Risky decision... doing the right thing?!
Discussion
Hi all. Looking for the usual input, and this time perhaps some reassurance....
TLDR: I'm mid 40's, Planning to move- offered a lucrative counter offer. Giving up better money now, for a job with broader development potential. Worth it?
Having flirted with change for several years, I'm in the process of changing jobs.
New company - Head of department. Widely recognised title in our industry, smaller company than current organisation. This role comes with a need to rebuild, structure, manage and lead a team, and that's been a gap on my CV for a while (led various projects and programmes however).
+10% salary and a slightly bigger bonus.
My current company have said they recognise I feel I haven't progressed, and that they I) want to keep me and it) want to offer me a new role to stay.
The new role on offer is fundamentally a strategy role - so continue doing what I'm doing at bigger scale. Leadership yes... But with no team it's 'influencing others'.
The kicker.... They'll match the new role salary, half now and half in 6 months.... Match the bonus.... And add a large ( nearly half my salary on top) Long term incentive plan in deferred shares annually (but they need to be held for three years). That could be worth 50k per year in theory.
It's a hard thing to turn down, and it could take years at the new job before I'm offered something that competes - if ever.
Equally, If I stay I become pigeon holed and would find it harder to move if I ever needed to in future.
So become the strategy guy or back myself to broaden my skills and hope the value comes good in time?
What would you do / what did you do?
Thanks!
TLDR: I'm mid 40's, Planning to move- offered a lucrative counter offer. Giving up better money now, for a job with broader development potential. Worth it?
Having flirted with change for several years, I'm in the process of changing jobs.
New company - Head of department. Widely recognised title in our industry, smaller company than current organisation. This role comes with a need to rebuild, structure, manage and lead a team, and that's been a gap on my CV for a while (led various projects and programmes however).
+10% salary and a slightly bigger bonus.
My current company have said they recognise I feel I haven't progressed, and that they I) want to keep me and it) want to offer me a new role to stay.
The new role on offer is fundamentally a strategy role - so continue doing what I'm doing at bigger scale. Leadership yes... But with no team it's 'influencing others'.
The kicker.... They'll match the new role salary, half now and half in 6 months.... Match the bonus.... And add a large ( nearly half my salary on top) Long term incentive plan in deferred shares annually (but they need to be held for three years). That could be worth 50k per year in theory.
It's a hard thing to turn down, and it could take years at the new job before I'm offered something that competes - if ever.
Equally, If I stay I become pigeon holed and would find it harder to move if I ever needed to in future.
So become the strategy guy or back myself to broaden my skills and hope the value comes good in time?
What would you do / what did you do?
Thanks!
There is a reason why you were looking to move and the question is whether staying with your existing company will change anything, despite the offer of the new role and salary increases.
I once was in a similar situation and accepted the offer from my existing company to stay although ultimately still left as they failed to deliver of the promised salary and bonus deals.
I would be inclined to back your decision and go with the new company and back yourself.
I once was in a similar situation and accepted the offer from my existing company to stay although ultimately still left as they failed to deliver of the promised salary and bonus deals.
I would be inclined to back your decision and go with the new company and back yourself.
Previous said:
The kicker.... They'll match the new role salary, half now and half in 6 months.... Match the bonus.... And add a large ( nearly half my salary on top) Long term incentive plan in deferred shares annually (but they need to be held for three years). That could be worth 50k per year in theory.
Do you have this in writing with enough legal backing that they cannot wriggle out of it when the time comes?Mr Penguin said:
Previous said:
The kicker.... They'll match the new role salary, half now and half in 6 months.... Match the bonus.... And add a large ( nearly half my salary on top) Long term incentive plan in deferred shares annually (but they need to be held for three years). That could be worth 50k per year in theory.
Do you have this in writing with enough legal backing that they cannot wriggle out of it when the time comes?TBH it's a little frustrating - I do enjoy the company. Ill put aside the whole "we'll only value what we have after someone else makes an offer" thing as it's not really personal.
I guess I just need to focus on what's best long term.
As ye olde Volvo Driver said, there's more to your move than just money.
In my experience the change in leadership opportunity you're looking for either requires you to be in a new seat or an operating model change, and it doesn't sound like that's on the cards.
My suggestion is to thank them politely and sincerely for their effort and your opportunity there, but that you're going to the new job for growth (as well as money), you wish them the best, and you'll keep in touch (then do indeed catch up over beers).
In my experience the change in leadership opportunity you're looking for either requires you to be in a new seat or an operating model change, and it doesn't sound like that's on the cards.
My suggestion is to thank them politely and sincerely for their effort and your opportunity there, but that you're going to the new job for growth (as well as money), you wish them the best, and you'll keep in touch (then do indeed catch up over beers).
davek_964 said:
For me:
If you thought I was worth all of that, you should already have offered it to me.
Goodbye.
I would agree with this.If you thought I was worth all of that, you should already have offered it to me.
