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[deleted] OP t1_iycc8wv wrote

As others have said that’s a great 401k match

On the other hand, as someone who jumped at ridiculously paying offers only to leave a few months later because of toxic work environments, poor leadership, etc and wished he had stayed at his previous job where he liked his coworkers and enjoyed the work environment and work itself… there are other variables to consider

Are you happy where you are now? Do you like your coworkers/supervisors?

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Zoso03 t1_iyd6bqn wrote

This is what keeps me where i am.

i can be honest with my manager and when i feel like i didn't do a good job or can be better I can express it and get help doing better. I can also go drinking with him and shoot the shit after work. I know my current job is all in for Work from Anywhere, I also have extreme flexibility in my schedule so I can drop and pick up my fiance from work, do my grocery shopping on my lunch, adjust my hours to go to appointments.

We have been given extra money for health and wellness since COVID which has helped a lot, ergonomic furniture for home, guaranteed pension that I don't need to pay extra into. They have also been generous in schooling, i have taken several courses on company dime and even know they have provided me with 2nd language classes which is done during my work hours. Can't argue with them paying for the classes then paying me to take them.

There is also the fact that they have taken interest in letting me get experience that others places won't allow since most places want experience but won't give it.

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Deckard_Didnt_Die t1_iydovzz wrote

Sounds like a pretty awesome company. Have you considered taking the higher salary offer to them? Maybe they'll give you a raise to match and keep you around

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Zoso03 t1_iyellfd wrote

Debated it for sure. the problem is i don't want them to call my bluff and then they know they own me by the balls.

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thelastmarblerye t1_iydbhtr wrote

I boomeranged for same reason. I didn't enjoy the work or the environment at new company. Good news is I got a bump going out and got a bump coming back in.

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Yo_2T t1_iydihkf wrote

Samsie. I'm planning my boomerang. My new job ruined my mental health. Sometimes that pay raise really is too good to be true.

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bravo_whiskey_hotel t1_iydt2qv wrote

Meanwhile I’m re-boomeranging. Came back to my old place with some very tinted rose colored glasses and it’s been misery since about 3 months in. On my way out after they pay out holiday bonuses here in a few weeks.

Not even getting a significant pay bump. Just want to not hate going into work every day.

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Yo_2T t1_iydzofi wrote

Yeah, it entirely depends on why you left in the first place I suppose. For me I only left because of the compensation, and the new company has more prestige, so good for the resume. Then 9 months later I realized me having a panic attack every time I get paged for production issues isn't worth the brand name and the money they pay me haha.

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Yo_2T t1_iydi7ot wrote

As someone who left a job for a new one with an insane pay bump, then it destroyed my mental health, yeahhhh. Sometimes the comp shouldn't be the deciding factor.

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[deleted] OP t1_iydjnjd wrote

Yep… and now I have very strange resume gaps because I don’t want to tell future employers I joined and left a company within 8 weeks

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Snarktoberfest t1_iydoxsz wrote

Nah. You be honest about that shit. Nobody cares about that anymore. "I went to the new company, the culture was not what I was expecting, I made a difficult decision and returned to my previous employer who welcomed me back with open arms." or just don't put it in. If they call your current employer that you returned to, all they can ask is if you are rehireable. Any place that won't hire you based on an 8 week job, isn't a place that you want to work anyway.

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[deleted] OP t1_iydp4qi wrote

Think so? If I had two applicants, one with a clean resume another with a job hopper blaming others for why it didn’t work out at their last job I’d go with the former, hands-down. Fewer risks

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Snarktoberfest t1_iydqbep wrote

If you had 2 or more 8 week jobs I'd ask a lot of questions. If you worked for company A for 5 years, then company B for 8 weeks, then company A or C for 2 years you're not a job hopper. I work for a very large company that promotes job hopping within.

Also you didn't blame the job in that scenario, you said the culture wasn't what you were expecting. That is an adult answer. Any HR/hiring manager in these times knows what you mean. I worked for a place for 15 years, left for what I thought was a better place, and left there 6 weeks later. I was hired by a well known company where I have worked for 5 years. They know it's not you if you sandwich 6 weeks between 20 years.

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[deleted] OP t1_iydqgln wrote

That makes sense, thanks for the perspective and taking the time to provide it

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Snarktoberfest t1_iydrewa wrote

You are most certainly welcome. I worried about it a lot, but the initial HR connection told me "things happen" and subsequent interviewers didn't even ask. "So you worked here for 15 years, tell us about it." The companies that you would want to work for know that things happen. As long as you don't come off like a raving lunatic about how everyone was out to get you, they are looking for the best candidate.

