Monday

Yearly return of 28%. Would you take it?



I found some down time at work today and was mindlessly browsing around my internal job site and came across this posting that grab my interest. My annual review is just around the corner but I doubt we will be getting a hefty raise. So I'm wondering if I should make a leap into this new position which pays 18% more. On top of that, there is a 10% bonus. I currently do not get any bonus in my position eventhough I work closely with PMs and clients. My position elsewhere would for sure get a bonus. Here are a few things I would need to consider.

SALARY - This is the biggest factor to making the switch. We're talking about a 28% increase. And the employer matches dollar for dollar up to 6% into retirement. The more money I make, the more I would get out of the match which in this case is $700 which is not much. But any increases are still good.

COMPETITION - The advantage I have is that I only compete with internal employees. The job does not solicit outsiders.

CULTURE - I have been with this firm for over 5 years so I'm pretty familiar with the firm's vision and culture.

LOCATION- It is very close to my current office. Therefore, I would not need to worry about revising my commuter route.

I remind myself everyday about how much I enjoy working with my current coworkers. We all get along very well. The hours are super flexible with little to no supervision. However, my salary is average and it could be better. The learning curve is plateuing because I just feel like I need more stimulation/challenge. But my fear is that if I leave, I will not find such nice coworkers like the ones I have now. Suze Orman says "People first, then money, then things." And what if my hours are not flexible where I can't even blog at work?

My title is misleading since I have not been accepted by this job yet that will guarantee me a 28% return. But what if I had a chance for this kind of high return? If you were in my shoes, would you take it?

18 comments:

Anonymous said...

First rule - don't take anything that Suze says at face value. At the end of the day, Suze cares about Suze and what will generate the most money flowing to her bank account.

Second, business is business. Though a good work environment is nice, and you have friendships with your co-workers, that should be secondary to your own career advancement and bank account. First on Suze's list should be "self", and then whatever else she claims is important. In business, you take care of yourself first - maybe that is equivalent to doing what is best for the company, but friends, co-workers, and your comfort level should not be the primary focus. Remember, change is good.

If the new position is paying more, and will help advance your career, then by all means go for it. Regardless, you should apply if even to learn more about it, and who you'd be working for/with. In the worst case, you could always change your mind if it's not everything you envisioned.

Now, on the financial side. You can't simply look at it as a 28% increase and your increased matching/pension today. You have to look at what it means longer-term. The key is the same as with investing - you're getting compounding. Future salaries/raises/bonuses are generally based as a percentage of your salary. So 5% (for example) of your current salary is going to be less than 5% of the new/future salary. Once you establish that new salary, it sticks with you, whether with your current employer, or if you move elsewhere.

Money Honey SF said...

Thanks so much for your extensive feedback ANON. Wish you would show yourself. =) Agree with needing not to be complacent and look towards an advance in career. Suze Orman is indeed a marketing phenom. I enjoy watching her show eventhough we all know that her advice to viewers are all common financial sense.

I will take a leap and submit my resume soon and see what happens. Will update again when I have an answer.

Howard said...

Ok, I'll show myself.

SeeJaneGetRich.com said...

Those are some tough things to think through, but if a promotion or bump up in paygrade isn't coming down the pipeline's then its time to jump ship. There is always risk in opportunity.

Money Honey SF said...

I had the courage to submit my resume today. Will provide update if I hear anything.

Thanks everyone for your input.

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