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Switch Jobs for 20% or Stay for 20%
Posted By Jim On 11/03/2006 @ 8:22 am In Career,Personal Finance | 13 Comments
Let me paint the scenario: You interview for another job in another company and are offered a 20% raise above your current salary. You return to your current employer and ask for the current company to perhaps match that offer. They do. You’ve been at your current company for three years and feel you’ve built up somewhat of a name for yourself. Both companies are in the defense industry. For all intents and purposes, everything else is the same…. what would you do?
Personally, I’d take the 20% at another company mostly because after you get an adjustment at your current company for 20%, you’re put far past the other employees in your organization. You probably can’t expect sizable raises for a few years, whereas if you start “clean” at a new company, you’re not making more than your market value and so you won’t be penalized.
Now add into the fact that the people you work with know you received another offer and so in order for you to stay, you likely got accelerated on the pay scale, which is like to engender some spite. Also consider the fact that your original company does value people who leave and come back (more varied experience, plus you demonstrate value by virtue of the fact another company is willing to pay to acquire you).
What would you do?
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