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ready-for-the-end t1_iydydvj wrote

I don't even know if they're allowed to say if you're re-hireable. I think they're only allowed to confirm the dates you worked there, now. It used to be different than it is today.

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kaygmo t1_iye5fro wrote

I had a guy apply for a position on my team, receive offers from my company and another, take the other job, work it for 6 weeks, decide he hated it, and apply for another position on my team. He answered very honestly when pressed about why he took the other offer and why he decided to leave that company. Hired him. He's been great. No regerts.

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zwygb t1_iydqd9g wrote

Honestly you can gloss over that after enough time has passed. If you’re working at a company for 5 years, you leaving and coming back after 8 weeks is not significant enough to mention or put on the resume. People take longer vacations/sabbaticals and don’t mention them.

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ramonacoaster t1_iydqw0h wrote

This keeps me where I am too. I could go elsewhere in my field and probably make 10-20% more but I have a LOT of flexibility in my current job and with 2 young kids I fear a switch wouldn’t be worth it.

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Euler007 t1_iydr7es wrote

One of the firm in my domain and area that pays the most is the worst place to work at. They don't pay high out of the goodness of their heart, they have to because that's the only way they manage to get the manpower they need with their reputation in the crapper in the local job market.

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Yo_2T t1_iye02wy wrote

Oooh, I wonder if we're talking about the same employer. My current one (that I'm running away from) has the worst reputation in my field. Pay is nice though, for those sleepless nights when you're on call.

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ElectricOne55 t1_iye1qhy wrote

Good point. I'm currently working at a university for 54k. And got an offer for an oil company that pays 90k in Atlanta. I was stoked at first because most of the jobs only pay 40 to 60k here. However in the interview they mentioned they preferred someone who is younger and doesn't have a family so they can travel for the job, which came across as a red flag for me.

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stratology87 t1_iydthkv wrote

This happened to me just recently. Uprooted my whole life, partners life, and the work culture is so virulently toxic, they lied about burn rate and growth rate in my interview, and I can’t wait to GTFO and wish I stayed where I was. I asked all the right questions but nothing prevents a private company from lying. Good luck if you choose to go for it, I hope it works out, but know that there’s always this risk.

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penguinblanket t1_iyebvlm wrote

To add, I recently left a job for slightly LESS money. I hated my boss, the work was a struggle and my coworkers were very conservative in their work (I like to use modern strategies). I love my new job — leadership, team and work. And they like me.

Money is important, but just one of the factors. Be where you’re happy. For OP, either pay is fine…they’re close. So don’t decide on money.

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jsalley t1_iycwcm8 wrote

"New Job: 200% on first 5%, 100% between 6% - 12%"

So if I am reading this right, if you contribute 12%, the new company will contribute 17%. Wow, that's an AMAZING 401k contribution.

At the ~$100k salary level, you can max out both 401k and Roth IRA. Very nice.

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Alrik t1_iyd86yo wrote

You're right on the calculation for the match, but the employer match doesn't really impact your annual contribution limits.

For 2023, the employee themselves can contribute $22,500, and together with the employer's match/contribution, can put a total of $66,000 into their 401(k).

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OathOfFeanor t1_iydffx9 wrote

I don't think they were saying the employer match helps with hitting the limit.

Just that at six figures of income, you should ideally be able to afford $22.5k into the 401k plus $6.5k into the IRA

That is a pretty high savings rate for most people, though. Possible but a stretch for many.

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IratherNottell t1_iye69xs wrote

Holy cow, TIL I guess. I always thought contribution limits were inclusive of company match contributions.

Guess I need to read up!

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Randomwoegeek t1_iyddzeo wrote

i'm wondering if some or all of that is on a vesting schedule

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T_as_in_Pterodactyl t1_iydl9ni wrote

Yeah good point. This is a ridiculous match. My company doesn’t even match at all! I cannot believe where people find these companies haha

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PatricksPub t1_iydw16y wrote

Seriously. The best I have seen is 100% match up to 6%. All of the job details that people post here seem ridiculous. I wonder if Reddit skews heavily towards tech or something like that. Because that's probably the 1 area I haven't looked due to qualifications that I don't have.

