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I recently declined a 170K counter offer (a huge pay increase) from my employer to take a government position that had a lower salary but other pros such as a pension, excellent benefits, etc. I had just been on the job for 3 months. I didn't go out and look for another job because I was unhappy, it was just that the government interview process is lengthy and started at the same time I interviewed for the job I have now.
One never knows if they made the right call in these situations until after they've actually started the new job and been there for a while. But I still worry that I made a mistake by declining the 170K. I start the new job tomorrow.
That said, there appears to be the possibility of returning if I don't like the new job, but I'm sure it won't be open forever. My boss was very sad that I was leaving. He said to keep in touch in case things don't work out....
He did have a backup from the original interview process (three months ago....) though so that return window may not be forever, though I think he would hire me into a different role if he filled my old one.
Question:
How long do you think this window of opportunity to return would be? He may hire the runner up if he's still looking. BUT, I think he would hire me into another role instead.
And...
How exactly would you start the conversation to return? I thought about maybe emailing him some solutions to existing problems for some of that role expansion he wanted me to take on as part of the 170K bump. I think that would pique his interest in resolving a long standing problem in their process and subtly show an interest in returning.
But I'm open to suggestions on how best to broach this topic if it comes to it.
I said it was 170K salary, a huge BUMP from what I was making at the new job I started a few months ago. It was a bump from 110K to 170K, though my last job paid 155K. New job that I took pays 130K.
It was a bump from 110K to 170K, though my last job paid 155K. New job that I took pays 130K.
with a 1%/year pension
it would take about $30k invested/year to get back the $1,300/year, if you can invest an additional $30k/year... and live on $140k/year salary, it isn't much different. Then you can add 401k/tsp into calculations if you want but the pension/salary difference along isn't too great
sure you pay into pension, but it's pretax so it lowers your already high taxable income, $170k is taxed even more
it's a rough estimate, but following the "4% safe draw" and the 1%/year pension, it usually takes about a 25% salary increase and it has to be entirely invested to come out even. Taxes throw calculations off but it's a guesstimate for quick comparison, at least you know it isn't entirely low balled
it would take about $30k invested/year to get back the $1,300/year, if you can invest an additional $30k/year... and live on $140k/year salary, it isn't much different. Then you can add 401k/tsp into calculations if you want but the pension/salary difference along isn't too great
sure you pay into pension, but it's pretax so it lowers your already high taxable income, $170k is taxed even more
it's a rough estimate, but following the "4% safe draw" and the 1%/year pension, it usually takes about a 25% salary increase and it has to be entirely invested to come out even. Taxes throw calculations off but it's a guesstimate for quick comparison, at least you know it isn't entirely low balled
I like the way you think. I did calculate what the after tax difference was. It's only 24K a year. My insurance benefits are almost worth that, not to mention the pension or PTO.
Still, it's difficult to turn down 170K and I'm tempted to go back, but at this point I have to see what the new job is like.
at least for me, opm says something about a 6 month return window but i don't know the specifics, so you could in theory leave current job and try it out and return later, but... you haven't been in the current job long and i dont think opm applies to ses positions since they are appointments
Is your boss who offered you this chance to return the owner of the company and has final say on whether you can come back? I don't know your company but most companies would have the common sense not to bring someone back who really has shown no loyalty. You're not even trying to fake it.
A person is not hired for 'loyalty',they are hired for skills and revenue.
Usually when the original 'parting' is under good terms,the former employer keeps a door open. It's a business,not a social club.
Our boss often wished the person well,accepted their resignation with good will and the few who did return..Didn't stay much more then a year.
As or if I was your former boss..I'd find your behavior skiddish. It would take a walk on water to bring you back. Normally I'd have hired or delegated your tasks to another.
I personally think you are projecting and setting yourself up with this backup plan. Without considering this new job to be a new avenue of growth.
Nobody will know the answer to this of course. However, I get the feeling and thought you are having.
You took the new job. It was probably a long and painful decision that took into account the salaries and benefits. You made the decision - my advice is that you focus on what's in front of you. Don't go in looking for negatives so that you can justify going back. Stay connected with your old boss and colleagues for professional and other purposes. But don't look back. Go in with gusto and focus on the new gig and the new org and the new people.
I'm at a similar level as you and I get the mouth watering bump. Feels good on the old ego and would put a kick in your step knowing you are closing in on 200k. Forget it, move forward and take the offer you got as a compliment rather than anything else. Besides, who knows what'll happen in 3-5 yrs. Life moves fast these days. Keep in touch with your network and concentrate on what's in front of you.
Congrats and best of luck.
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