Author Topic: Job offer- advice?  (Read 488 times)

firedupready2go

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Job offer- advice?
« on: August 23, 2020, 10:13:29 AM »
Possible new job - advice?

I am considering a move to a new position and working out the details now. Unfortunately, the compensation package is not quite as generous as I wouldíve hoped. Since so many of you have likely faced similar circumstances in your own career, Iím eager to hear your perspectives.

Current Position: Salary of $80,000, 3% contribution match to 403b ($2,400), and full coverage of both employer and employee side contributions to state pension system (the employee side, covered on my behalf by my employer, is a 7% contribution)

On the happiness scale with my current work, Iím somewhere near a 4-6/10, depending on the day. There is little flexibility, no opportunity for advancement on the horizon, and a major leadership change in the works which is sure to create a great deal of organizational change and unpredictability. On the other hand, at least in the short to mid term, the position Iím in is stable.

New Position: Salary expected to be about $90,000, no contribution to 403b, and I will need to cover $4,900 per year of the employee side contribution to the same state pension system I am currently part of. So although the $10,000 raise (12.5%) seems nice enough on the surface, these benefit differences eat away at it significantly. With the additional $4,900 I will pay into the pension system, and the loss of the $2,400 403b match, the actual increase in compensation is down to $2,700 annually. Note that all other benefits (health, time off, and others) are virtually identical between the two positions.

As you can see, the compensation is close to being a wash. Much of that $2,700 effective raise will be eaten up by taxes. My best guess based on some quick math is that my actual take home pay would only increase by about $100 a month.

Turning to the work itself, there are a few notable pros for the new position:
- an employer who I have a stronger sense of passion for
- a more casual work environment (in terms of attire, overall culture, etc)
- flexibility to work from home 2-3 days per week (BUT on the days I do work in the office, it would be a 45 mile one way commute as opposed to my current 15 mile one way commute)
- a leadership role in which I think I will enjoy the work more (I have worked for this new employer in the past many years ago and had a very positive experience - I left for graduate school)
- advance in title from a Director level position to an Executive Director level position
- perhaps most importantly, the chance to advance rapidly in the next few years - something there are very limited prospects for in my current role. Of course, there are no guarantees, but I am being recruited with the idea of advancement baked in.

Essentially, my question is how to weight all of these factors - happiness, culture, prospects for advancement - over the compensation, which may not be significantly different in spite of a $10k bump in base salary. I look forward to reading your thoughts - and as always, thank you for taking the time to weigh in!

Gin1984

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Re: Job offer- advice?
« Reply #1 on: August 23, 2020, 11:11:10 AM »
Have you tried to negotiation? 

firedupready2go

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Re: Job offer- advice?
« Reply #2 on: August 23, 2020, 11:29:22 AM »
Absolutely. It appears that this is the ceiling for the position - however, there will be opportunity for advancement in the next few years.

zolotiyeruki

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Re: Job offer- advice?
« Reply #3 on: August 24, 2020, 07:43:15 AM »
Here's a mental exercise which might help:

If you were currently unemployed, or working for a 3rd party, which of the two positions (your current job, or the new one) would you choose?

Watchmaker

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Re: Job offer- advice?
« Reply #4 on: August 24, 2020, 08:22:46 AM »
Here's a mental exercise which might help:

If you were currently unemployed, or working for a 3rd party, which of the two positions (your current job, or the new one) would you choose?

That's a great way to think about it.

lhamo

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Re: Job offer- advice?
« Reply #5 on: August 24, 2020, 08:56:51 AM »
I actually took a significant (20%+) pay cut at one point in my career.  Slightly better benefits helped level it out a bit.  But going from a job where I was miserable and being constantly undermined to one where I was appreciated and supported probably saved me thousands in mental health costs, among other things.  Since the new place is a known entity and you are already unhappy at current place, even before the organizational upheaval, I would say make the switch.  Salary/compensation is only part of the picture.

Re:  increased commute, any chance you could move closer to new place eventually?

zolotiyeruki

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Re: Job offer- advice?
« Reply #6 on: August 24, 2020, 11:32:02 AM »
I actually took a significant (20%+) pay cut at one point in my career.  Slightly better benefits helped level it out a bit.  But going from a job where I was miserable and being constantly undermined to one where I was appreciated and supported probably saved me thousands in mental health costs, among other things.  Since the new place is a known entity and you are already unhappy at current place, even before the organizational upheaval, I would say make the switch.  Salary/compensation is only part of the picture.

Re:  increased commute, any chance you could move closer to new place eventually?
That's a good point--about a decade ago, I made a similar switch, taking a 20% pay cut plus benefits weren't quite as generous, but the new work was something I've enjoyed.  And it's been absolutely worth it.