Thank you all so much for your thoughts. I've grouped some similar responses together and replied.
fatFIRE wrote: ↑
Wed Apr 15, 2020 7:53 pm
Take megacorp position. If it's FAANG, shame on your for asking, it's such an obvious choice!
Megacorps are more stable, and flush with cash reserves. Small companies will go first before the megacorps.
As someone else noted, it is not a FAANG. But this is pretty much where I landed. Although while I don't see the Megacorp going out of business, that means very little for my particular position.
Stick5vw wrote: ↑
Wed Apr 15, 2020 8:52 pm
Can you quantify the "significant pay increase" for us? How large is the jump?
If your learning curve is going flat, that's not a good sign. Big reason to leave, in and of itself. You also sound a bit tired of the company itself.
Do you want to work 100% remote / from hom? But this would mean you earn more, and then possibly be able to go to a lower COL area, so what you actually bank is significant. (if indeed you're open to moving - guess that depends on your wife's job?)
Watty wrote: ↑
Wed Apr 15, 2020 9:45 pm
It may be a minor thing but if you are getting health and dental insurance through your job then if you take the new job you may need to find new doctors and dentists that are under the new insurance. With many medical offices closed you might have a hard time finding new ones.
When things settle down with the new job you could not only move to a lower cost of living area but if you are in a high tax state you could move to a state with low or no state income tax.
If you are working remotely be sure to consider what the different time zones will mean.
I will probably ask for base compensation that would be a 40% to 50% increase after taxes, and after negotiation expect to receive something like a 25% to 40% increase after taxes.
Currently get insurance through my wife's job (though if she gets laid off that will change). Agree, would stink to have to find new doctors, but I'd be surprised if Megacorp's insurance weren't accepted where we go.
While I will miss my office at my current employer, it's something I'd be likely to find anywhere else. And yes, 100% remote means we might move closer to family (wife's job is also 100% remote), or (once the world opens) maybe work from somewhere like Puerto Rico or Québec for part of the year. We'd remain on the East coast as I would be expected to work East coast hours. But I will never live in Florida!
phxjcc wrote: ↑
Wed Apr 15, 2020 10:01 pm
2. Your present boss will be upset. Interviewing, pre-employment screening, etc I would guess has ground to a halt. So the bridge will be burnt.
3. You say that you cannot advance in your current company, and go on to say that you have doubts about advancement at the new company as well.
4. You have a lot saved, but need to look at the funds as a multiple of how many years expenses, not pure dollars. If your burn rate is $200k, that is only 5 years. If wifey gets laid off, you lose your job, what is your minimum burn rate? Beans and rice, sell the BMW, get a 20 year old Camry, etc How long can you survive? Once you KNOW this number, you will know your answer.
I could advance at my current company if I were willing to change almost everything about who I am as a person, but I'm not
I say I'd be unlikely to advance at the new company mostly because I'd be coming it at such a high-level engineering rank. There's only one rank above it, no one at the company has that rank, and the idea is that it's kind of reserved for people who have been there a decade or something. Outside of engineering, I actively don't want to advance into management, which is part of the reason I'm thinking about this switch.
Re: burn rate, before the kid, it was $60k to $70k annually. With kid, probably more like $90k. If my wife loses her job, it would presumably go back down to $70k as we wouldn't need daycare. If we both lose our jobs, we'd cut back further. After unemployment benefits ran out (which are fairly generous in my state), we'd probably move to a LCOL and be able to get by on $45k annually or less. At that rate, our EF alone would last us 2 years.
Jack FFR1846 wrote: ↑
Wed Apr 15, 2020 8:20 pm
I would not be moving now.
I work for a multi-Billion dollar public company. We had a number of req's locally and had offers out. They all got pulled and nobody's getting hired. The people who were counting on a first job or a better job are out of luck for the time being and I suspect at least 6 months. You don't want to join a part of a megacorp and have people 2000 miles away shut down your offer and send you on your way. Just wait this out.
stocknoob4111 wrote: ↑
Thu Apr 16, 2020 2:38 am
phxjcc wrote: ↑
Wed Apr 15, 2020 10:01 pm
This... it is why I'm not making any changes now.. jobs will still be there when the smoke clears.
DonIce wrote: ↑
Thu Apr 16, 2020 2:51 am
I would stay put for now. At a new company, new hires and unprofitable projects are among the first things that could be cut. The recovery may be fast, but it may also be long and slow. As a big public company, decisions to make cuts can be done at a very high impersonal level and you will easily be among them.
On the other hand, at a small company where you have been for many years, if you are a high performer and have good relationships with your bosses, they will likely make every effort possible to keep you on even if they have hard times.
If things look great by the summer or in a year or whatever, you will always still have the opportunity to switch jobs to a different company. On the other hand, once you quit and take the new job, it's unlikely that you can go back on the same terms.
This is pretty much my biggest concern. Even if my current employer suffers more, I'm fairly certain they'd do a lot to keep me in particular (thought it still might mean no bonuses, salary cuts, etc.).
On the other hand, there's no world in which this product (at the new company) will be eliminated anytime soon. It's key to the new company's future strategy, already has tens of millions of paying customers, and is growing faster than expected. None of that means that I in particular can't get laid off, but just context.
One helpful thing is that the new company wants to extend the offer soon, but doesn't expect me to start until early July. And I of course wouldn't give notice at my current company right away, so I'd have about two more months to see how things are playing out with the business effects of the pandemic.
lakpr wrote: ↑
Thu Apr 16, 2020 5:05 am
fatFIRE wrote: ↑
Wed Apr 15, 2020 9:51 pm
Actually, coronavirus remote work open some interesting solutions.
Depending on how skilled OP is, you could start work at the new megacorp, before resigning from the old job, or even maybe stay on both payroll for a few weeks to figure out if the new job is what the OP wants. Just need to "balance both jobs".
Depending on the employment agreement, you could be both terminated and sued for damages if you do this. My employment agreement, and I am sure most such agreements with typical boiler plate language terms, require you to affirm that you will dedicate 100% of your time for the benefit of only this particular employer, any work you do while being employed will be the intellectual property of the company, etc. My MegaCorp even has a third party Compliance enforcement company, to which we affirm annually that we are still employed only by our MegaCorp with no other outside engagements.
FWIW I will not be doing this regardless of whether it might be permissible. Too many other things in life going on.
A couple of people also suggested not revealing to my current employer where I would be going. I understand that this is never obligatory, but I also don't think it's practical (or wise) for a few reasons.
- It will literally be the first question from my boss when I give notice
- In my opinion, not answering makes it seem like I have something to hide
- Even if I don't publicize it until later, the info would almost certainly find its way back through the grapevine
- While I don't believe the non-compete applies in this situation (this client is not our competitor), not revealing where I'd be going suggests that I might think it does apply