Potential OpportunityWhat would you do??? If this opportunity came a knocking... Here's the situation. You're currently working for a major/stable company in a position you really enjoy. You've been with this company for 20 years, 5 weeks vacation, 401k plan, good benefits, etc. A former boss of yours from the same company becomes the CEO of another new company. This former boss, wants you to come work for them and you really want to do it. However, you'd be leaving your current job with no severance, 5 weeks vacation, etc. You're middle aged, married (spouse has good job), couple of kids, couple of years left on home mortgage, not much debt. Would you try to negotiate some sort of hiring bonus to cover leaving with no severance? Negotiate a higher salary? I'd appreciate any thoughts, input. If this was a major stable company and a position I really enjoyed, they'd have to really make it worth my while to change to an unproven start up. Your spouse has a good job today, but what if something happens to it tomorrow? Do you even get medical at this new job? As a general rule, you need a 10-15% increase to make a change worthwhile. That covers the things you leave behind. In this case, you're going to something that is comparatively high risk and a huge drop in benefits- plus, I'm happy where I am! To get ME to do that, you'd have to give me a lot more than 10-15% more. It is of course, up to you what you consider important. If you're bored where you are and looking for an adventure, then go for it!
Tess I totally agree, almost word for word, with Tess. I certainly wouldn't even consider leaving for less than an increase in salary of AT LEAST 10% to 15% more, and an identical benefit package with an equally stable company. Paul W. Barada The Negotiation Expert I have another set of issues than Paul and Tess, who provided good thinks to address. First, the Wall Street Journal had an article a few months ago regarding following a former boss to a new job. It doesn't always work out. If you can get your hands on that article you should read it. Second, 20 years at a company is stifling for your resume. If you ever think you will be looking for another job before you retire, now is the time to get another job on your resume. Otherwise, you will be looking for a job when you are middle-age and look like "johnny-one-note" because of one company on your resume. And what's the question regarding severance? You get severance (sometimes) when you get laid off, not when you decide to change jobs. Will your former boss entice you with a signing bonus? Maybe, but it doesn't replace severance that you wouldn't get anyway. | |
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