Chasing higher salary - switch jobs?

[gekkoplus]

My employer is one of the top tech companies in silicon valley. I have been with my current employer for past 8 months. My salary is pretty competitive in the marketplace.

I was recently offered a job with another tech company (lower brand equity compared with my current employer) for a very similar position to my current position. They offered 10% raise in my base salary plus 15% bonus on top, which makes it 25% increase overall. Benefits remain comparable.

I have to admit that other than salary, I don't see any major changes in terms of my career progression in my new job. Does switching employer just for salary sake (which also involves working for a lower brand company at a similar job position) make sense?


(BTW, if I switch, this will be my 4th employer in last 5 years.)

[jIM_Ohio]

Be careful just changing jobs for a salary. You didn't list your age, but my advice to you is to make sure you choose an employer which gives you a career, do not choose the career path based on the highest bidder.

Advancement will lead to a more rewarding job most of the time.

[m3racer]

Originally Posted by gekkoplus

Does switching employer just for salary sake (which also involves working for a lower brand company at a similar job position) make sense?

Hell yes!!

[antiver]

I second the "be careful." Consider other things like how secure your new job will be compared to your current one. Are you willing to pay the price in the long run of switching? It could be hefty.

[gekkoplus]

Originally Posted by jIM_Ohio

Be careful just changing jobs for a salary. You didn't list your age, but my advice to you is to make sure you choose an employer which gives you a career, do not choose the career path based on the highest bidder.

Advancement will lead to a more rewarding job most of the time.

I am in my late 20's. (Experienced Non-Manager)

Doesn't higher salary typically comes with higher responsibility and hence a career progression? My assumption is that chasing higher salary will automatically help me progress career-wise even though it is less apparent before taking a new job in my present case. Any thoughts?

[jIM_Ohio]

When looking to advance in your career, employers will look at what you accomplished first, what your references say second, then look distant third towards salary.

I just turned down a position which would double my salary. I am 35 and the position offered little advancement. It is the same thing I am doing now, just more accountability. But for me to move on I would need to switch employers, as the new company was smaller and more lean- I could do what I do, but would not be able to do more or manage more when I am 45 and got burned out.

Create a name for yourself within your current position. My wife is in HR and she spots job hoppers all the time- those resumes go to bottom of pile if they even get seen at all.

Emphasize your accomplishments. Let those create your opportunities. If you follow salary now, then something else came up in 2 years, would you change jobs again? Sooner or later employers will see thru you.

BTW 4 employers in 5 years sounds more like entry level as opposed to experienced non manager to me. I would think 3-5 years in one job is experienced. 4 years total experience is not what makes a person experienced... experience in one position and growing that position to your skill set is "experienced, non manager" in my book.

I also work for a tech firm (world's 12th largest employer).

[sweeps]

Shoot for the moon. No guts, no glory.

[tripods68]

Hell yah! You're young unmarried you should take it. If you don't, you might regret it.

[fruitbowlk]

Money is great to have but it doesn't make you happy. If you are happy at the job that you are at. And you are able to pay your bills, save money and invest why leave? Your current job do give increases in pay correct?

[aida2003]

I'm not experienced in tech field or salaries, but I read somewhere that if you're offered a large salary at the very beginning there's very little room left for a yearly increase unless you get promoted or again hop the job...

[tripods68]

Originally Posted by fruitbowlk

Money is great to have but it doesn't make you happy. If you are happy at the job that you are at. And you are able to pay your bills, save money and invest why leave? Your current job do give increases in pay correct?

If he switched jobs 4 times out of 5 years, his not happy maybe he gets bored easily, or maybe doesn't like the people he works with. Being bored or being unhappy for various reasons are mutually exclusive. But if making more money will make you happy then I say "go for it". Living and working in Silicon Valley is a tough place to be. And if that means switching jobs often enough to reach the parity of pay increases you want and deserve, then he should.

[disneysteve]

Originally Posted by gekkoplus

They offered 10% raise in my base salary plus 15% bonus on top, which makes it 25% increase overall. Benefits remain comparable.

(BTW, if I switch, this will be my 4th employer in last 5 years.)

Is the bonus guaranteed in writing? If not, forget about it. Bonuses have a way of not materializing or being for less than promised.

Having multiple jobs on your resume starts to count against you at some point. Potential employers don't want to take the time and effort and expense of training new employees who are going to jump ship as soon as the company down the street makes them a better deal.

Originally Posted by gekkoplus

My assumption is that chasing higher salary will automatically help me progress career-wise

That would be an incorrect assumption, IMO. Just because someone earns more, doesn't mean they have a higher position or a better career path. All it means is that they earn more.

As noted by aida, you also have to consider that a higher salary from day one might equate to lower increases along the way. You could find that 5 years from now, you will be making the same amount with the new company that you would have been making with the old company had you stayed there.

[disneysteve]

Originally Posted by tripods68

But if making more money will make you happy then I say "go for it".

Anyone who thinks more money makes you more happy probably needs to get some more life experience under their belts.

When I was in my 20s, I probably thought the same thing. By my mid-30s, I had learned how untrue that is. I switched to a job that paid significantly less but came with better hours, more respect, more control of my own working conditions, less stress, more family time, etc. and I have been far happier ever since. Sure it would be nice to earn more money but it isn't worth all that comes with it.

[Gruntina]

I work for a high tech company in Silicon Valley as well. In my experiences, the higher quality and reputation the company is, the better it is to work for them.

Silicon Valley is well known for the larger or higher brand companies acquiring the lower brand companies. Also High Tech is more of global and mixed company’s collaboration in this day and age.

