When to Look for Another Job

I have had the lucky(?) fortune for working for one employer. I was hired as an intern my Senior year in college and then became a full time salaried employee a month before I graduated. Overall this company has been great to work. Besides the usual complaints about the boss, I have it pretty good. Being on the "creative" side of our business, I don't have to dress up for work, nor do I have to deal with customers. We have great benefits, including a 50% matched 401(k) vested at the end of the year and Restricted Stock Awards with the same vesting. As I have grown with this company I have been promoted and have begun to get even more Restricted Stock (that usually I have full access to within a year) and even earned an entire week of extra vacation time. Also, year-end bonuses roll in at about a 5% average (higher if promoted). As some of you may know, I am currently seeking my CFP and the tuition is fully reimbursed by my company. I have even been allowed to hand off some of the work I feel is tedious and have begun to work in the FP side of our business. While I love what I do creatively, my company is allowing me to now do both of the things I have great interest in. I know everything seems peachy regarding my job and the 6 years I have worked at this company, but my finances are recovering from the mess I made a couple of years ago (more to come on this in the future).

I have no reason to leave this company, but if things still go this way, why would I ever leave? I truly enjoy my job and the creativity I get to exude, but when do you decide to leave and work for another company?


At 9/03/2005 09:55:00 PM, Blogger SimpleKind said...

What a description. That is a dream job.


At 9/07/2005 11:17:00 PM, Blogger Keith said...

If you have no reason to look for another job, then don't. It is good to be happy where you are.

On the other hand, you have no reason not to hear people out if they are trying to recruit you somewhere else. When you are being hired away to another job while you are employed, employers realize they must make it worth your while. You can expect a 5-10% raise, at a minimum, when you are in this situation and jump jobs.

Are you doing 5-10% more work? No, but the company should compensate you for the stress of changing jobs, the risk of loss of stability, etc.

Furthermore, this 5-10% premium becomes a part of your base forever. It affects the $ value of future raises, future bonuses, and future job offers (next time you jump) not to mention making each period's check a bit nicer.

There are lots of reasons to look for jobs, and it doesn't sound like you have any of them. That doesn't mean you should ignore chances to improve on what you have.

At 9/08/2005 06:28:00 AM, Blogger Financial Fruition said...

Thanks for the info Keith. In fact, I just had a person call the other day trying to recruit me the other day and never thought of it the way you described.


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