Should I Stay or Should I Go?

Evaluating the pros and cons of moving on from your current job

Spring 2015 – The current career landscape

• It’s spring – a time of rebirth

• The good news: hiring is picking up in a number of industries

• Many people who have felt trapped at their jobs are ready to spread their wings

• The risks: Significant M&A activity, which will mean fewer senior-level jobs

• The risks: Many of the organizations that are hiring are not yet making money

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How do you make sure your next career move is the optimal one both short- and long-term?

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Analyzing your current situation

• Am I in the right job?

• Am I in the right industry?

• Do I have compatibility with my boss?

• Do I have compatibility with the corporate culture?

The Four Questions

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Other questions to ask yourself

• Does your current company have legs?

• Does your current boss have legs?

• Have you been passed over repeatedly for promotions?

• Have you ceased to grow professionally at your job?

• Have you gone as far as you can with your company?

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Is your current job salvageable?

• Have you confronted problems at your job directly?

• What are the pros of keeping your job?

• What are the risks of leaving your job?

• If you’re an entrepreneur, is it time to close shop?

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Case Study: Ted

• Ted left a major bank to start a boutique brokerage firm

• Owns 5% of the company

• The firm is struggling and Ted recently took a 50% pay cut

• Is it time for Ted to return to corporate financial services?

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Building a strategy to optimize your transition

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Your job transition strategy should…

• Be a 3–5 year plan. Where will your next job get you?

• Examine your wants/needs now and in the near future

• Evaluate what trade-offs you’re willing to make

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Being realistic about the job search

• 1 month for every $15k in salary

• $75k 5 months

• $150k 10 months

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A wants/needs list to help guide your search

• How much money do I need/want?

• What I am interested in doing?

• What “atmospherics” are important to me?

• What are my values?

• Are my values changing?

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A wants/needs list (continued)

• How much free time do I need/want?

• What in my current job do I want to eliminate from my next job?

• Do I need/want to continue to live in the New York metro area?

• What is my attitude toward risk?

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Trade-offs

• What am I willing to give up to get what I want?

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Case Study: Riccardo• Senior economist, PhD, 8 years with current consulting firm

• Pros of current job:• Firm allows him to take time off to deal with his aging mother in Italy • Infrequent travel

• Cons of current job:• Trouble getting promoted • Finds the firm’s area of focus, litigation support, too narrow

• Received an offer from a consulting firm with room for growth• New firm is unwilling to hire him as a Managing Director• New job will require significant job-related travel

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When is it ok to quit your job before you have an offer?

Case Study: Gretchen

• 62, Executive Director of a major arts-related nonprofit

• Board Chair is one of NYC’s top supporters of the arts

• Board Chair is bringing someone in above Gretchen

• The Board says Gretchen can keep her job but there need to be younger people in the wings

• Gretchen has a toxic relationship with her boss, the CEO

• Gretchen is working 65–70 hours/week

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Evaluating a job offer

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Due diligence questions – job related

• Are you moving to a good job, or just escaping a bad one?

• Do you understand what the job will look like on the ground?

• Do you have the skills to do the job?

• What will your total compensation be – salary + benefits?

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Due diligence questions – job related (continued)

• What will the commute be like?

• Will there be room to grow and advance?

• Where will this job get you in 3–5 years?

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Due diligence questions – company related

• Have you researched corporate culture, leadership, etc.?

• Does the company have legs?

• Does your boss have legs?

• Does the company’s industry have legs?

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Case Study: Tracy

• Chief Development Officer at a health-related NGO

• NGO has developed serious reputational problems

• NGO now being run by a turnaround firm. Partner in charge knows nothing about fundraising

• Tracy offered CDO position at a prominent scientific research organization where she worked in the past

• She would be reporting to the CEO, who is infamous for having temper tantrums

• The new job would offer a 40–50% pay increase

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Leaving your current job on a positive note

• DO tell your direct supervisor first

• DO be prepared for a counteroffer

• DO give sufficient notice

• DO abide by professional codes of conduct

• DO continue to meet your performance expectations

• DO do everything you can to prepare your successor

Dos and don’ts for quitting your current job

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• DON’T burn bridges – no “take this job and shove it!”

• DON’T trash talk your employer or your boss

• DON’T feel compelled to rant in your exit interview

Dos and don’ts for quitting your current job (continued)

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Q & A

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