Author Topic: Promotion with current company or job at new company?  (Read 887 times)

swervecity

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Promotion with current company or job at new company?
« on: March 20, 2018, 12:46:55 AM »
All,

I'm in a bit of a quandary.  At my current company I just came up for a promotion, but they were taking there sweet time, so I managed to get a job offer from another company, forcing an expedited counter-offer from my current company.

Here are the two offers and how it affect me:

Job 1:Current job
$46,000/yr (with about 3% yearly merit increases each year judging by my past history with them)
3% in employee 401k match (we'll say vested at 60% for simplicity)=$803
$5,400 one time relocation expenses (revokes if I leave in a year)
$2,000 one time bonus (revokes if I leave in a year)
$2,000 in tuition reimbursement/yr (I'll be getting my MBA via night school)

Yearly costs per paycheck (medical, dental, vision)=$1,452

So a 1 year take of approximately $54,751 (I'm not planning on being there much more than a year, ideally)

Pros: Like how an internal promotion looks on my resume
Will have a lot of autonomy and freedom to set my schedule
Established company

Cons: Will require me to relocate about an hour and a half away from where I currently am in a religious, conservative city that just isn't quite my vibe 
Even after relocating will still be several hours of driving a few night a week for business school, which is not in that town.
Company is slowly dying (but may be 5-10 years before they realize)

Job 2:
$55,000 year (no merit increases)
$14k worth of restricted stock (I'm treating this as $0, as there's no guarantee it'll be worth anything)
Free phone plan=$420/yr
Free gym membership=$540/yr

Yearly costs per paycheck (medical, dental vision)=$2,189

So $53,770/yr (could see myself being there several years, just depends how I like it)

Pros: Unlimited vacation
New challenge
Get to experience a variety of sides of the company, since it's still relatively small
A quick ten minute drive to work

Cons: What if I don't like it? May not be creatively rewarding.
More established office hours (I'm used to having pretty free reign)
Start-up (albeit an established one)


About me: Fortunate to live relatively frugally naturally.  Not hurting for cash, but also definitely not FIRE (and I wouldn't say that's the goal at all costs, workplace happiness definitely matters).

I've received a bevy of good advice from friends, family, and colleagues.  Now it's your turn :)

Look forward to hearing from you all!

swervecity

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Re: Promotion with current company or job at new company?
« Reply #1 on: March 20, 2018, 01:11:02 AM »
I should note that in my current position I'm making $38,500/yr.  So either outcome is good, just not sure which to go with!

teltic

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Re: Promotion with current company or job at new company?
« Reply #2 on: March 20, 2018, 01:03:31 PM »
How long have you been at your current job?  Do you enjoy it?  Is the new job any different?

Financially they both look the same.  I would lean on option one if you haven't been at your current job longer than 3 years.

I would remove finance out of the equation (weird I know... Just for a second). Then without finance pushing you one way or the other... Which would you do? Which sounds more fun/interesting/challenging/better fit with your skills/higher ceiling?

shelbyautumn

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Re: Promotion with current company or job at new company?
« Reply #3 on: March 20, 2018, 01:51:35 PM »
Are you set on the school you're getting your MBA through? There are a TON of online programs that would remove the commute for you if that's a big sticking point. I did my MHA through Colorado State University - Global Campus and enjoyed the program (and the cost). They don't offer an MBA, but they do offer some other graduate degrees along those lines.

I'd probably take the promotion and stick it out in the new city. Maybe you'll find that you love it! If not, change jobs in a year. If you can find jobs now, chances are you can find them in a year.

If you think you're going to stick at either job for more than a year, I'd take the job with the new company.

swervecity

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Re: Promotion with current company or job at new company?
« Reply #4 on: March 20, 2018, 05:23:38 PM »
@teltic I've been at my current job about 3.5 years, and I do like it.  It's really hard to say on the fun/interesting/challenging part.  Probably the job with a different company, but it's an unknown, that's what so scary about changing companies.

@shelbyautumn Thanks for the advice, did a little research on some online MBA programs.  I'm pretty old school to some degree in that I do like being in a classroom environment.  That said the program I'll be attending does offer some courses remotely (and they're working toward having all courses available online in a few years).  As you may know, transferring credits from one program to another for an MBA is difficult to impossible.

One thing I maybe should have added....the word "manager" is in both job titles (the promotion and the other one with new company).  I think that's a good thing.  The more I get through life, the more I realize it's about how you tell your work story.  Having manager in the title helps.

dhc

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Re: Promotion with current company or job at new company?
« Reply #5 on: March 20, 2018, 05:35:10 PM »
I wouldn't count relocation expenses as income unless you're absolutely positive you're not going to, you know, actually have relocation expenses if you move (since it sounds like you would not have to move for the other company). And I'd subtract commuting expenses (and probably time) to the MBA program from any reimbursement. Both of those help Job 2's prospects financially.

And sure, don't count on restricted stock being worth much, but it theoretically has at least a little bit of value, in that there's upside potential.

What's the cost-of-living difference between the two cities?

There's no way I'd move to a town I don't enjoy for a job I didn't plan to stay in longer than a year. Especially if another job in the town I was already in that sounded relatively available and had equal or potentially greater financial gain was open to me.