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T_as_in_Pterodactyl t1_iydwv3m wrote

I’m currently in tech, 0% match. Best I’ve ever had was the classic 100% of the first 3%, 50% of the next 2. So 4% if you put in 5%. That was when I worked as an engineer in robotics. No idea where these people find these companies!

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FilthySweet t1_iye1zd3 wrote

Im in tech. 50% match up to 7%. So not all of tech world making out like bandits. But a lot of really good benefits. I switched to software development/tech a few years ago with no experience, it’s doable. Just have to teach yourself a bit then start an entry position like jr dev or QA

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ir0nuckles t1_iydxcte wrote

Tech got rid of 401k matches along with most of corporate America back in 2008.

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ninjewz t1_iyesvsn wrote

I'm wondering where these jobs exist that I keep seeing, even in a technical field I can't find 401k matches that are worth a damn. My current match is 8.5% which was nearly impossible to find. All other job offers I've gotten have either been 3% or 4%.

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tortillakingred t1_iyev7vw wrote

My company offers 100% match up to 7%, plus an extra 10% profit sharing into your 401k, so functionally 17% for free.

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ir0nuckles t1_iydx7jv wrote

I've been working for 14 years and I've never had a 401k match. Not even 1%.

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T_as_in_Pterodactyl t1_iydzqve wrote

This weirdly makes me feel better. Misery loves company I suppose? I’ve also been working around the same amount, entered the work force in 2008 and promptly had my first lay off in 2009. Lots of “once in a lifetime” recessions for us, eh?

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caustictoast t1_iydj6of wrote

To max both the 401k and IRA you’ll be saving almost 30% of the gross number. Unless you live somewhere very cheap you aren’t maxing both

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ChoroidPlexers t1_iyduku7 wrote

I max both while making less....as a homeowner in Southern California....

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flowcarve t1_iyenp9h wrote

That's inspiration! I would like to hear more about your budget. Trying to do the same but I'm nowhere close.

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mspman6868 t1_iydt8tf wrote

Check out r/frugal they may change your mind

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WorldOnFire83 t1_iyeg34o wrote

You are not factoring in that OP may have a spouse with income as well. That makes maxing retirement accounts much easier where it is a dual income home.

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ir0nuckles t1_iydya46 wrote

It's pretty easy to max both actually if you have no debt.

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[deleted] OP t1_iyeds16 wrote

[deleted]

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Wolf7Children t1_iyefw8y wrote

No it is 17%. Thinking about it in thousands, assuming 100k salary, let's assume he went for the max percentage that's match eligible, so 12%. So that's $12k. So for the first 5k (ie, 5%) they match it at 200%, meaning they put in double that, so 10k. So already his total is at 15k (5 him + 10 them).

Now for the rest, 12k - 5k = 7k. So that 7k (which is the 6-12% range), they match 100%, so 7k.

So in total, we have 12k from him, and 17k (10+7) from them. Or, 12% and 17%. So yeah, 17% is the maximum match he can get.

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jsalley t1_iyehupb wrote

u/Paradox868, you keep saying (and emphasizing) "UP TO 5%". I see nowhere in OP where it says UP TO. Not once. OP SAYS: "New Job: 200% on first 5%, 100% between 6% - 12%" So if employee puts 12%: 1+1+1+1+1+1+1+1+1+1+1+1=12 The employer matches 200% (DOUBLES the first 5%), and then matches percentages 6-12: 2+2+2+2+2+1+1+1+1+1+1+1=17

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_off_piste_ t1_iycvl3b wrote

I can’t overstate it enough the importance of liking where you work. People/management/workload/type of work can easily make the 11% feel like a terrible deal.

That 401k looks incredible though. You save 12% and the company adds another 17%? My company gives me 4% if I save 5%.

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AluminumFright t1_iyd5bu0 wrote

I took a lateral movement just to be happier. I was constantly anxious, stressed and tired from my old job where I was constantly working over 40hrs a week and constantly had to worry about juggling multiple projects that dragged on longer than expected due to client participation (or rather, lack thereof).

The job I'm at right now is the same pay (although it's local government so the benefits are included and that amounts to about $3k I don't have to pay a year, so technically a small raise), I can actually use my PTO (which I have more of) and I get public holidays off. That isn't even touching on the impact the work life balance has made on my life as well.

If my old employer called me up and offered me a 20% raise at this exact moment I'd tell them to pound sand, that money isn't worth my health and happiness.

