Struggling to make a decision on a job offer. Was not actibely looking and the process went faster than expected, and now I’m not sure what to do! I’m happy with my current company, role, manager, work. But this offer is intriguing, as it could maybe be better in the long-term? However, I’m struggling with the benefits offerings. Here are the details. What would you do?? Offer: $80k, potentially higher lifetime earning potential, decent health insurance options but not as good as current (i.e. lower HSA contribution, higher deduct & OOPM, but lower premiums), much worse 401k offering (40% match on up to 6%, vesting scheme), unlimited PTO but no paid parental leave (makes no sense!), 8% bonus. Current: $67k, lower lifetime earning potential (new offer is at max of my current role range, not much room to grow past where i am now because it’s a small industry, hard to break into upper ranks), great health insurance (100% paid premiums for me, but I do pay for dependents, $2k HSA cont, etc), great 401k offering (6% straight contribution even if I contribute $0, fully vested), 5 weeks PTO, 12 weeks paid parental leave, no formal bonus structure though I did receive (~$3k) last year Overall increase in total comp is ~12%. After considering expenses (i.e. differences in premiums, etc.) it’s closer to +10%.
Since you asked: probably better to stay. You have family, they provide good benefits, AND you like the people you work with. Unless you don’t make enough to support yourself, if I were in your shoes, it’d take a lot more to get me to move (as in +40-50% bump in TC, inclusive of benefits). New offer is nowhere near that. Plus you have no idea if the place as good as they are selling it to you as.
Holy moly. I can’t even imagine a 40-50% bump... does that really happen? Even though the percent isn’t super high, it feels like a big jump to me, but maybe it’s because of where I’m at now (~67k)
I’ve heard of such things happening. Not common. In your case, would think it should be doable, given enough time and preparation.
Can you just assign monetary values to everything and see which comes out higher for you? It's hard for us to tell without actual base numbers.
Updated with that info. TC difference is about 12%.
If you're planning to have kids soon, current job might be better just for sanity and fact you wouldn't start a new job and take time off immediately. The $13k diff, if you did the math on 401k contributions, and actual days off vs what you'd take on "unlimited" is probably much lower. I would probably stay if you really like your current position, boss, and team, and continue interviewing and expanding your skills so you can break out into a higher paying role. If you're in a higher cost of living area and making $80k seems like a huge jump from 67k it may be worth revisiting your career or industry if higher comp is important to you. The benefit diff doesn't make the offset seem that much to me
Thank you!
Stay at your current job. Unlimited PTO is a scam so your company doesn’t have to pay out when you leave. Not to mention paid premiums which can be worth 2-3k per year, plus 2k HSA, 6% is 2k vs the 40% match. So figure 7k in benefits which means 74k vs 80k, then subtract the cost of healthcare so its 74k vs 78k 5 weeks pto is also worth 6.5K which can be paid out when you leave, and with unlimited PTO you are usually pressured to take less time off Stay
Thank you!
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Current TC? 20% of 100k is different than 20% of 250k. Also are you in high cost of living area?
I updated with actual $ figures. Difference is $80k vs $67k. And yes, I’m in a pretty high cost of living area (but not as bad as NYC or Bay Area)