Current Job
- 401K with company match of 3% of Salary
- Personal Pension account with company contribution 5% of Salary
- 3%-5% probable raise this year
- Yearly Bonus of ~4% of base pay
- 20 Minute drive/12 miles to work
- Located in town (plenty of restaurants/bars around)
- Stock ain't going anywhere
- Like the people I work with
- Dislike Company
- Don't dislike work
- Future of division is unknown
- Health care plans getting more expensive
- Lots of Politics
- Constant worry of problems in previous projects
- Doing the same thing for 6+ years
- 15 days vacation
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New Job offer
- 401K but no company matching
- No Pension Plan
- ~8.5% base pay over current job
- Yearly Bonus of ~10% of base pay
- 45 minute drive/27 miles to work
- Located on the edge of town (less restaurants/bars around)
- 75000 stock options, Pre-IPO (but no guarantee of IPO)
- People seem young and friendly
- Company seems okay
- Work seems interesting
- Company is growing (I think)
- Better health care plans
- Small company, < 100 employees
- Start fresh, without having to support previous projects
- Will learn something new
- Sign-on Bonus of $3K
- 15 days vacation
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So, I almost have an offer from the company I interviewed with on February 9th. Everything has been finished, even including the reference checks (which I didn't think they were going to actually do). I've been in negotiation with them regarding the numbers in the offer for the last few days. They officially have not sent me the offer, but I think that's because I expressed concern about the sign-on bonus (and they are revising it). Above are the factors that will go into deciding whether I decide to accept the offer. The Cali company that I mentioned in a previous post is out of the picture.
From a monetary perspective, my current job and the new offer are about equal if the stock options are not taken into account. I'm hesitant to put much value into the stock options since it may be an empty promise.
Although the base pay of the new job is 7.5% higher than what I'm currently making, it's exactly what I told them that I was making at my current employer. So in essence, they are only matching what they believe to be my current salary, which I can accept.
The sign-on bonus is also lower than what I expected, with my expectation at $6-8k. They initially didn't even have a sign-on bonus, but I expressed great dissatisfaction at this fact. They came back with $2k, then $3k, but that's still lower than what I've heard most people have received. I'm hoping that they'll revise the number higher tomorrow.
One of my big concerns is the drive to work. I'll have to spend an extra hour commuting everyday. Over a year, that's about 240 hours, or 10 days driving!!! The added gas cost will be be $750-$1000, not to mention the wear and tear on my car.
So, my options are to accept the offer, or decline and start my job search over again. Any comments?
6 Comments:
How many vacation days do you get?
I updated it to include vacations day. Also updated with the latest changes. I have until tomorrow (friday) to make my decision.
Nice bonus package. I get less than 2%. As for your vacation days, how many years do you have to work at each place before you get 4 weeks? At my company, I need 15 years to get 4 weeks of vacation, and I already have 5 years put in. That's one motivating factor for me to stay put - I want my 4 weeks of vacation!
You should go with your gut feeling. Where do you want to work? Can you see yourself working at this other company? If money was not part of the equation, which job would you prefer? Do you know who you'll be working with? Do you get a good feeling about the other team and manager? Where do you see yourself 5 years from now? Most importantly, which job would you get more value from (not monetarily)? How optimistic are you about finding a better offer elsewhere? That's a lot to think about, but when it comes down to it you should go with your gut.
Why do u have until Friday to make a decision? I thought they didn't officially give u an offer yet?
I think you should look more into the job satisfaction and job growth. When we first chose this profession, we didn't know how much money it would make. There's also no guarantee about yearly bonuses and raises. You could end up the same financially in a few years. You haven't said what the new company does, so make sure it makes business sense and it's something you believe in. Otherwise it could go bankrupt.
When i originally posted the entry (Wednesday night), I didn't have an offer. I spoke to them on Thursday morning, and that's when they officially emailed me the offer. So, when I posted my comment, I had the offer in hand.
I told the company I need the weekend to think about things. They agreed, so I have a few more days.
The company does small, embedded processors. It's definitely not as large as my current employer and people I spoke to indicated that there could be financial concerns. They are still venture funded, but are becoming self-sufficent (that's what HR told me). I guess there's a much higher risk of being laid off with such a small company like this, but hopefully things will work out. If things don't work out, then I'll just have to look for another job.
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