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Let's assume you're relatively content at your current job. Hours are a little long at times, but not always. Pay is pretty good, but not amazing. You don't have a "best friend" co-worker, but you enjoy your coworkers and don't hate any of them. Overall, it's an average-above average job.
If you've been there for 2 years, how much of a raise would another company have to offer you to jump?
Assume the only difference is a salary increase and that any potential sign on bonuses was just offset against unvested 401(k) matching(just to avoid that complexity).
These numbers are really confirming I need to start job hunting...
I can find listed salaries on indeed at 30% higher... not just one, but several.
I feel bad because ironically, the last time I quit for better money, I was working with a guy (Mr. K for lack of a better name). Mr. K wasn't my official manager, but acted like one (He was Sr., I was Jr. for the same position). The company just didn't want to give him a manager title so we reported to a clueless manager.
Anyway, I left that company because I was seriously under paid(they gave me a 18% raise, and the company I was going to did 17% on top of the new salary, net 34% raise by job hopping). I felt bad because I left him in the middle of a huge project(Semi IT related position and we were doing a major upgrade). I pretty much walked out as they turned the system on.
Flash forward 9 month, the new company I work for hires a new guy to be my manager. Guy's a complete jerk. My original boss can't stand the guy and now I'm stuck reporting to the Jerk Boss. I get an email from Mr. K out of the blue saying he's been given the opportunity to hire someone and would love for me to come work for him. After a particularly rough day with my boss at New Company, I send Mr. K an email saying I'm interested and ask to arrange for an interview. I interview, get the job, quit New Company and go work at "Pharma Co" and pick up a 20% raise along the way.
It's been 2 years since then, Pharma Co only offers 2.5% raises annually. I'm now seeing positions that I'm qualified for that pay 25-30% higher. Logically, I'm pretty sure I should start setting up interviews. I just feel bad because Mr. K and I are once again in the middle of another upgrade project. I'd be doing pretty much the exact same thing to him that I did before.
It was easy the first time, he wasn't my official boss, and I know that neither of us were happy there. But now I feel like I'd be stabbing him in the back by doing this... but seriously... 30%? Tell me I'm foolish for not setting up these interviews already and that I need to get over this guilt...
I've been with my company for 15 years. I've learned the ins and outs of my job and know exactly what I'm doing every day. I've developed great relationships with my co-workers, my boss, and the clients my company does business with. I very rarely have to work overtime, and I'm almost never exhausted at the end of a day. And I have near-total job security.
To throw all that away, and have to basically start from scratch, getting to know and work with new people and navigating that minefield? To force my company to find a replacement for me, which would not be at all easy? The offer had better be in "blow you away" territory. For me that would mean moving from about $50k to six figures.
Practically, of course, that would never happen. If I am ever forced to change jobs because my company has gone under or gotten bought out, I won't have very much leverage, and given that I probably won't be using most of the skills I've developed, I'd probably settle for less than I'm earning now. But to pull me away from my job and leave my co-workers in the lurch? Sometimes I think "not at any price".
For me it is probably not going to happen. I earn $70k and most companies in my area want to pay their science staff $45k if you are lucky or have a temp agency pay $12-20 and hour with no benefits. If I wanted to take a fed job I'd still probably need to go down to $50k as GS-09 and slowly work my way back up but that would probably be a better option than the private sector. In the end though if anything happens to my current job I am pretty much going to have to do a career change.
Also unfortunately the deteriorating conditions in Illinois make me want to eventually want to move as I have no intention of ever buying a home here.
So, you guys have basically confirmed that I'm foolish for even thinking about sticking around my current job. I currently make 94k (in NJ, just to give a cost of living reference). I'm seeing job postings on a regular basis for 120-130k, with a rare 140k. Basically loyalty should mean nothing at that price range... right?
120/94 = 27% raise... so I'm an idiot if I don't jump.
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