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kangarooham t1_iydsff1 wrote

This right here

I was in a similar situation where I switched jobs for a significant pay bump, but I hated my life due to a micromanager

Luckily, I was able to hop again relatively quickly, but I was seriously considering begging for my old job back every day

That being said, if you're young and confident in your abilities to find a new job if you need to again, then go for it. The new base salary you can command will stick with you going forward

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ir0nuckles t1_iydyi0s wrote

I'm considering taking a paycut just to avoid a stressful environment.

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smileallthetime1 t1_iycvcve wrote

What kind of pension plan do you have? Many companies no longer offer pension and if your current company is adding a decent amount to your pension account take that in to consideration as well. It's like having 2 retirement accounts

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Ques0 t1_iydd4rd wrote

This. The pension could be worth more than the other position’s 401k match.

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ninjewz t1_iyescqe wrote

If he's looking to leave then the pension doesn't mean much, no? At least with the (insane) 401k match the money is his.

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shhoooop t1_iycb1tt wrote

Consider the larger picture. The compensation is a jump up and every year will be a greater increase in income than your current job. Yea. Make the switch.

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Henry1916 t1_iycd6pi wrote

10% is the bar for me. My last job change was a 27k/year increase. Make sure it is a good fit though. My new boss is an anxiety inducing machine. Not every opportunity needs to be taken.

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BendersCasino t1_iycaul9 wrote

Total comp, yes, looks favorable to switch.

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No_Training_693 t1_iycvaka wrote

SWITCH!!!!!

The new job gives you a 9k a year spending raise and a 550k bonus….

Here is the math and reasoning using 100k salary as a base because it’s just easier.

Current job 401k: you put in 6k a year and they match 3600…increase every year based on new salary….105k = 6300 and they match 3780

New job: 110k a year….you put in 11k because that is the value of your raise. On that 11k you get a match of 11,000 on the first 5,500 you put in and then 5500 on the next 5500.

The new job is paying you 16,500 a year into retirement for your 11k you put in. You are getting a GUARANTEED return of 150% on every dollar you put in that account. If you keep it in CASH with no investment rate…over 25 years….that’s 412k in free money.

Pension plans are NOT guaranteed and can be taken away at anytime. Once you have money in your 401k it is yours forever.

I have no idea what you are currently doing for retirement but let’s assume you are doing the max 6%. That’s 9600 a year into 401k and you live on 90k a year before tax. Value of retirement account at 60 if you are 30: 288,000 with no growth and no raise in salary

New job: value of contributions 27,500 a year and you live on 99k a year. (9000 raise for yearly spending) value of contributions from 30-60 years old: 825,000 dollars.

Switch now

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666GTRrocker666 t1_iyd5gij wrote

I always take the highest vacation to be honest. It’s the only reason I’m still at my job. I get 28 days.

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CorrectPeanut5 t1_iydmvie wrote

I think you're asking the wrong questions. What are your long term career goals and how does the new job help you get there compared to the existing job?

Overall, if you're in your 20s, it's better to get a move on every 24 months or so until you get to a place that have opportunities that align with your long term goals.

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con40 t1_iycv487 wrote

The only thing I’d add is to make sure you include your upcoming raise in the comparison. If that’s gonna be 2%, this is a no brained- jump ship.

If it’s gonna be 8% things are obviously a lot closer.

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SkyWizarding t1_iyd3viv wrote

Well..... there's a LOT more to a job than money. I'll take a good work environment over money every time. I would d see what information you can extract on that side of things

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mildmanneredhatter t1_iycwsm0 wrote

Sounds good to me, especially as remote.

Is the job better for other reasons too? No point taking a job you hate for 10%, if the job is better/same then it is basically a no brainer.

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AKAkorm t1_iye4joz wrote

What sort of industry are you in?

I work in consulting where people in my industry don't leave often for less than 20%, the rule you cite. The main reason is because in our industry, we expect to get promoted to next level every 2-3 years and in many cases, shifting to a new firm without a promotion can mean you delay that next level up by a year plus (most firms want you to be at level there for at least a year even if HR says otherwise).

As an example, 8 years ago, I got an offer for a 10% bump to leave to another firm when I was a year away from promotion at current firm. Turned it down and got the promotion which came with a 30% bump.

The bump across the board seems good if this isn't relevant to you.

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sanslumiere t1_iycrq02 wrote

I would make the switch based on what you've written here. That's a great 401k match.

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LikeFarOutScoob t1_iydnhzc wrote

Be wary of relying on that holiday shutdown as more time off. My company boasts the same but doesn't always give it off. It's dependent on milestones. If they aren't happy with where we are at the end of the year, we don't get the break. My first two years I worked OT during Christmas season.

