Hypothetical questions to you all........(job change - city)

[S1MMA]

Hypotetical situation for you guys:

28 year old guy working in the city, earns between 65k and 80k (depends on bonus), senior position (technical, not people management) working for a stable blue chip financial services provider for the past 5 years, job is relatively safe - been promoted in the last 3 months after a department re-structure (lost about 10 people out of 23 to redundancy, he was the only one at his grade to stay and he got a promotion). Benefits include private healthcare, final salary pension scheme, 25 days holiday (extendable to 30 at cost), and all the mod cons. On the exec fast track scheme in the company, has a good future there, well respected across Europe.

Said chap is looking around at other employers in the current financial climate. Has seen an opportunity which differs to his current role, but pays between 10k and 20k a year more, depending on what you can negotiate. Say 10k more minimum, 20k more max. Benefits are 24 days holiday, normal contributory pension scheme (3% employee, 10% employer), private healthcare etc... included. Role is a technical one, and protects bottom line of company, so is again relatively safe in the current climate (compared to roles that would be axed with the drop of a hat). Company is a lot smaller (1150 employees worldwide compared to 60,000 in his current company), based in London/Bermuda/US.

Question is, is this chap stupid to even consider leaving his current company? I believe employement laws over constructive/unfair dismissal etc... don't kick in till 1 years service, so he is leaving himself open if he starts at a fresh company. Also - how should he value the final salary pension scheme? Impossible to get on one these days, although he has one with his current employer. Anything else to consider? What about size of firms, how different will it be in a smaller company (less red tape etc...?). How much more would you want to move?

Your thoughts are appreciated!

[Andyuk911]

Please email the details of the new job and I will apply ...

To answer the question, security is key in this current climate .... for a new job, some companies might apply last in, first out ....

You might also consider and this can work both ways ... say 'you' have been headhunted but more cash would keep you ... but that is a risky move ..

[anonymous-user]

65k at 25 years old!!! christ thats a fair wedge.

I would say hang tight for the saik of 10 to 20k its probs not worth it!!

[S1MMA]

yammyfan said:

65k at 25 years old!!! christ thats a fair wedge.

I would say hang tight for the saik of 10 to 20k its probs not worth it!!

Age is 28, not 25. Even for 20k more it's not worth considering?

[Slagathore]

What's the situation with family?

I'd be tempted if I were single, but not if I had a family to support!

[JonX2C]

The way things are I wold stay put.

Im waiting for that 1 year to kick in, only 3 months left, plently of bullet dodging to come.

[Soovy]

FFS STAY PUT.

1000%

[ingelow]

Just guessing, but from the numbers and countries involved, is that a move from Banking to Insurance?

Apart from the department you'd be working in (risk?), the other thing maybe worth considering is the outlook for the business as a whole - using the above example, Insurance may be a better place to be than finance security wise.

Failing that, I'd say the most important thing would be job satisfaction / interest - would you move for the same money in more stable times?

All in all, if you're unhappy where you are, then I'd seriously consider the move, if not, I'd probably stay - there's more to life than money

[S1MMA]

Slagathore said:

What's the situation with family?

I'd be tempted if I were single, but not if I had a family to support!

Married, no kids, and no kids planned for the next 4 years at least. Wife is doing well in her city career also - potentially could live off her salary alone if necessary (no car payments - just home and living costs).

[S1MMA]

ingelow said:

Just guessing, but from the numbers and countries involved, is that a move from Banking to Insurance?

Its Insurance to Insurance, different types of company (primary carrier to a predominately reinsurance carrier). Roles are different but both technical/analyst based.

ingelow said:

Apart from the department you'd be working in (risk?), the other thing maybe worth considering is the outlook for the business as a whole - using the above example, Insurance may be a better place to be than finance security wise.

Failing that, I'd say the most important thing would be job satisfaction / interest - would you move for the same money in more stable times?

good point, probably not for the same money in good times - but maybe for 5k-10k, not 10k-20k which is now offered.

ingelow said:

All in all, if you're unhappy where you are, then I'd seriously consider the move, if not, I'd probably stay - there's more to life than money

There is no real unhappiness in the current role, but the new role is different and would be a good learning opportunity. Doing the same old same old is not exiting any more. There is talk of opportunities arising in the current company - but not for 6 to 12 months at least due to the new role, and internal issues (pay freeze, headcount freeze). Nearly 2k a month more gross is attractive though, when there is a pay freeze in the current company.


Soov, I hear you - what's the main reason to stay though?

[johnfm]

executive fast track & final salary? I'd stay for a while yet. You're only 28 - how long you been in the job? 3-4 years? You don't have enough experience to move around naming your own terms - build that up at the current co and in a few years the world is your oyster.

Twat!

