New job offer

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Topic Author
Falcon2018
Posts: 28
Joined: Mon Jan 29, 2018 2:46 pm

New job offer

Post by Falcon2018 »

Hi...long time reader...I am considering a new job offer. I would like some input on anything I am overlooking. It is much appreciated.

OLD JOB
Salary $106K
PTO 19 days; max accrual of 320 hours
Holiday 10 days
401k match 4% (I max out)
RSU forfeited $14K
Megacorp ($4B revenue)
Siloed in current role; don't foresee much growth in coming years
Small amount paid in benefits for life insurance
Medical/dental insurance N/A because I'm on wife's plans
Work from home when needed; flex hours (I currenly am in at 6a, leave between 3-4p)

NEW JOB
Salary $135K
Bonus 12% of salary
PTO 10 days (trying to negotiate 15 days)
Holiday 10 days
Personal 2 days
401k match 0% at salaries above $120K
Smaller Megacorp ($2B revenue)
New role is promotion from old job
Potential advancement opportunities
Recruiter indicated not much work from home and hours are dependent on supervisor
kerplunk
Posts: 809
Joined: Sun Apr 17, 2011 9:58 pm

Re: New job offer

Post by kerplunk »

Sounds like a no-brainer to me.
Olemiss540
Posts: 1498
Joined: Fri Aug 18, 2017 8:46 pm

Re: New job offer

Post by Olemiss540 »

kerplunk wrote: Mon Jan 29, 2018 6:47 pm Sounds like a no-brainer to me.
Yep. 30% raise minus a few days off and 4% match? I will take it!
I hold index funds because I do not overestimate my ability to pick stocks OR stock pickers.
BeneIRA
Posts: 842
Joined: Sat Nov 29, 2014 8:43 pm

Re: New job offer

Post by BeneIRA »

Financially, go for the new job, but did you check Glassdoor or other sites to see if the new workplace is better or worse? Sounds like you aren't a big fan of where you're at, so that might be your answer.
Arizonasun2008
Posts: 26
Joined: Fri Jan 26, 2018 5:05 pm

Re: New job offer

Post by Arizonasun2008 »

I think once you take the new job and pay your dues, eventually you can work your way up to more flexibility. You definitely don’t want to stay at a job where there’s no growth opportunities.
Dottie57
Posts: 9195
Joined: Thu May 19, 2016 5:43 pm
Location: Earth Northern Hemisphere

Re: New job offer

Post by Dottie57 »

Olemiss540 wrote: Mon Jan 29, 2018 6:55 pm
kerplunk wrote: Mon Jan 29, 2018 6:47 pm Sounds like a no-brainer to me.
Yep. 30% raise minus a few days off and 4% match? I will take it!

No 401k match above 120k. PTO would be deal breaker for me. Time to refresh oneself is important. Flex hours and WFH are huge too.
Topic Author
Falcon2018
Posts: 28
Joined: Mon Jan 29, 2018 2:46 pm

Re: New job offer

Post by Falcon2018 »

I did get the impression back from the recruiter flex hours are possible. He also said PTO hours increase after 1 year to 13 days. Still not much though. The new role will definitely allow me to have a bigger impact than where I am currently at.
Compound
Posts: 835
Joined: Mon May 26, 2014 1:32 pm

Re: New job offer

Post by Compound »

Seems that the opportunity for upward mobility alone is worth making the move for. Increase in pay helps to seal the deal. If over time the negatives start to outweigh the positives, you would be looking at higher tier jobs.
Billionaire
Posts: 339
Joined: Sat Jan 04, 2014 3:05 pm

Re: New job offer

Post by Billionaire »

That's a healthy bonus at the new job. What is it based on? Is it guaranteed? I suspect not.
OldSport
Posts: 488
Joined: Tue Jul 25, 2017 7:01 pm

Re: New job offer

Post by OldSport »

Go for the new job. Try to negotiate more PTO - 15 days if they say no then go for the 13 days. Also try to negotiate a signing bonus equivalent to the lost RSU.
Topic Author
Falcon2018
Posts: 28
Joined: Mon Jan 29, 2018 2:46 pm

Re: New job offer

Post by Falcon2018 »