On top of that, in order to get the holiday time off we have to bank holiday time. That means when most people are off for a holiday, we work it so that it can be used during the shutdown. Ask those questions before you compare that to another week of PTO.

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daherdevil t1_iydkppz wrote

This doesn’t speak at all to how much you like your current job and the people you work with, particularly leadership. Some things to consider:

1 do you trust leadership at your current company? 2 are you happy with your current workload? 3 are you getting better at your job functions at your current company? 4 do you enjoy working with the people you work with/working on the product or service you work on

If you like where you are, both jobs are great money, so I would stay.

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ATribeOfAfricans t1_iydnemy wrote

I jumped ship for an unbelievable step up in pay, went from 120 to 160 plus a massive bonus and RSU pushing me over 200k, and impressive position title.

I regret it every single day. I was perfectly happy and content making 120 and the new company is an absolute nightmare in terms of it's toxic culture, inept leadership, and combative environment fighting with others

To make matters worse the company is generally regarded as the clown car that it is in the greater industry so I've been having a hell of a time finding a new job.

Liking work you work is the single most important factor once you go beyond 100k IMO

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sfdragonboy t1_iyd0otm wrote

Well, I tend to look at the job itself and the environment just as much as the benefits and financials. Do we know for sure the work culture at the new job is better? Did you check Glassdoor to see what employees say about the company? Is it better than your current company?

Which job in the long run is a better job? Sometimes we look at just the money when really one should like at other things too.

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dentastic t1_iyd9fp7 wrote

I think in this climate you should also consider job security. Od course noone can predict the future, but you can investigate how the companies are doing financially. If one is overleveraged, has high debt etc.

I say this, because it has been a big part of my own consideration, having just been hired by a big company with a growing stock, market cap, and low debt. My work requires a long commute that I really could go without, but it's such a solid position that idk if I dare take a hypothetical offer from a different company

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XMRLover t1_iye9opx wrote

This is a good response. At least for the next 3 years, at least. There's been too many lay offs to feel comfortable anywhere.

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Junkmans1 t1_iydlhh6 wrote

If you're happy at your old job then I wouldn't jump for that unless you know people who have worked at your new job and are very happy about the work environment there. Reason being the risk of jumping from a good environment to a bad one.

I also would be very careful about asking old job to match the salary. However I would bring it up at my next review that another company solicited you and offered a $11K jump and while you turned down the job because you're happy there you'd like to see your salary adjusted to that market level.

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faste30 t1_iydt5f8 wrote

All things being equal: Absolutely. Its 10k now but when you start factoring in increases after that it snowballs. Let's say they both do a % annual increase of 5% next year, its 5% of 110 instead of 99, then the next year it would be 5% of $115 then 121..28, etc.

But again that is all things being equal, if you know its a good place to work and the rest of the package works Id be jumping.

Although offer your existing employer a counter if you like them, that is well within range of negotiation.

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DragonSwagin t1_iye83d1 wrote

$10k extra in base, $13k extra from the 401k, $7k extra from the bonus, all adds up to a 30% increase.

PLUS an extra $10k for your troubles.

Take it homie.

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fromKCtoAZ t1_iycwzb1 wrote

How long have been at your current job? Have you asked for any significant raise? Growth opportunities?

I feel like $10K/$11K is not much of a stretch if you like your current job. You should see if you can get the same or more money from your current position.

While job # 2 offers excellent matching funds, they are difficult to compare since you mentioned a pension plan for your current job.

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ninjewz t1_iyczuj0 wrote

I'd switch just for the 401k match. It's a massive difference and will snowball your retirement. Also, if you're looking to move out of your job with a pension then it probably isn't doing you much good since you're not looking at it as a long term opportunity.

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TwelveTrains t1_iydjxzz wrote

Depends entirely on the job. What if you switch and hate it? Is that worth 11% to you? Make sure you exhaust all resources in trying to determine if you will be equally happy at the new job.

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Ragnarotico t1_iydyf58 wrote

The honest truth is no one can really tell you until you start working your new job.

My last job switch gave me close to a 25% raise but I overall regret it. The team, culture, product all kind of suck. My previous role was much more interesting/challenging and with a better company. If I had stuck around for a bit I probably would have ended up with a similar level of pay eventually. (again that might not be true for where you are)

On the face of it 25% increase in salary is still sort of worth it due to how much it has changed my financial trajectory. But depending on your expenses and how much you value your well being, someone else might have said "nah not worth it".

