Job Offer Eval

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Topic Author
ulladulla28
Posts: 77
Joined: Sat Jan 14, 2017 8:26 am

Job Offer Eval

Post by ulladulla28 »

Bogleheaders,

Seeking your counsel here. I have been with my current employer in Florida for well over a decade. Great group of people, Work Life Balance, Decent enough benefits, freedom to WFH as needed, but lower than industry norm comp and not much defined room for growth, plus a LOT of politics and "who you know and who likes you" (I understand that this likely exists everywhere). I reluctantly took a recruiter call and now find myself with an offer that equates to a 40% gross pay jump which on a net basis is an additional $45,000/year (I really do not like paying taxes :? ) There is also a sign on bonus of $50,000 (two-year claw-back) to help compensate for non-vested stock remaining at current employer. The benefits are comparable, although I will miss out on 12 months of new company matching due to a waiting period. Which equates to a little over $6,000, so not that bad. There will be RSU awarded in the next six months at the new employer, I am promised by the new company President- but of course that is not in writing. (There is a lockup on the new RSU due to a recent transaction.) Current role performance/bonus comp is typically an additional $20,000 - $30,000, in the new role it is expected to be $40,000 - $90,000. In my existing role, I hold non-vested equity which is meaningless unless I reach retirement age or my firm sells. The new firm is PE backed, and thus there likely will be some value to the RSU awarded in the next few months due to the nature of PE firms having 3-7 year time horizons for portfolio companies. At my current firm, I have asked on multiple occasions for vesting shares, but never given a receptive discussion. In fairness, we do have somewhat strict rules around who are permitted vesting shares, but those rules are certainly bent for the right people.

The new role is very similar to my existing role, but at a higher level with a much larger organization and with less of a people management component. It is 100% WFH, with some Travel (less than 10%.) I am okay with this and comfortable. I really like the folks I have met with, but of course there is always a chance it does not pan out (Grass is not greener, etc....)

Questions for you BH'ers:

1. Financially, is there something I am not thinking about?

2. For those who have left an employer after being there for a very long time, any regrets? Similar stories? Advice?

3. Anyone regret moving to a fully WFH environment?

This is an extremely difficult decision, and I appreciate your input!
Wannaretireearly
Posts: 5173
Joined: Wed Mar 31, 2010 4:39 pm

Re: Job Offer Eval

Post by Wannaretireearly »

Did you like the folks you interviewed with?
Does the new/old job have better retirement benefits? How do they compare? Any MBDR differences?
“At some point you are trading time you will never get back for money you will never spend.“ | “How do you want to spend the best remaining year of your life?“
oilrig
Posts: 479
Joined: Sun Jul 03, 2016 10:25 pm

Re: Job Offer Eval

Post by oilrig »

ulladulla28 wrote: Tue Jun 11, 2024 6:59 am Bogleheaders,

Seeking your counsel here. I have been with my current employer in Florida for well over a decade. Great group of people, Work Life Balance, Decent enough benefits, freedom to WFH as needed, but lower than industry norm comp and not much defined room for growth, plus a LOT of politics and "who you know and who likes you" (I understand that this likely exists everywhere). I reluctantly took a recruiter call and now find myself with an offer that equates to a 40% gross pay jump which on a net basis is an additional $45,000/year (I really do not like paying taxes :? ) There is also a sign on bonus of $50,000 (two-year claw-back) to help compensate for non-vested stock remaining at current employer. The benefits are comparable, although I will miss out on 12 months of new company matching due to a waiting period. Which equates to a little over $6,000, so not that bad. There will be RSU awarded in the next six months at the new employer, I am promised by the new company President- but of course that is not in writing. (There is a lockup on the new RSU due to a recent transaction.) Current role performance/bonus comp is typically an additional $20,000 - $30,000, in the new role it is expected to be $40,000 - $90,000. In my existing role, I hold non-vested equity which is meaningless unless I reach retirement age or my firm sells. The new firm is PE backed, and thus there likely will be some value to the RSU awarded in the next few months due to the nature of PE firms having 3-7 year time horizons for portfolio companies. At my current firm, I have asked on multiple occasions for vesting shares, but never given a receptive discussion. In fairness, we do have somewhat strict rules around who are permitted vesting shares, but those rules are certainly bent for the right people.

The new role is very similar to my existing role, but at a higher level with a much larger organization and with less of a people management component. It is 100% WFH, with some Travel (less than 10%.) I am okay with this and comfortable. I really like the folks I have met with, but of course there is always a chance it does not pan out (Grass is not greener, etc....)

Questions for you BH'ers:

1. Financially, is there something I am not thinking about?

2. For those who have left an employer after being there for a very long time, any regrets? Similar stories? Advice?

3. Anyone regret moving to a fully WFH environment?

This is an extremely difficult decision, and I appreciate your input!
This new offer sounds like a no brainer to take it: much higher pay, WFH (I love WFH), less managerial responsibility, higher level role. Take the offer and run!
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soccerrules
Posts: 1435
Joined: Mon Nov 14, 2016 3:01 pm

Re: Job Offer Eval

Post by soccerrules »

Seems like financially a WIN to the tune of 100K a year or more at least the first 2 years.

WFH is up to the individually. I did not think I would like being on my own but in 3/2020 when the world shut down, you adapt and I grew to really enjoy it. I did miss the face to face human interactions that I now get with 2-3 days back in the office. I prefer to WFH but I am weeks away from announcing my retirement so i have both feet out the door.

No work place it perfect-- so if you like the leadership, the work and the vibe of the company vision --go for it.

A couple of thoughts
1) Larger firms tend to have more layers of bureaucracy, especially publicly traded ones. If you are managing fewer people--likely better.
2) The recent transactions that has RSUs locked-- probably OK, but does that change anything for your role, expectations, timelines to reach milestones in addition to the ability to receive RSUs
Don't let your outflow exceed your income or your upkeep will be your downfall.
Topic Author
ulladulla28
Posts: 77
Joined: Sat Jan 14, 2017 8:26 am

Re: Job Offer Eval

Post by ulladulla28 »

Thanks for the insight. Good points on the Mega Back Door and RSU. The RSU freeze is only for the next few months. I have done DD on the PE firm and they predominantly target my industry and currently hold a number of similar companies. Which does give me a level of comfort.
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