The writing is on the wall for me; time to go external. Some people have suggested waiting to leave until after 401k match and bonus. I have no idea how long it will take to find something, but February seems like a long time to wait.
Any advice welcome !
TIA
14 replies (most recent on top)
The gig I took has a bigly base increase and signing bonus to cover my estimated loss of the Wells 401k match and bonus. Yet I am bonus eligible in my new role, and the new employer is matching 6% of my 401k for the four months in 2022 with them. So, not a total loss.
The only loss is a week of PTO, except my new boss said to take whatever I want. the new benefits also cost more. Wells has a great plan.
I am fully remote, so I will save on commute costs, eating out, business attire, etc.
Psychologically, the benefit of leaving Wells is priceless. I don't care about losing seniority. No one tenured is safe at Wells. Only those who have recent JPMC exoerience on their resumes are.
I left a few weeks ago, best decision I've made in the longest time. Grow and pair and do it, you'll thank me later.
In addition to the Match and Bonus, you'll have a better idea of the direction of the economy as a whole. Never be the new guy/girl to a company during a recession cuz your name is at the top of the layoff list and most companies base severance on time employed so you'll get next to nothing.
Don't let a little 401k money stand in the way of happiness or a better job.
No harm in trying.
Best time to take massive action to find something new is always 1Q - But 4Q = best time to prep and start making contacts and laying the ground work so you can launch your search the last few weeks in Dec. For me it's always been a numbers game since I'm not well connected - but if you play the numbers game you MUST be prepared for interviews...
It will take you at least two months to find something. Start now and if you get a job before Dec 15th, just make sure their 401K is better than the one you are leaving (most of them will be.) Its easier to get a job if you have a job.
It's easier to find a job if you have a job.
Why would you quit without something lined up?
If you get laid off, so be it, but don't leave voluntarily and forego any severance.
Can’t hurt to look. If something comes through in November or December you can always ask for a January start date and explain why.
If you are needed immediately ask about a signing bonus to cover what you are walking away from.
Anyway, with the multiple rounds of interviews companies insist on now an offer in the next ninety days is pretty optimistic. Especially around the holidays.
It’s later than you think.
jobs take time. start looking. if you find something worthwhile before the match - evaluate the tradeoff.
one year of 401k match is not much compared to a better job, more advancement, etc.
We matched Charlie’s bonus he was giving up when he joined us. What a great investment that was.
My bonus is a big portion of my comp, so that is a big factor for me. 401k March isn't as big of deal. But if you're bonus is around 40-50% of your comp, that's tough to leave behind unless the new company will match somehow
Hiring tends to slow until new budgets Jan under normal circumstances. With recession, less hiring.
Other companies have 401ks too. Take a good look at what is out there that fits you. I you can't find anything right now, then stay for the match.