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marker_dinova t1_iye3ki7 wrote

Depends. How do you expect your wage to increase at your current job? Any promotion possibility? It’s pretty standard for raises to come in at around 2% - 3% per year, if at all. So that 11% increase can be 4 to 5 years at your current job. Also not everything is money and benefits- corporate culture, work environment etc weigh in heavily on your happiness at the workplace.

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katmndoo t1_iye9g0m wrote

I'd look at the difference in health insurance costs, but otherwise this looks like an improvement in all ways.

10% increase.

10k signing bonus.

an extra half week PTO due to the holiday closure.

The 401k match is an outstanding upgrade. Take advantage of that! Granted, no additional pension program, but you're getting an additional 14k/year in your 401k if you max it out.

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Sarkonix t1_iycx5ip wrote

I think it's worth it if you are not happy currently. That 401k program is miles better. 13% bonus as well.

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Mustang46L t1_iyd3dk0 wrote

How good is the pension? I literally can't find a job worth going to because the pension is worth so much.

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Vervain7 t1_iyd3zix wrote

Pension is pretty rare now days. What is the pension and how much do you value that

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MilkCartonDandruff t1_iyd5k7f wrote

>Both Fairly similar in terms of medical, dental, vision, etc.

Same coverage at the same price and HSA?

1

AluminumFright t1_iyd5q2r wrote

On paper, it's a great move. Don't get bogged down with the wave of people claiming a 20% increase when they jumped jobs, a lot are working in toxic environments and are going to either be fired when the recession takes hold or they're going to quit and go back to their former employer.

I think you know it's a great opportunity for growth and pay, you get a better retirement plan, you get better salary adjustments every year on top of bonuses, and better overall pay. The only factor that you need to consider is, "will an 11% increase be worth the loss of a workplace I like to work at?". The value of finding a great employer and work environment is paramount, and it's a question only you can answer.

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ChubbsBry t1_iydn30b wrote

I’ll add that 20% increase or whatever it is that you see from other posts is from ppl making less salary. Easier to get a 25% increase when you make 70k.

1

Aprilwaiter t1_iydbaz0 wrote

For you, it’s quality of life. You have a lot of things going on besides work and you have flexibility.

11% isn’t enough in my mind. 20+%, and comparable quality of life, yea.

Hard choice but I tend to value culture over most things. I like challenge but I’ve been to that toxic work environment and won’t ever touch it again. I even warned my wife to avoid those places.

Is the culture and your boss good at the new place, if so jump. If unsure, then it’s a risk and 11% isn’t enough for me to take that risk.

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Ralphwiggum911 t1_iydge7q wrote

I'm sure you already know, but never take bonus as part of overall compensation package. Bonuses are rarely ever (if at all) a guarantee.

1

djk29a_ t1_iydgtfq wrote

As someone that has faced similar decisions in the past I'll say that money isn't everything and quality of the job and what you do matters very much when one is living somewhat comfortably or sometimes even if one's personal financial situation may not even be the best. Why? A miserable job cost me better jobs because I became shittier as a person which made interviewing for a better job much harder and my skills atrophied significantly. Burned out, quit, and didn't work for half a year. It wasn't worth even a 30% increase in salary as a result although I think it was necessary eventually for me to hit a wall and find joy and motivation again.

Most companies that treat their employees really well though as a philosophy tend to retain and keep solid employees though. Just be aware that some companies use this as a means to work people to the bone in a backhanded way.

1

jesskarae t1_iydh8vk wrote

It sounds like new company cares about the benefits they are offering, having that week of free vacation at Christmas would be so nice. The 401k match is great. I would definitely consider it!

1

SPDY1284 t1_iydhwah wrote

If that 401k match is real for the new job then take it. I haven't seen that type of match before though...so make sure you understood it correctly.

Things to keep in mind though:

- "Last one in, first one out"... is this a tech job? I'd be very worry about changing jobs as we go into a recession if you are giving up seniority at a stable company.

- Understand what the actual work differences are. If you are going from working 35 hours a week to 60 hours a week for $10k... that's not even close to worth it.

