.

MayDay

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Re: Coasting : do I need a punch in face or wait it out?
« Reply #2 on: June 29, 2015, 10:00:11 AM »
I had a friend in a similar situation. The sale dragged on, people left in droves, and those who stuck it our for what ended up being 3 years were nicely compensated.... Plus they didn't have to work all that hard for those three years.

I think this is one of those things you can't predict in advance. But it certainly doesn't hurt to start interviewing.

nereo

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Re: Coasting : do I need a punch in face or wait it out?
« Reply #3 on: June 29, 2015, 10:18:43 AM »
It's impossible to know whether sticking around will get you a large payout or just handshake and a 'thanks for all your effort'.  That said, I would concentrate on doing both of these:
1) polish your resumé and casually look around to see what other opportunities are available.  Everyone in business should do this at least once a year, whether they intend to stay in their job or not.
2) make yourself valuable.  If there's a certain set of skills that future employers want, learn them.  Make yourself as irreplaceable (or at least non-redundant) as possible while will help increase your value once the sale does go through.

Good job for having 10-12x your expenses saved up before age 30.  If you can keep that up for just a few more years you should be completely FI.

rymanani

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Re: Coasting : do I need a punch in face or wait it out?
« Reply #4 on: June 29, 2015, 01:09:48 PM »
Thanks for the replies!

Yes, resume is up to date and ready to go - my job search has mainly been passive so far, been for a couple of interviews and got some positive feedback (one company was close to an offer, but internal restructuring meant the role was closed!).

I think the passive approach seems to be the way to go, finding the right job!

@nereo: It's been tough getting there, I've had a few lucky payouts to be honest (a several thousand relocation package to relocate a few miles), and they've all been saved and invested ... compound interest really is fantastic!