Applying for a new role.

slinxy

slinxy

slinxy

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Hi all
Someone from HR reached out to me to see if I was interested in applying for a position at the company they work for a few months back.

I looked at the role and it seems pretty much what I’m doing now, I would just be doing it at a different company. The compensation package is on a similar level to what in on at the moment too.

So I politely declined saying the compensation package isn’t competitive to my current one.

It seems that they are having issues fulfilling the position, even though I’ve pointed a few people I know off towards it. They have extended the closing date a few times and now re-advertised the role and added the plus symbol to show that they are willing to negotiate.

While I can’t say that I’m happy at my current company, it’s better the devil you know… I’ve been here for over four years and even though some people have a different idea from my own on what my career path should be.. I’m able to fulfil my duties to a high level which is matched my yearly salary increases and annual bonuses.

Yes, I could be more happy, more satisfied and achieve more in a different company under a different management system.. but the grass isn’t always greener.

The real question is.. should I really expect much of a pay increase for moving companies?

The main gotcha is that I have thousands of shares options and rewards withheld (golden handcuffs) with the current company, a lot of which I would lose if I was to leave. Should this be compensated for by the new company as if so; a salary that I would consider would be around 20% higher than their salary bracket, and then my current company may counter offer.

Would like to know people’s thoughts.. yes there is a risk and a level of greed but I spent over 10 years in the public selector and I want to build a good pension fund for when I retire.
 
Why would you even consider moving if it isn't to your benefit?

You've told them that the salary isn't competitive enough, did you tell them you are open to negotiating? Ball is back with them.
 
Don't move unless you're getting significant payrises especially in the current market. You don't just lose the shares etc but also the potential redundancy payment/relative safety compared to being the last one in at a new place (aka first one out, if needed)
 
So HR is selling a sob story:
1. Why are they actually having a problem recruiting? (Glassdoor, check companies house filings)
2. If they’re serious about filling the role they’d be competitive to pull you away.
3. As a competitor - pulling you/putting you on gardening leave acrews over the competition. It also appears you jumped ship on your CV but for no reason..
4. Costs you in any bonus and relationships that you’re cultivating..
 
In today's market you can't expect much of a pay rise by changing companies for the same role - only an external promotion but these are hard. And you put yourself in a position that is much easier to be made redundant, both from a legal perspective and from an experience and proven performance record.
 
slinxy said:
Hi all
Someone from HR reached out to me to see if I was interested in applying for a position at the company they work for a few months back.
[..... lots of overthinking]
Click to expand...

Just meet them and talk to them, you don't need to accept anything, it's good to take an interview occasionally even if you think it's unlikely you'll accept the role - you might get a surprise/better than expected offer.

slinxy said:
The real question is.. should I really expect much of a pay increase for moving companies?
Click to expand...

Yes, unless you're desperate then give them your number and/or turn them down if they're not willing to pay.

slinxy said:
The main gotcha is that I have thousands of shares options and rewards withheld (golden handcuffs) with the current company, a lot of which I would lose if I was to leave. Should this be compensated for by the new company as if so; a salary that I would consider would be around 20% higher than their salary bracket, and then my current company may counter offer.

Would like to know people’s thoughts.. yes there is a risk and a level of greed but I spent over 10 years in the public selector and I want to build a good pension fund for when I retire.
Click to expand...

"Greed" is nonsense here - just look out for your own interests, if you have a good job already and you've got things to potentially lose here then you'll need a good offer and you need to let them know that. If they don't value the role that much then it's not a good match and so walk away, if they can have a rethink about how the role might work and scope for future progression etc.. then maybe it could still be a match for you.

But, importantly, the latter bit is an additional consideration, don't accept vague future promises as part of the offer like ("we'll look to increase the salary in 6 months time") - you still need the initial package to compensate you enough for both the risk of moving and the share options you're giving up. The additional part is that you still want some future progression too, you don't want them to be right at the limit of their budget for this role and then stingy later. Also push for equity or share options with them too.
 
I've applied for the job and gave the expected salary that I'm willing to accept with a 21% uplift.
3% of that is to cover the differences in pension rates and I've averaged what my cash bonuses were for the last four years and that as 8.9%.

The new place does a bonus scheme but that's all done in shares locked in for a time period.

I'm still lossing what is basically a years salary after tax in company shares spread over the next 3 years, but the extra 9% a year should cover that.

who knows, they may offer me more, or my current place counter offers with an uplift in my basic salary.

anything I earn over the basic tax rate gets put into my pension anyway; so future me will thank me.
 
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I had the first stage interview… I don’t think the position is for me. It sounds like chaos, where a lot of the issues that they are having is being caused by the company ethos and way their are operating.

Maybe it’s Stockholm’s, as I’ll be moving from a blue chip company where things are very organised, procedure and structured.. to somewhere where it’s more of a startup, and everyone does everything to different levels of success.

I think that since the company has been recently been floated on the stock market and moved into the digital only business model, they are working as if they are a new startup, rather than the established 50 year old company that they are. I’m expecting a buyout of the company, wherever that’s due to success or failure, I don’t know.
 
One of the things that's changed the most in terms of my approach to interviews as I've got older is knowing when to walk away. In my 20s interviews were basically, how do I convince these people to hire me, it doesn't matter what they say I'm accepting an offer. In my 30s, let's convince them and if there's no obvious red flags I'm taking the job. In my 40s, it's much more about whether I think they are the right fit, what is the team around me going to be like, how has the interview process flowed, probing any weaknesses I perceive they might have. I've even had interviews where I've basically said, unless I've misunderstood something I don't believe you can achieve the vision you have laid out with the resources you've described, which I'd never have had the balls to come out with when I was younger.
 
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