Goodbye.
Plus it often starts to go wrong very quickly if you stay.
The company (begrudgingly?) will be paying more to keep you, say 10%. They will then be expecting 10% more productivity from you going forward.
Form my 45 years of working, every time this has happened to colleagues, they have left within six months.
Take the new job. I've never been in the position but have always been told to never accept a counter offer. The extra cash is good for a bit but there's normally more to it. Plus they'll resent you a bit more for them having to pay you more, things will get more strained and you'll look to leave again any way. Once you've mentally decided to look elsewhere and once you get a better offer then it's time to go. Don't burn bridges just in case but take on the new job as that new challenge.
I recently accepted a job with way better career progression opportunities, but a 7% decrease in base salary. It's probably about the same when you add in the shares the new company gives, plus a better bonus.
But for me, I was looking as I felt bored, absolutely no passion, no learning. I didn't want to stay here for another 1+ years, let alone 5-10 years.
Try to think how you'd feel if you declined this new oppotunity. To me, it sounds exciting, a change, a new adventure, different colleagues, new work, learning, more opportunities later on too.
If you stay, I think you may feel like you gave up this and are now "stuck" or at least still in that same old familiar place, with the same frustrations, the same things every day.
As another said, you started looking for a reason. Nothing personal, not just about money, it was for some reason... Most of the time it's because people are bored or just wanting something new.
But for me, I was looking as I felt bored, absolutely no passion, no learning. I didn't want to stay here for another 1+ years, let alone 5-10 years.
Try to think how you'd feel if you declined this new oppotunity. To me, it sounds exciting, a change, a new adventure, different colleagues, new work, learning, more opportunities later on too.
If you stay, I think you may feel like you gave up this and are now "stuck" or at least still in that same old familiar place, with the same frustrations, the same things every day.
As another said, you started looking for a reason. Nothing personal, not just about money, it was for some reason... Most of the time it's because people are bored or just wanting something new.
Companies rarely seem to be proactive in terms of keeping those they want to.
Counter offering only when their hand is forced.
A different role and not necessarily what you are changing for.
I guess only you can answer what is more important - the job or the money ?
But if the existing company hadn’t countered would you still be moving and be excited about it ?
Counter offering only when their hand is forced.
A different role and not necessarily what you are changing for.
I guess only you can answer what is more important - the job or the money ?
But if the existing company hadn’t countered would you still be moving and be excited about it ?
I'd be very wary of being bought off at the point of resignation.
The key question isn't whether the extra £50k of deferred shares is attractive (it obviously is), but why this role and package only appeared once you'd handed in your notice.
You're mid-40s, not mid-20s. At this stage I'd be thinking less about maximising the next three years' earnings and more about maximising career resilience for the next 15-20 years.
From what you've written, the new role gives you something you currently lack on your CV: direct people leadership, team building, organisational design and accountability for a function. Those are skills that tend to open doors. The counteroffer seems to pay you more to continue doing broadly what you're already doing.
If you stay, you'll be richer in the short term. If you leave, you'll probably be more marketable in the long term.
I'd also ask yourself this: if the current employer had offered the strategy role and LTIP package six months ago, before you'd looked elsewhere, would you still have been job hunting? If the answer is yes, then the underlying problem hasn't gone away.
Personally, I'd be inclined to take the new role unless the counteroffer genuinely changes the nature of your career trajectory rather than simply increasing the compensation. Money matters, but the opportunity to fill a major gap in your experience can be worth far more over the remainder of your working life than a few years of enhanced earnings.
The fact you're describing the new role in terms of development, leadership and broadening your skills, while describing the counteroffer largely in terms of money, may tell you where your head already is.
The key question isn't whether the extra £50k of deferred shares is attractive (it obviously is), but why this role and package only appeared once you'd handed in your notice.
You're mid-40s, not mid-20s. At this stage I'd be thinking less about maximising the next three years' earnings and more about maximising career resilience for the next 15-20 years.
From what you've written, the new role gives you something you currently lack on your CV: direct people leadership, team building, organisational design and accountability for a function. Those are skills that tend to open doors. The counteroffer seems to pay you more to continue doing broadly what you're already doing.
If you stay, you'll be richer in the short term. If you leave, you'll probably be more marketable in the long term.
I'd also ask yourself this: if the current employer had offered the strategy role and LTIP package six months ago, before you'd looked elsewhere, would you still have been job hunting? If the answer is yes, then the underlying problem hasn't gone away.
Personally, I'd be inclined to take the new role unless the counteroffer genuinely changes the nature of your career trajectory rather than simply increasing the compensation. Money matters, but the opportunity to fill a major gap in your experience can be worth far more over the remainder of your working life than a few years of enhanced earnings.
The fact you're describing the new role in terms of development, leadership and broadening your skills, while describing the counteroffer largely in terms of money, may tell you where your head already is.
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