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mynameismatt1010 t1_iydj3o7 wrote

Sounds like Job #2 is the easy answer if all else is the same. If you're happy where you are I'd stay, otherwise it seems like a great offer

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dreamcasttrash t1_iydk3vb wrote

Seems like you aren’t considering the yearly bonus in this comparison. Your current job gives no yearly bonus but the new one is offering 13% a year. That ups you to about a 25% increase in pay if my calculations are correct. Unless you are concerned about toxicity at the new company from a comp perspective this is a no brainer.

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ItsWetInWestOregon t1_iydlbva wrote

That 401k benefit is amazing. It’s part of the compensation package and you should be adding that monetary number when doing calculations.

5% match doubles - $11,000

Okay math is hard for me this morning, so this part might be wrong

Match on 12% minus first 5% - 7,700

So $18,800 added to your compensation?

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jonnyt88 t1_iydpo8v wrote

"company closes for 1.5 weeks during Christmas/New Year time"
My company provides services to other businesses, and many of them do something similar, however they still have a lot of facilities and IT people working double time during these "Shutdowns" because its convenient. Not sure what your career is. I would verify that shutdown applies to you.

How close are you to cashing out on the pension at your current job? The older I get, the more I regret leaving my previous pension job for more money. I could be retiring at 55 with a pension and could work as a consultant/or not at all, or when I feel like. However, the new jobs 401k contributions are appealing and if this current job is a private company, how secure is the pension really?

The 13% base salary bonus would be a big step up, but how is that regular? It can be tough to verify if you don't know anyone currently working there.

Don't forget your work environment. If you really like your current one, you could be in for a shock when you change.. Unless you are in a high CoL area, $100k a year should be comfortable, so the pay increase shouldn't be day-to-day life changing, however with the bonus, 20% increase could have a huge impact on retirement plans.

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bonerJR t1_iydqe3v wrote

It depends on how easy it is to change to another job if this new one doesn't work out

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OutOfLineButTrue t1_iydscnq wrote

Jump to the higher job. Don’t like it? Tough it out for a year, now you’re eligible for even more than 110k on your next job, whereas you would have been stuck at your old one at 99k.

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BillZZ7777 t1_iyduv31 wrote

You need to factor in everything including the 401k benefit differences. But the other thing, how does future advancement, career growth, and culture compare between the companies?

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miltonfriedman2028 t1_iydv01q wrote

I’d aim for 20% to leave. Especially with high inflation, and shaky job market.

That said, it sounds like this job has a 10%+ year end bonus, so this does come out to around 20%.

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RagerMagager21 t1_iydv2r4 wrote

Generally I would suggest move for greater opportunity instead of money. Even a lateral may be a good career move. 10%will be shallow if you have to work in a toxic environment or for a douchebag. Dont pay attention to someone stated standard blah blah blah There is no such thing Its about what your gut is telling you Good luck

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CoxHazardsModel t1_iydvz0k wrote

Never seen that sort of 401k match, pretty nice. I’d switch unless you really like your current position/company/work environment. But the key is beating period. If it’s like a 3rd year vesting then it’s not as impressive since who knows where you’ll work in 3 years.

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ready-for-the-end t1_iydwsvh wrote

Look at everything else you're getting!! This is definitely worth the switch! Higher salary, better 401k match, similar vacation even though you're "forced" to take part of your vacation at the end of the year. I wouldn't even have to ask others if this is worth it.

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Andrew5329 t1_iydxxee wrote

The difference is small enough I'd focus more on which has better career growth opportunities. Quality of Life and work/life balance matter too but it's kind of hard to gauge sometimes until you actually take the risk.

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alohareddit t1_iydy7e0 wrote

Already lots of good advice here but is this before negotiating? I’m sure new company is expecting you to counter if you haven’t already. My last gig included a company performance-based bonus but in negotiations I requested a much higher base salary for a lower % bonus. But that’s because I’m more risk-averse and have been through recession-caused layoffs before… I just personally prefer guaranteed income and not being locked into staying somewhere just because I’m waiting for the quarterly / annual bonuses to be distributed.

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RedAce2022 t1_iye41zx wrote

Is the job more interesting? Is it what you've been wanting to switch to, or are you just excited about the pay and benefits?

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Dr-McLuvin t1_iye68bh wrote

I would say no- choose the best work environment. The job that will lead to the most long term happiness. Much more important than an extra 10k a year.

I would give up 100k a year for a job where I wasn’t stressed out all the time and could take sick days and vacation whenever I wanted.

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El_Bruno73 t1_iye9bgw wrote

What's the pension plan like? A lot of people sleep on pensions but, those are going away these days and they're fantastic. Does it have COL increases? How much is it per year etc?