They came back and said no to 15 days PTO and said they don't do signing bonuses at any level. The more I think about it I realize salary isn't everything and the PTO and flexibility I currently have is really valuable given I have a 2 year old. Time to sleep on it...
sawhorse
Posts: 3563
Joined: Sun Mar 01, 2015 7:05 pm

Re: New job offer

Post by sawhorse »

In my very limited experience, employers who provide little time off tend to put more pressure on employees to give everything to their jobs and/or they are stretched thin.
techrover
Posts: 123
Joined: Tue Jun 12, 2012 2:23 pm

Re: New job offer

Post by techrover »

Pay attention only to big picture and big items ...comparing down to the last nickel is not going to get you far in career.
Figure out what are the top one or two things that matter to you and decide based on those. Otherwise you will be stuck at current place ...
Helo80
Posts: 1767
Joined: Sat Apr 29, 2017 8:47 pm

Re: New job offer

Post by Helo80 »

Falcon2018 wrote: Mon Jan 29, 2018 2:48 pm new job...
Potential advancement opportunities

Be careful with that one... ideally if you can talk to a current employee that you know well, they can give you the true answer to that one.

But, you're talking to somebody that has been BS'ed before about "amazing career growth opportunities" by a Fortune 100 company whose revenues are in the double-digit billions per quarter and really, the sky was the limit in this company.... except the office I was being recruited for, unbeknownst to me, is largely silo'ed off from the rest of the company. The recruiter, the senior management, the management all told me about the great career growth opportunities and there are really amazing opportunities for the global firm.... but not in the role they wanted me for. Myself and other high flyers learned the hard way. There was a high turnover at this office by others who had been snookered in.


I don't know a thing about you or your family life, but to be 100% frank, the old job sounds better minus the limited promotional opportunity and silo'ed part. I totally get if you jump ship for that one point.
Topic Author
Falcon2018
Posts: 28
Joined: Mon Jan 29, 2018 2:46 pm

Re: New job offer

Post by Falcon2018 »

Thank you everyone for the replies.

The biggest sticking points for me right now are the very low PTO (IMO, not competitive with peer companies) and no 401k match (again not competitive with peers). While the increased salary would be great, my family is doing fine on the income we currently have, and right now with a young child and probably one more on the way, the higher PTO and flexibility I currently have is worth a lot more than the higher salary.

In reality I am probably not "siloed" in my current role; there are plenty of opportunities at the current employer to move up given the right circumstances. I am only siloed as I want to be, I realize.

The hiring manager/internal recruiter are also putting a lot of pressure on me to start earlier than I really want to, which leads me to believe they are really understaffed and overworked.

So I think I made up my mind to decline.
doon
Posts: 128
Joined: Tue May 27, 2014 9:25 am

Re: New job offer

Post by doon »

Falcon2018 wrote: Tue Jan 30, 2018 8:19 am Thank you everyone for the replies.

The biggest sticking points for me right now are the very low PTO (IMO, not competitive with peer companies) and no 401k match (again not competitive with peers). While the increased salary would be great, my family is doing fine on the income we currently have, and right now with a young child and probably one more on the way, the higher PTO and flexibility I currently have is worth a lot more than the higher salary.

In reality I am probably not "siloed" in my current role; there are plenty of opportunities at the current employer to move up given the right circumstances. I am only siloed as I want to be, I realize.

The hiring manager/internal recruiter are also putting a lot of pressure on me to start earlier than I really want to, which leads me to believe they are really understaffed and overworked.

So I think I made up my mind to decline.
I think you should have tried to negotiate at current place with this job offer in hand. Of course the risk is you should have been ready to walk out. Looks like you made the right call given your personal circumstances. Also there is no point in chasing more salary if you are comfortable financially with flexibility etc.
"Goal - Win the game before the need to retire"
wrongfunds
Posts: 2313
Joined: Tue Dec 21, 2010 3:55 pm

Re: New job offer

Post by wrongfunds »

Since you are working with a recruiter, tell him to find another opportunity. Going from PTO of 20 days to PTO of 10 days means, you are losing 2 weeks of pay which is equivalent to 4% cut in your base pay. You could similarly count the loss of 401K match. You could also put a financial price to lack of flexibility aka no WFH. Add +/- for changes in commuting hours/direction/traffic.

After factoring all of that in, then you look at both the options. At least from the information provided by you, I do not believe the decision to jump on the offer is cut and dry. I think your decision to let this one go sounds right to me.
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