Using a job offer for a raise at current employer (should I stay or should I go?) (1 Viewer)

[Dedfin]

Help, I'm new to this stuff.  In the 10 people of my department I do a few unique things, and I have gotten 2 "excellent" reviews out of 2.  The director knows me by name, and manager and my supervisor both like me (or so they appear).  All that being said, I'm relatively new in my career and while I like to think I am indispensable, I know the deal.  I have an offer of a roughly 25% pay increase and a more interesting/intellectually challenging position.  It's something I'd love to do.  This new position is with a much larger company (Fortune 50) but may experience downsizes (they said they downsized recently in my interview).  It's only a 1 year contract, but my recruiter said this is another way for the client company to filter prospective employees.  I don't really know what else to add, but will if you folks ask of it.  All of this being said, I think if my current company matched the offer, I'd stay.  How do handle this?  Looking for your experiences with this, good or bad.

 

[bigmarc27]

A 25% match is reallly steep. If they came back with like 10-12% would you stay?  I mean you can try, but that's a big gap in wages, so I'd be prepared to be moving on even if they do really like you at your current position. 

 

[Foosball God]

Take the new offer if you get it imo.  You might be able to get a match from your existing company but you're going to be viewed as a temporary asset after that.  You were tempted once, you'll be tempted again in their minds.

 

[Ron Swanson]

Is your current job a 1 year contract as well?  

 

[Van Dyman]

You have been offered a "more interesting/intellectually challenging position",  but said you'd probably stay if your current employer matched the money.  That doesn't make sense.  If the money is the same, why would you choose the less desirable work?

 

[Foosball God]

Also, I'll add that if you are good then you are a lot less likely to be downsized at the Fortune 50 company.  They will find a way to keep the good ones.

 

[belljr]

How long with current?

Benefits?

 

[Judge Smails]

Better culture? Better boss?

 

[Dedfin]

A 25% match is reallly steep. If they came back with like 10-12% would you stay?  I mean you can try, but that's a big gap in wages, so I'd be prepared to be moving on even if they do really like you at your current position. 

Not sure.  I think I wouldn't.

Is your current job a 1 year contract as well?  

It's permanent.

You have been offered a "more interesting/intellectually challenging position",  but said you'd probably stay if your current employer matched the money.  That doesn't make sense.  If the money is the same, why would you choose the less desirable work?

I guess security is my main fear in changing jobs.  I've never done this in my real career.

How long with current?

Benefits?

Been there about 2 years.  I just graduated university.  This is my first real job.

 

[Dedfin]

Better culture? Better boss?

I really love my bosses at my current job.  I'd like to think I'd like the culture of the company at the new place, but I can't say for sure.

 

[Dedfin]

Also, I'll add that if you are good then you are a lot less likely to be downsized at the Fortune 50 company.  They will find a way to keep the good ones.

I'd like to think this

 

[Dedfin]

A 25% match is reallly steep. If they came back with like 10-12% would you stay?  I mean you can try, but that's a big gap in wages, so I'd be prepared to be moving on even if they do really like you at your current position. 

Yeah, 25% seems steep.  I think I'm underpaid at my current job, and this feels like I just got called up to the Majors!

 

[Baloney Sandwich]

Dude, you are a few years out of school and I assume not dumb enough to be married at such a young age. Take the role with the F50 company that pays more and is more interesting. A side benefit is I bet there is a ton of hot tail floating around that big company that you can tag.

 

[Foosball God]

I'd like to think this

Sounds like the work is more interesting to you.  I've done contract to hire multiple times.  If you're good you'll get permanently hired and your downsize risk is less likely at a big company.  There are always plenty of mediocre people to get rid of, they will find a place for good people, even if the project you are on gets axed for some reason.

 

[bigmarc27]

So is the only reason you'd might stay in perceived job security?  If you're straight out of school and you like the work and pay, that's an easy decision for me. Job security is nice until it isn't secure. 

 

[Dedfin]

Dude, you are a few years out of school and I assume not dumb enough to be married at such a young age. Take the role with the F50 company that pays more and is more interesting. A side benefit is I bet there is a ton of hot tail floating around that big company that you can tag.

There is quality poon at my current job, which might be a small part of the reason I'm balking.  I think I also need someone to islap me and tell me to not be a ####### about this.