[Dupont666]

whats the new technical role?

Im looking for a new job and getting bored of recruiters with false promises to get me on their books, it seems that all the recruiters have the same 12 jobs and that is it

[Soovy]

S1MMA said:

Soov, I hear you - what's the main reason to stay though?

1. Last in, first out
2. You are doing well where you are
3. In the current market, if the new role doesn't work out, you're fvvcked.

[S1MMA]

johnfm said:

executive fast track & final salary? I'd stay for a while yet. You're only 28 - how long you been in the job? 3-4 years? You don't have enough experience to move around naming your own terms - build that up at the current co and in a few years the world is your oyster.

Twat!

Been on the job 5 years, not naming terms - that is what is on the table. Agree that more experience defo needed, but the new role gives a new perspective and new experience, current role will just solidify further the past 5 years.

Don't want to make a mistake by doing the wrong thing, but have spoken to a few neutral Exec members of staff, and have been told examples of missed opportunities (where the safe option was taken) and of those who had left and come back with their tails between their legs. Interesting though - a global Exec told me a head of dept left for another job, came back asking for his old job back, was interviewed by this global Exec, and he gave it back to him because he was good. Same Exec told me he passed on an opportunity to be part of a new startup, which made the founders millions each over some years.

I suppose it comes doen to aversion to risk, is 20k enough to mitigate this risk is what I can't get my head around......

[S1MMA]

Soovy said:

S1MMA said:

Soov, I hear you - what's the main reason to stay though?

1. Last in, first out
2. You are doing well where you are
3. In the current market, if the new role doesn't work out, you're fvvcked.

Fair points, do you think its worth waiting a year and re-considering then? See what is on offer internally in a year also? Just don't want to look back in a year and think I've wasted a year in a company that's not paying any more and has limited opportunities due to cutbacks galore. Current company is being a bit ghey IMO with cost cutting around expenses etc, although maybe I'm just spoilt having worked in the good times and don't like the realities of the current economic climte, although perfectly understand the reasons for cutbacks - it's first time I'm working through a recession, hence the advice of you lot needed!

[Dupont666]

S1MMA said:

Soovy said:

S1MMA said:

Soov, I hear you - what's the main reason to stay though?

1. Last in, first out
2. You are doing well where you are
3. In the current market, if the new role doesn't work out, you're fvvcked.

Fair points, do you think its worth waiting a year and re-considering then? See what is on offer internally in a year also? Just don't want to look back in a year and think I've wasted a year in a company that's not paying any more and has limited opportunities due to cutbacks galore. Current company is being a bit ghey IMO with cost cutting around expenses etc, although maybe I'm just spoilt having worked in the good times and don't like the realities of the current economic climte, although perfectly understand the reasons for cutbacks - it's first time I'm working through a recession, hence the advice of you lot needed!

Should have just said it was you

i would stay put as long as possible and then re evaluate in a years time.....

[Soovy]

Dupont666 said:

S1MMA said:

Soovy said:

S1MMA said:

Soov, I hear you - what's the main reason to stay though?

1. Last in, first out
2. You are doing well where you are
3. In the current market, if the new role doesn't work out, you're fvvcked.

Fair points, do you think its worth waiting a year and re-considering then? See what is on offer internally in a year also? Just don't want to look back in a year and think I've wasted a year in a company that's not paying any more and has limited opportunities due to cutbacks galore. Current company is being a bit ghey IMO with cost cutting around expenses etc, although maybe I'm just spoilt having worked in the good times and don't like the realities of the current economic climte, although perfectly understand the reasons for cutbacks - it's first time I'm working through a recession, hence the advice of you lot needed!

Should have just said it was you

i would stay put as long as possible and then re evaluate in a years time.....

Anyone who leaves a good role at the moment is a nutter.

The market is terrible.

[S1MMA]

Dupont666 said:

S1MMA said:

Soovy said:

S1MMA said:

Soov, I hear you - what's the main reason to stay though?

1. Last in, first out
2. You are doing well where you are
3. In the current market, if the new role doesn't work out, you're fvvcked.

Fair points, do you think its worth waiting a year and re-considering then? See what is on offer internally in a year also? Just don't want to look back in a year and think I've wasted a year in a company that's not paying any more and has limited opportunities due to cutbacks galore. Current company is being a bit ghey IMO with cost cutting around expenses etc, although maybe I'm just spoilt having worked in the good times and don't like the realities of the current economic climte, although perfectly understand the reasons for cutbacks - it's first time I'm working through a recession, hence the advice of you lot needed!

Should have just said it was you

i would stay put as long as possible and then re evaluate in a years time.....

I thought PH rules state you should always deny any personal advice is for you, and it's always for a friend? My friend's name is "I" anyway, strange but there you go..... Wierd parents.....