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#468978 - 12/12/05 03:57 PM good predicament to be in?
Anonymous
Unregistered

Anon for obvious reasons -

Was approached by a competing bank for a position that is similar in nature to what I am doing, but has much more growth potential. The offer is now on the table, with a significant increase. When I tell my boss, he asks me to hold off so my current employer can counter. I have been left out/passed over in the last 2 rounds of promotions, yet suddenly I have a promotion on the table, as well as an increase from current employer (did not say what the other bank offered, and current is still offering me less). I have always held that if a company comes ofter the fact and offered, that one shouldn't stay as they (the company) knew all along that you should have been at that level.

Just curious what anyone else would do in this situation.

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#468979 - 12/12/05 04:25 PM Re: good predicament to be in?
The Incredible ComplyGuy Offline
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The Incredible ComplyGuy
Joined: Sep 2005
Posts: 7,350
The he11 of suburbia
Depends on how much you trust your current employer and how much you want to stay there vs. joining the new bank. If the counter is still less than the competing offer I would probably leave. There are instances, however, where perhaps you might have been on the fence about the new position anyway for non-compensation reasons (relocation, etc.) in which case you may want to take the counter.

Another factor is how good of a bargaining position you're in vs. your current employer. Assuming you're in a compliance position and have flexibility to relocate, you're probably in a much better position than the bank is. Kind of a win-win-win -- if you leave you get more money and a better position, if you stay you get a little more $ and possibly more respect because they consider you "at risk" of leaving, if you accept the counter and they get rid of you, there's always better opportunities out there.

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#468980 - 12/12/05 04:33 PM Re: good predicament to be in?
Anonymous
Unregistered

Leave. My old bank used to be notorious for that. They are one of the biggest banks in the country, so I won't mention names, but it was an internal policy when a department was short staffed. They'd give you just enough to pacify you for another year. I had no idea how fast my career could move once I left. Average raise annually was 1.5% department wide, now i'm gettig three times that with a 10% bonus as well as making well over twice what I did just three years ago. In my experience is that the only quick and sure fire way to advance is to take opportunities with other companies and to job hop! Go for it, that's my $0.02

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#468981 - 12/12/05 07:21 PM Re: good predicament to be in?
Beagles22 Offline
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Joined: Jan 2004
Posts: 3,626
State of confusion
I have to say leave. If that is the only way to get a raise/promotion do you really want to stay? Then you won't hear from the big boss for another how many years? If there is more growth potential at the other bank and you are looking to grow, I would go with my head held high.
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#468982 - 12/12/05 08:14 PM Re: good predicament to be in?
RVFlyboy Offline
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RVFlyboy
Joined: Oct 2000
Posts: 5,983
Soaring over Georgia
Are there other factors to consider? Vesting in 401(k) matching funds? Vesting in stock options? Vacation accrual? In the new job, unless negotiated in advance, many of those may start over at zero.
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#468983 - 12/12/05 10:26 PM Re: good predicament to be in?
Bones Offline
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Bones
Joined: Nov 2003
Posts: 3,020
Land of Enchantment
I have to agree with the majority. I was in the exact same situation 1 1/2 years ago. When I told my boss I was approached by the competition, he "all of a sudden" had all these plans for my career that he had not ever mentioned up to that point. Of course, I wasn't surprised. He was that type of a person. I don't regret leaving that job behind. My current boss is great to work for, the pay and the bonuses are much better, and I am treated with much more respect. The grass was definitely greener on the other side for me.

I hope you make the right decision for yourself. Good luck.
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You need an attitude adjustment ---- let me get my tools!

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