I like my job, but another company wants to pay 20k more... do I take it?

Makes me wonder if job is in similar field, similar position why the pay is so much higher at the new job as opposed to one you have been at for three years.

 

This is about as true as it gets.

 

I work for a very small company (under 10 employees) the new company is 10x larger, bigger budget etc.

 

Any news?
I chased the money once. Hated the new company and position, but I worked a sh1t load of O.T. and payed off all my debt. I am at a job now that I started 3mos. ago. Hourly pay is up, no O.T., slightly different field. Much better workplace dynamic. Money isn't always everything. Looking back I would still make the changes because everything worked out on the positive side for me, but that's hindsight.
Learn as much about the company and people you'll be working with. Talk to people that have worked there or have dealt with the company if possible. You'll be in a better position to make a informed decision. I would keep my present employer in the loop. You might learn something about them as well.
Good Luck

 

Maybe they are run better. Maybe it would be more fun there, better opportunities. This other company shows that the profit it's there, knows how to get it, and is willing to share it.

Maybe your current boss is kissing your rear end because he knows he's underpaying you. Maybe he's using your kids' college tuition for his kids or a nicer house. Maybe there are perks, but only for him. Really nice ones when he doesn't have to share. A friend? Lol maybe not.

I'll tell you something else from personal experience. If your boss has financial problems then he will lay you off. He might even cry. Maybe kiss you one last time before you walk out the door. But HE has a family to feed and that's going to turn out to be more important than yours. No worries. He will get over his pain. He will be ok and his kids will go to Yale on the extra $200,000 that you left on the table during those wonderful ten years you spent with your loving boss. And you'll end up working somewhere else, anyway. You'll see each other from time to time and shake hands in awkward politeness. You would learn that quickly.

Your boss pays you $20k less no perks when it's shown to be there. Where is the love in that?

If your boss really loves you as a friend, the he will understand. You guys can go out to dinner together and gaze into each other's eyes. You'll be able to lovingly pick up the check, since he's apparently so broke.

Take new job and the money and put it all in savings. Worst case, if it doesn't work out then you'll have some money to fall back on.

Be a man. It's a job. It should be civil and respectful. But it doesn't have to be a love-in. Your boss needs to be civil. But you don't need him kissing you.

As long as it's civil and respectful.

Now if you take it and just piss the money away, then you should have stayed and enjoyed your love-in.

Having said all of this, there is great advice about checking out the new place. Maybe it's more work. Whatever. Just open your eyes to the possibilities and make the right decision for you and your family.

 

Quality of life is very important. I have taken pay cuts to get out of crappy jobs and never regretted it.

BUT, you don't know that the new job would be a drop in QOL. If it seems that the new job will have good perks with good people, then sign the papers and move on up. This is business and you need to think of you and yours first. Retirement (and the next crisis) is going to come WAY faster than you realize, and you need to be ready for that financially.

That being said, exit from your current job with grace and they MAY be a safety net for you if the new job turns out to be less than you expected. I've gone back to my old job in 2 different situations when I made the wrong move, and they were happy to get me back.

 

+1...Corporate America

 

My only suggestion would be to not indicate to your current employer that you looked around and found something with higher pay, unless you are telling them with your resignation. If you stay, they will always be thinking you are looking to jump ship and are not in it for the long haul. As someone who is in upper management, I can tell you that this is how it is perceived (at least in my company).

The other thing that my own personal belief prevents me from doing is giving my two weeks notice, and then staying at the current company because they match the offer. To me that says that they are not loyal to you. If that's their way, then they are only watching out for their bottom line and not you nor your family.

 

Everything that 90YotaPU said is dead on - I am an HR professional in upper management and agree 100% that you shouldn't say anything until you have decided to give your notice. If you really want to stay with your current company for more money, try negotiating that up front without them knowing you already have an offer lined up. Accepting a counteroffer changes the dynamic, and never for the better. You need to do what's right for you, and that means balancing money with QOL. Good luck!

 

I was in the same situation 2 years ago and I took the leap up faith after researching the company and determining I would be a good fit in with the culture there. I got $20K more + the benefits were a lot better and without me even knowing they gave me like $6K bonus each year and $1K in Christmas bonuses. I took the $20K and didn't adjust my life style to it. I put the whole $20K in my retirement so it is like I am making the same as my old job. Just do your research and make sure the company is a right fit for you. Make sure you understand all the benefits. Benefits can be a huge part of a salary package and sometimes a raise isn't very much if the benefits aren't there. My $.02

 

My advice is: Love your job, not your company/organization. If you will be have the same role at the new company and they are paying you $20k more - I would say go for it.
Any company that offers the perks you mentioned probably takes care of their employees well in other ways as well (benefits, atmosphere, communication, etc...) That's a significant amount of money too. If it were 5k or even 10k, maybe not as hard of a decision to stay.