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cyberentomology t1_iye9ron wrote

All other things being equal, 11% is probably not worth the headache of switching.

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Grevious47 t1_iyea8fe wrote

I mean this is a very personal question. Not everything is about money. Obviously on the money side yes the new job pays more so the new job is better. Everything else is subjective and only you can tell you what you think. I can say that I don't think its crazy to pass up a job that offers 11% more money just for the sake of comfort or security though.

More than salary I would consider if the move in company is a good move for your career or not.

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JrNichols5 t1_iyeetei wrote

The 401K match is reason enough to switch in my book. The COLA is also a fantastic perk. All signs point to you leaving.

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LetMeKnifeYou t1_iyefjul wrote

Are you already vested for the pension? That’s the first thing that came to mind.

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WorldOnFire83 t1_iyegml8 wrote

Wow. I'm jealous of that 401k match. In many situations, generous employer 401k matches are more valuable than base pay increase because the money in the retirement account is tax deferred.

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Lady-Meows-a-Lot t1_iyehku8 wrote

Well it’s a decent increase no matter how you look at it. Say you stay for five years. That’s like getting $112k per year for all five of those years. (Or say you stay one year and you get $120k per year.)

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freyjathebloody t1_iyehw4m wrote

Look at several job recruiting/review sites to get a feel for how they treat their employees. Some places allow businesses to hide or even remove bad reviews, so checking several places and comparing will hopefully help you make a better decision for a happier “home”.

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Professional_Pass486 t1_iyekags wrote

Really depends on how much you enjoy your current job now: responsibilities, coworkers, opportunities for growth.

Leaving for a 10k raise alone is very short term thinking. If you have good relationships at your current job, you can attempt to turn that into a 20-30% increase over the next 1-2 years.

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Dredly t1_iyelcs2 wrote

Work life balance and coworkers would normally be huge... but at this point I would say "which is more likely to not lay anyone off in the next 2 - 5 years" and go with that one

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BringBack4Glory t1_iyem3ps wrote

Where are people still finding remote jobs like this? In my job market everyone is asking for hybrid now

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SmoothReaction1757 t1_iyen53e wrote

Honestly...we're heading into a recession. I'd be wary of making moves depending on your role and how valuable it is to the company especially at the end of Q4. So many new hires are getting let go. I would stay and sprinkle in to your direct manager a head hunter is offering xyz is there anything you can do to match then get it in writing. If I left now...in my field we're the 3-7 in line to be let go after recruiters and sales.

So taking tips from my boss...I've made myself invaluable to the company, leadership and then deliver stellar results. I could leave for a 25% increase in my salary but where else can I successfully procrastinate and no one check me. 😅 Sanity and peace with decent pay is a dream.

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lovebot5000 t1_iyephf5 wrote

If you like your job now I’d say it’s not worth risking going to a place you might hate. If you are over it with your current job, sure make the switch.

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thebloopergamer t1_iyeqo3a wrote

Can I ask what aspect of insurance this is? I considered the actuarial route and I know it’s got this level of flexibility but working in a car insurance company now the other roles I’ve seen aren’t nearly as nice, though I’ve only been in the field for 1.5 years.

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Blood-Lord t1_iyeqoy8 wrote

Depends if you like your current job or not. 11% isn't that big of a jump. When I switched jumps I got a 60% increase. Salary and benefits.

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ATX_native t1_iyesik2 wrote

$11k is not a lot of money.

I would choose the more stable company, more stable job, better work/life balance etc.

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benjacob30 t1_iyev8a9 wrote

Don’t compare the “base salary”. Compare the whole package. Looks to me you are getting far more than 11%.

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nudistinclothes t1_iydbcm5 wrote

Use Glassdoor to get an idea of the work environment, but heck to the yes - I’d take the 11% hike alone. The 401k match is a huge cherry on top

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pikamewtwo t1_iycbfb9 wrote

The 401k alone seems to make it worth the switch to be honest but, assuming you're fairly young, 11% ain't much of a jump and you're not gonna see that 401k for a long time. If they were offering you 115-125k then yes, that's a no brainer but this ain't that. I guess you should calculate how much more that extra 11% increase is on your net pay. I imagine it'll be what? $300 extra per check or something like that? Idk, I personally would wait until you got an offer that's at lease 20% more base salary. 401k, bonuses, etc. are all one time things that ultimately don't make much of an impact on your daily life and expenses.

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