Higher salary is nice and I would probably go for that since work is just "work" to me and not my life as long as my general security is there. But at the same time I could not work for a company that does not value their employees and customers and have need to have a genuine goal for their products.

The company I work for has no debts and a lot of customers which is impressive and makes me feel honored to work there. I have been here for 7 years and still feel like going on strong. 7 years service is a very long time for a high tech company when average is 2-3 years.

I would investigate what the company is about and where they stand before deciding.

[jIM_Ohio]

Originally Posted by Gruntina

I work for a high tech company in Silicon Valley as well. In my experiences, the higher quality and reputation the company is, the better it is to work for them.

Silicon Valley is well known for the larger or higher brand companies acquiring the lower brand companies. Also High Tech is more of global and mixed company’s collaboration in this day and age.

Higher salary is nice and I would probably go for that since work is just "work" to me and not my life as long as my general security is there. But at the same time I could not work for a company that does not value their employees and customers and have need to have a genuine goal for their products.

The company I work for has no debts and a lot of customers which is impressive and makes me feel honored to work there. I have been here for 7 years and still feel like going on strong. 7 years service is a very long time for a high tech company when average is 2-3 years.

I would investigate what the company is about and where they stand before deciding.

I will second this. If "high tech" is hardware, not familar with that. If "high tech" is software, remember that Larry Ellison predicted that the world would be reduced to about 4-5 major software companies within 10-15 years. He made that prediction more than 5 years ago.

I work in the software industry and have been doing this for 12 years. I have had two jobs within my current employer (instructor and technical writer) and three supervisors when doing those two jobs. I have worked for 4 companies (hired once, 4 employers, 400% ROI).

Each time were are getting swallowed by a bigger fish. Now the employment fish is the world's 12th largest employer (the only entities in more countries are FIFA and the catholic church).

At our last buyout, suitors included Oracle and Microsoft (in addition to my current employer). Sooner or later I would assume the 5 software companies will be Apple, Oracle, Microsoft, my present employer and maybe 1-2 others (IBM?) and I work with many people which are on their 5th or 6th employer (company name) doing the same thing- there were times the little fish I worked for bought an even smaller fish, then when that little fish was bought out, my second employer was a coworkers 3rd or 4th.

Those coworkers tell me of the lucrative buyouts the software execs get (at the small companies). The individual contributors do not get such buyouts, so be careful.


My point is this- you need to know the industry you are in. You are young and need to work for 20-30-40 years. You don't want to catch yourself changing jobs, then see the new fish swallow you up or sell you out. You need to establish a career direction. Following the money might help bank account now, it is important to recognize times might get tough and new employees/ new hires are among the first cuts which get made. New hires have the highest training costs and have the least amount of knowledge, so there is little risk to intellectual capital to let you go.

At same time I fully expect to be divested in about 20 years (these cycles happen all the time) where the large mega corp decides to spin off units the way GM spun off EDS, Delphi and Ford spun of Visteon. The way ATT split off the mama bell companies too. The cycles continue and the job hopping might find you on short side of equation when the cycles moved to buyouts or divestures.

[sweeps]

Originally Posted by aida2003

I'm not experienced in tech field or salaries, but I read somewhere that if you're offered a large salary at the very beginning there's very little room left for a yearly increase unless you get promoted or again hop the job...

But that's okay. If I take a job for $80k with the possibility of 10%/year raises, it's still going to take a while for me to earn what I would have earned at $120k with no possibility of raises.

[momof1in150]

I have just glanced at the replies but when you apply for credit they are going to ask how long you have been in your current job. If you don't have a good job history then it can make it harder to get a mortgage or car note. Just a thought. In this current economy job stability is a big deal with creditors.

[tripods68]

Originally Posted by disneysteve

Anyone who thinks more money makes you more happy probably needs to get some more life experience under their belts.

When I was in my 20s, I probably thought the same thing. By my mid-30s, I had learned how untrue that is. I switched to a job that paid significantly less but came with better hours, more respect, more control of my own working conditions, less stress, more family time, etc. and I have been far happier ever since. Sure it would be nice to earn more money but it isn't worth all that comes with it.

Your comparing apples to oranges. Your situation as you described is the opposite of what he is. His young and unmarried that 'ties' him to nothing. Loyalty to a job is longer a valid reason to stay. His best to lookout for #1 especially in today's high unemployment, worsening economic conditions. There is a reason why he was offered that job; skills. Who knows how long that job will last, but Silicon Valley is cut throat industry, one that pays the highest in the industry nonetheless. This is not a hard decision to make in my book.

[disneysteve]

Originally Posted by tripods68

Your comparing apples to oranges. Your situation as you described is the opposite of what he is. His young and unmarried that 'ties' him to nothing. Loyalty to a job is longer a valid reason to stay. His best to lookout for #1 especially in today's high unemployment, worsening economic conditions. There is a reason why he was offered that job; skills. Who knows how long that job will last, but Silicon Valley is cut throat industry, one that pays the highest in the industry nonetheless. This is not a hard decision to make in my book.

I just think there is a lot more to look at when evaluating a job offer besides the salary. I'm not suggesting he stay out of loyalty. I'm just suggesting that he shouldn't jump ship strictly for more money. More money does not necessarily equal more happiness or better overall job situation.

[cschin4]

Go for the money. Too many people allow employers to underpay them for years and years. If you think it is a job you will enjoy then take it. If the higher salary includes more off the clock time, on call time, availability, then I would think twice because that would actually be a pay decrease.