 

Like others have said. Factor in insurance, paid time off, retirement, demand on your time, time away from family, stress, and general love of job. I've taken jobs that pay less in my life to be happier.

 

There are potential advantages and disadvantages to either option. Not knowing the field I can't tell what the possible advantages to staying or leaving would be. There was a guy my dad had told me about that worked for over 6 years with a tech company in Dallas. It was a somewhat small company at the time, making a decent living in the tech world. He had a great offer at a new company with a 20% increase in pay, plus benefits that were not available at the old place. He jumped ship. a couple years later the tech company he used to work for got a government contract worth millions. The company went through the roof and payroll for his old job increased to well over what he was making at the new job. I know this sounds like a fake story, but my dad told me it really happened. The small tech company that the guy here worked for at the beginning? Texas Instruments.

So what you need to look at is what is the potential future of your current job? Is there a chance the current job and company can expand, and eventually you find yourself in a much better position? Perhaps an upper management corporate position? There are a LOT of factors to look at that only you can answer.

 

It's a bit less true at very small companies but still true.

The down side is smaller companies don't generally have the opportunity for advancement that larger (or growing) ones do.

I have stayed when I should have gone. Do I regret it? Not really. It would have been nice to get the extra bump and the trimmings that come with a better company.

Some things to think about:

• A free lunch isn't free. Likely, you will spend more time working. Maybe not much more, but you will. If you can, try and ask your interviewers what their day looks like and try and gauge that.
• What does $20K look like tax wise? You may see more money going home. But if it moves you up a tax bracket, that could be eaten up by new taxes.
• You can avoid paying taxes today by putting money in a 401(k). If your new employer matches, that's free money and making the max contribution could lower your current tax rate (be careful as 401(k) money is hard to get to if you need it).
• Try and do some homework about the new place. Look at their website, figure out who they are and remember, an interview is as much about you learning about them as it is them learning about you.
• Sometimes, a big place is harder to work in because of the layers of bureaucracy.
• There could be repercussions of interviewing. So if you decide to play that card (personally, I wouldn't); be prepared for what could happen next.
• In today's economy, 10% is a lot to ask for unless you are underpaid. The Radford Salary Survey is a tool that can help you figure that out (not all job markets are covered).
• Finally, unless you work for yourself, no one is going to look out for you like you will look out for yourself-do what is right for you and your family-as someone already alluded to, this is what matters most.

Good luck and hope it works out the best for you.

 

Personally I find the title to this thread to be a little misleading and premature. "another company wants to pay 20K more...should I take it?" From what I have read, nothing has been offered. Sure there is a potential, but potential does not always = reality. Before you can ask the question, shouldn't you first get the offer?

 

About true maybe, but you can't say NO company. I work for a company that despite the industry being extremely volatile, we have never done any furloughs, lay-offs, etc. in our 40 years of existences, because we know that our people are our biggest asset. 40 yrs. isn't a long time overall, but in the airline industry to be that secure in a job is pretty damn good.

That being said OP, I left my last job to work here and took a 20k pay cut at that time, I'm just now (7 years later) getting back to/ahead of where I was then. I had an opportunity to take a position with ATC easily making double and potentially triple what I make here (possibly ever make here depending on the path I choose). I love my company, I love what I do, and ultimately I chose quality of life over max pay.

I know I would have loved the job, but I would have missed a lot of things that are important to me for my family.

 

if the situation is reversed you would be out on your ass... take the interview and do whats best for you. i was loyal to a company once then i get stabbed in the back from a coworker i thought was a friend. when it comes to money people are funny. worry about number#1

 

I agree with this 100%. Be careful of giving an ultimatum: "company B offered me $$$ and I you want me to stay you have to give me a big raise".

The financial reality is that every employee's value to is based upon the revenue they produce, whether by productivity (doing the work) or marketing/biz-dev (bringing in the work - and most employees are not in a position to do this).

If you feel you are worth more money, it's okay to ask for more. It could be that if you ask for a big raise your boss will weigh your value to the company (including perhaps future value) and reward you. Or he/she may feel that your salary is already in-line with your productivity and decline to give you a big raise.

People like to think they are "worth" more because they've been at the job for a certain amount of time, or they always get to work early and don't call in sick, or the customers like them... or because some other company gave them a better offer. Some of these may be small factors, but in the end it comes down to the amount of revenue you are producing vs the salary+overhead you cost the company.

If you feel you are worth more to your current boss, state your case. Tell him/her that you are ready to take on more responsibility, or you feel like you are working more effieicntly, or you can train the new hires... whatever. In my expereicne though, it's good to try out new opportunities and work for different people, too. Make you a more well-rounded professional.

Either way, good luck!

 

Great point. I would expect an unspoken answer along the lines of, "Sure, we can check into a motel for the night. But I'm not feeling the kids and house thing."