You got the job offer! Now what?
You’ve got a job offer. Great! Now what? What should you consider? Should you say yes? Should you negotiate? Let’s dive in.
If something’s prompted you to start looking outside your current company, or maybe a great opportunity has found you, there’s lots to consider!
Let’s start with the most obvious: money. 💰
When considering compensation, I recommend candidates consider 2 things:
1. Is it competitive in the marketplace?
2. Is it competitive for YOU?
First, based on your type and amount of experience, designations, education, etc. - is this number in keeping with ranges that are similar in the market?
Second, when you're leaving a comfortable situation going into the unknown, there's an inherent amount of risk (it might not be what you're expecting, your colleagues may suck, the workflows may be terrible, etc.) so there needs to be decent financial gain at stake. I suggest no less than a 10% increase to be commensurate with that “risk”.
If both of these aren't a YES, you probably shouldn't be making the change, unless there’s a good reason. Those scenarios might include:
Your company is in the midst of mass layoffs and you want to get out while you can
There is no opportunity for advancement
You dislike your boss or the culture is toxic
You’re at a point in life where flexibility is a higher priority than compensation and you want a position that offers remote work or more flexible work hours/ options
You're looking to make a complete career pivot. Perhaps from claims to underwriting, or from banking into insurance. It's impossible to transition to a totally new field without going back in pay, it's just......what it is.
Real world scenarios I've experienced:
➡️ An underwriter in PA handling a Midwest territory that required quite a bit of travel to clients. She had 3 young kids and the travel was taking a toll. No overnight travel would make their family's life much easier. She accepted an underwriting position for lateral pay (she was very highly compensated given her years of experience, so it was hard to beat) handling a local territory. She was thrilled.
➡️ A COO in hospitality wanted to get into underwriting. There's no way he could make the transition from a six-figure c-suite job to an entry level underwriting position without taking a massive pay cut. He certainly could rebound back to that level in time and he had numerous reasons for wanting to make this change but the reality is that jump cannot be made without a backward step in pay.
➡️ A Commercial AM working for a company that was recently acquired and continues to roll out new changes. Acquisitions are becoming practically a monthly thing, and the level of uncertainty and change (not to mention all the people jumping ship) have made her work environment a nightmare. She wanted out. She was paid an above average salary but the lack of job enjoyment and stability made her comfortable taking a position for about the same pay.
No one's working for free and we need to compensate people fairly, but it's not only about the money. We must factor life quality into any job change.
What about negotiation?
This is a tough one. My client companies put their best foot forward and don’t play games.
I have frank and transparent conversations up front. The candidate knows the salary range, and the employer knows the candidate’s expectations.
But what if that isn’t the case for you?
Again, I go back to the above: is the offer competitive for the market and is it a nice bump for you to make that risk/reward scenario line up, go for it. If the offer feels great, it’s OK to accept! You don’t have to feel like you’re losing just because you didn’t push for more.
If there’s something that would make or break the decision for you (another week of vacation, an extra remote day), ask! The worst they can do is say no. You should be excited about what you’re saying yes to!
Resignation
Once you decide you’re moving on, rip the band aid off and don’t look back.
Give your two weeks, do it professionally, always being mindful not to burn bridges so you keep doors open.
Accepting a counteroffer is rarely a good idea. Statistically, if you end up staying, you’re highly likely to leave within a year anyway, either voluntarily or otherwise. If there was something that prompted you to make a change in the first place, stick with your plan and move on.
“Have confidence and stay the course! Remember, the grass isn’t always greener….but sometimes it is! ”