I’m considering a job offer that I’ve received today and would like some opinions on what I should do..
First a little about myself..
- Live in a suburb of Chicago where there’s a good job market
- Industrial Technology Degree (3D modeling emphasis) from state school
- Roughly 5 years experience in 3D modeling/drafting. (Took my time getting through college, changing majors, etc).
- Just turned 30, wife is 30
- No debt except for mortgage, Owe $194k @ 3.75% in a 15-yr loan
- Combined income = ~$175k currently. Wife = $125k, Me = $49.5k
- No kids, no plans for kids.
- Maxing 401k’s and RothIRA’s
GOALS: Our goal is to save as much as possible to go into “Semi retirement” when the house is paid off (14 yrs from now). Currently saving about 50-60% of income.
So here are my options for jobs right now.
CURRENT JOB: $49,500 + Bonus
Title: Product Design Eng.
Bonus: 3% possible annual bonus, normally 2-3%. Based on company profits
Vacation: Started with 1 week for the first year, got 2 weeks my second year and now I’ve been here 3 years. I get 3 weeks at 5 years.
CONS: Been here 3 years now, consistently getting 3% raises yearly, but no real room to make more than that or get promotion anytime soon. MIGHT be able to switch to another department for more mobility, but not likely soon.
PROS: Freedom and no micromanaging. Pretty good office culture. Big public company with good amount of security.
The biggest “PRO” is that for the last year we’ve been implementing and using new BIM software (Revit) that is interesting and I think BIM will be good to know in the future.
The benefit to staying would be to continue learning BIM software and then in a year or 2 find a higher paying BIM job. Also there’s obviously some discomfort in starting at a new job, training, etc. I’m willing to go through all of those things of course, but it’s still something to consider.
NEW OFFER: $55k + (larger)Bonus
Title: CAD/CAM Designer
Bonus: 15% possible annual bonus based on personal performance
Vacation: 1 week the first year (ouch!), 2 weeks from year 2-4, then 3 weeks after that.
Benefits: Medical dental 401k all the same as my current job (Both even use Vanguard). Also there is a “profit sharing” where (on top of the normal company match) the company puts a lump sum into your retirement account based on company profits.
CONS: Less “privacy” since my desk would be in a small room with 2 other designers and our manager and backs facing eachother. Job doesn’t use BIM modeling, so maybe less new learning to put on resume for the future.
PROS: Good pay increase! The company is a private company and seems to have good office culture, lots of people have been there 20+ years. Only 4% turnover rate and average employee stays 14 years. Company seems to be growing (slowly, but growing). Seems like everyone is happy at this office. Hours are flexible as far as being able to come in super early and get out early, or come in late and leave late.
The company first offered $53k (plus benefits/bonus) and I countered with $61k. They got back to me today with $55k. I’ve read that I should consider this offer their “final offer” since more negotiation could put them out. I’d really like to negotiate the vacation time upward though, since my wife gets 5 weeks and my vacation time is always the bottleneck on our travels.
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Would you stay with the current job or make the switch for more money?
Assuming I got the full bonus at both places we’re talking about $50,985 for current job, $63,250 for new job offer.
Thanks for any input!
-CBR