 

[Dedfin]

So is the only reason you'd might stay in perceived job security?  If you're straight out of school and you like the work and pay, that's an easy decision for me. Job security is nice until it isn't secure. 

Yeah, it's like 90% the reason

 

[BowieMercs]

Take the new offer if you get it imo.  You might be able to get a match from your existing company but you're going to be viewed as a temporary asset after that.  You were tempted once, you'll be tempted again in their minds.

This. Once you "job shop" your current employer they will immediately start planning to replace you. 

 

[Sinn Fein]

If you go, there will be trouble.

If you stay it will be double.

 

[Thorpe]

The big raises almost always come from outside the company.

  A 25% raise this early on in your career could make a huge difference in your lifetime earnings.  It might take your current employer 5-10 years to raise you that much.  

I would be honest with you current employer and don't make it look like you are haggling for more money.  Just say you want more challenges and the extra money.  They will understand.

The days of staying with the same employer for 50 years and getting a watch are long gone IMO.

 

[Slapdash]

I really love my bosses at my current job.  I'd like to think I'd like the culture of the company at the new place, but I can't say for sure.

Having good bosses is very valuable, particularly in a stable culture.  I wouldn't leave this situation lightly particularly for a contract gig.

 

[elbowrm]

  It might take your current employer 5-10 years to raise you that much.

Wat

 

[elbowrm]

A lot depends on the industry - say you were in a role that was entry level but with a fairly clearly defined ladder above you, with meaningful increases in compensation along the way (finance, law, accounting, consulting, etc.).  In that instance a move for just a 25% increase today but a less certain path may not be the right move.  Otherwise go for it.

 

[Thorpe]

Wat

I haven't been in the corporate world in 15 years, but I used to get 2.5% raises, except for most years when there would be a salary freeze.  I had to go to a new company to get the 20% raises.

 

[Ignoramus]

Wat

If you get, what for some industries is "standard", a 3-5% raise per year it will take 5-10 years to equal that 25% bump.

 

[elbowrm]

I retract my wat 

 

[mcintyre1]

I haven't been in the corporate world in 15 years, but I used to get 2.5% raises, except for most years when there would be a salary freeze.  I had to go to a new company to get the 20% raises.

Yeah, once you're in the corporate grind, I think this is still very accurate. Compensation wise, I've been lucky to have started at a small company, gotten 5-10% raises every year, followed by a (since disastrous) acquisition. With the acquisition and subsequent high turnover, I've basically doubled my salary from where I started 5 years ago. Now that I'm in the corporate structure of the new place, I'm looking at 1-2% per year. I'm one of the last holdouts, but I'm probably going to move on soon.

 

[bagger]

Stay if the company matches, take the bump otherwise.

people use your current salary against you all the time so ratcheting up as quick as possible will compound beneficially to you in the future.

 

[bagger]

Yeah, once you're in the corporate grind, I think this is still very accurate. Compensation wise, I've been lucky to have started at a small company, gotten 5-10% raises every year, followed by a (since disastrous) acquisition. With the acquisition and subsequent high turnover, I've basically doubled my salary from where I started 5 years ago. Now that I'm in the corporate structure of the new place, I'm looking at 1-2% per year. I'm one of the last holdouts, but I'm probably going to move on soon.

This is true too...often times the only way to make a leap in salary is to move.

unfortunate but true.

 

[BobbyLayne]

Good luck with your new gig.

 

[Nugget]

Take the money - the Fortune  50 will look good on the resume.  You don't want to retire from the first company that hired you.  Get some varied experiences.  

Also, may have missed this - what industry?

 

[Dan Lambskin]

Take the money

 

[belljr]

Wat

He might not get 25% for 5 years if he stays

Eta lol sat delay

 

[fightingillini]

You can certainly ask, but be prepared to walk if they say no, which is 99% chance that they will do.  25% is quite steep.

Remember it would a lot of merit increases and promotions to make up a 25% reduction in salary.  Also note, if you work too long at one company being underpaid, companies will wonder what is wrong with you.....they will assume that's all your worth.  So the longer you work at a company underpaid, the harder it is to make up that difference later when you do decide to move.

You're young.  If you're good, the new company will make your employment permanent.  I would just take the new job and not look back.

One last thing.  The average person changes jobs 7-8 times in a career.  I am 47 and I have changed jobs 4 times already.  Very few people in this economy stay at the same company for 20+ years.  The more you change jobs, the more skills you acquire and the more contacts you accumulate.