so i’m presented with a new job offer that has a salary increase.
the job offer is offering a salary of $85,000 with 3 weeks vacation and usual benefits
my current job pays me $73,500 with 4 weeks vacation and usual benefits with 6 yrs tenure.
if you consider taxes and vacation… is the new job offer that much better in terms of take home pay?
i did a rough estimation without vacation taken into account and it would only be a 3,500 net increase even though gross is 11,500 higher.
other factors
i just bought a house and need a mortgage which hasn’t been approved yet. my broker tells me the lenders do not approve people on probabtion.
my wife is pregnant with our 2nd child and due in nov 2010
pros for new job
fast paced
learn diverse number of things
higher profile
work with many different clients
build relationships with clients and liked minded people
cons for new job
probation period (issue with mortgage)
requires softskills that i’m not strong in
need new wardrobe (suits and ties)
need to purchase a 2nd car to commute (also insurance, etc)
pros for old job
6yrs tenure
relaxed environment
get along and friends with coworkers
no probation period
public transit easy
at downtown core
10% bonusable
cons for old job
learn but slower pace
not as diverse projects to work on
kind of at the max level my job title can go
relaxed environment can lead to slacking
after considering all these factors, would you take the new job?
i was leaning towards taking it until my broker just told me that getting a mortgage will be near impossible but he can find ways around it if necessary.
I would suggest not taking it. You already have 2 major changes going on (2nd child—congrats! New house—also congrats!) A 3rd change might just be too much right now.
If you were able to get this offer in the first place, I would imagine that you will be able to get future offers as well.
the 10% bonus usually goes straight into RRSP.
But even with the 10% bonus, I’m just under the higher tax bracket.
Commuting will vary as it is a consulting job.
So I would need a car (used or new), pay insurance ($2000/yr), gas, maintenance, etc.
I estimate that would be $200-250/month but there is some compensation for travel with the new job. Estimated compensation is $40-50/month.
Versus public transit of $100 per month
Depends on your long-term career aspirations really. Delaying buying a house by a few months is not going to be a big deal, although once our HST kicks in you might find yourself paying more.
Keep the big picture in mind. Will you be satisfied, say two years from now in your current position, or will you be kicking yourself for not taking on more responsibility and moving your career forward? This is a legitimate question that you need to consider.
A bird in the hand is worth two in the bush as they say. There isn’t that much of a difference in pay so why risk it? JMHO. If you get canned during the probationary period where will that leave you?
Your already facing enough stress. Don’t add more to your plate. Besides at a job you have been at for years you have built in slack. Your not going to be in top form with everything going on. I’m old but I remember the first child and the first house stress. You don’t want it to affect your performance but it does. I literally couldn’t sleep waiting to sign on my first home. I also spent months wishing I was at home with my new baby instead of making data. My work suffered for a while.
If I choose to stay, do I show my current manager the job offer and hope he increases my salary?
Or will that create tension at the workplace if I stay and blackmail them?
That completely depends on your work culture. Some places are more than happy to woo you with a counter-offer. Other places will view you as “That person who’s looking to leave at the first big paycheck” and will distrust you until you do, eventually, leave.
Any experience in your 6 years there of others who have received offers from elsewhere but ended up staying?
Really, about the only time this works is if you’re a tenured professor. The rest of the time, this gambit works for about six months while they figure out the best way to replace you. You are, after all, not happy with the job as you’re searching, right? So they’re going to replace you before you find a third, even better offer, and they’re going to do it on their own schedule.
Which leads to the question you haven’t yet answered: why are you looking for a new job? I mean, this one didn’t just fall into your lap, did it? You sought it out? Updated your resume? Went on some interviews?
So are you unhappy with your current job? Or is it just the money? If it’s the money, I think we’ve established that the new offer probably isn’t enough to get you to upheave your career path. But if it’s more than that…if it’s that you hate what you do now or the new job will open more doors for you than your current position…well, that’s something big to consider.
That’s the hard part.
I already bought the house so it cannot be delayed. The paper work is signed and closes in mid Aug.
The new job opportunity changes my career plan. I never considered consulting as an option. I honestly can say that I’m not 100% sure I’d be great at it. I’m more the introverted type and not a great small talk person. I can speak well and do presentations well. But small talk is not my forte.
But it’s a challenge that I’m pretty sure I can meet.
In terms of career path, I was looking to get certified in my job and perhaps look at bigger companies that could use my services. It’s a backend type job where I speak to customers and do presentations but with people that I know more or less.
Actually I wasn’t looking for a new job.
My previous manager got let go and as she was interviewing with companies, she mentioned how good I was.
So this company called me and asked if I was interested.
I thought it wouldn’t hurt to see.
lol.
I would have liked to have waited too.
But circumstances (wife…) led me to buy this house which is perfect and will be our long term house. The mortgage itself isn’t stretching us to the max so I hope that cushions any interest bump or home value drop.
My husband just went through the same calculation when he was offered a new job and the big thing for him was the increased commuting costs + the new wardrobe requirements + the additional commuting time more than consumed the salary increase. He chose to stay where he is and based on the numbers you should too.
This sounds like an excellent set-up for the future, then. Keep your previous manager alive in your network and see what she thinks of where she lands. There will likely be opportunities for you down the road as well.
I think there’s something to be said for having a game plan and sticking to it. You weren’t looking for a job switch, and it doesn’t sound that this opportunity is so wonderful that it’s worth changing direction. Just on these parts I’d vote pass, if it were worth it I think you’d know
