smartidiot

Hello Guys,

Not sure if this is a suitable topic here but since I am assuming that the job market in U.S. differs considerably compared to Canada, I thought it'd be better for me to start this thread under the regional forum.

So here is my situation,

I am a 28 years old single young professional working at one of big 5banks in downtown Toronto. No debt, mortgages, LOC of any sorts and I still live at home (yeah .. laugh me all you want!!... )

I am currently making around CAD$ 68.5K/year before tax (including bonus, incentives, employee shares ownership, overtime pay, and everything else) and I am wondering how much more $$ (or how much more in percentages) is considered to be a good/valid offer for me to switch job. This will take into account the fact that I will have to re-establish my relationships with my colleagues, accommodate the new work environment, and the need to re-learn a new set of skills required for the new position.

I am having a great relationship with my co-workers at my job but I am just not sure if what I am doing now is what I wanna do for the next 25 years....

Any advice is appreciated.

JEFFOS69

iTrader: (4)

There is lots more to consider. You wont be doing the same job for 25 years regardless. I wouldn't factor in stock incentives, overtime ect but rather break them down individually. Like a base salary, then realistic additional structure (for example say your bonus was 15% last year but historically it has been an avg of 10% - consider it normally being 10% in this calculation), then overtime. There is also the factor of a work/life balance, recreating relationships and building your "brand" again at work.

Also factor in additonal savings or expenses - although since you're in banking I'm willing to believe you're downtown and all of the banks are generally in the same area.

On that note for me it would either have to be a better title and job overall, better hours, more opportunity, at least a $10k jump in pay, closer to home or a combination of those.

maroli

I moved from Bank of America Card in Ottawa to HSBC Finance here in Toronto for 20%. It wasn't really a move motivated by money, but I was trying to bulk up my resume. I was 24 at the time, 25 now. The 20% basically covers cost of living plus 5%. At any rate, the importance for us at our age (I guess more for me since you're a little older) isn't the money we make RIGHT NOW, but how we're positioning ourselves to make money in the future. After all, the difference between 60 and 80k isn't THAT much, but if it serves us better to be somewhere our growth and trajectory exceeds that of immediate salary gain, then its in our benefit. My .02

Kiriller

iTrader: (2)

Damn, what positions are you guys in that get you 70~'s im currently with BMO @ Direct banking manager (now called Customer connect center) Coop position, studying to become financial planner, 1 more semester and 1 more csc test to go, let me know if you guys got any tips on how to advance within the financial industry

What Jeffo said, id have to agree with him on the points, destenation, companies reputation, a decent raise in salary 15%~, position (should be better of course as well as more/better benefits/incentives)

maroli

If it were 07...I'd have made over 70 with bonus...but its not, lol. I'm a risk analyst.....most of the portfolio level positions are better paid as opposed to the branch positions, ie customer facing. Try getting into the head offices. I work at HSBC Finance head office. Finance and Risk are the two departments you want to work for.

Kiriller

iTrader: (2)

Maroli clean up your inbox

JEFFOS69

iTrader: (4)

Im a category management and marketing consultant for the executive team for a very large canadian retailer. I'm 28 too like the original poster.

theprezzz77

iTrader: (4)

I may not have the best advice as I am a Toronto real estate agent, where my income is solely based on commission mostly from referrals, however, I suggest scheduling a meeting with you're boss and ask him/her if and when there will be potential growth for you within the company. You wouldn't want to leave a place you enjoy to work at for say a 10% pay increase, when that could be achieved with the company you are already with in a reasonable time period. After university, I was working as an accountant with a GIANT worldwide firm, and always found the best way to get answers and the best advice came from my bosses. They usually are very straight up, in my experience anyways.

In saying this, if anyone ever needs a real estate agent.....I'd be happy to help!!!

Dino

smartidiot

That's a lot of useful advices I see here in such short period of time. Thanks everyone!


Most of the comments here totally make sense to me and I also understand that $ is not everything when it comes to switching jobs. However, I have been feeling a bit sick and tired of my current job for some time (been at this position for 3 years) and when a opportunity like this comes by, it's REAL difficult for me to say NO. Hence I started this thread here.

With that being said, I am obviously worried about having to adapt a new work environment, relearn everything from scratch, and more importantly, re-establish a healthy relationship with my colleagues... but anyways.. enough of rants .........

Kiriller, I assume you work on 7th floor at Bay & Bloor ? (now you know which bank I work for). :P

smartidiot

Dino, thanks for your advice, but I am not sure talking to my boss is the best approach in my scenario as I clearly do not want to attract any attention before I have made my decision. My boss is a real nice guy and he has been real good to me so I don't want to jeopardize this relationship by any chances should I decide to stay at my current position.

But thanks again.

JEFFOS69

iTrader: (4)

Don't tell him that you're thinking about moving companies but talk to him about your future and you want to make potential moves Within the company of course). A good boss will want you to get promoted and not hold you back. They will help you develop and get you to where you need to be. Remember successful promotions from an area of the company makes the boss look good too. This will also give you a good idea what is on the horizon for you potentially if you stay (might be good, might be bad but at least you'll know)

Have a meeting with him but don't mention your potential new role. See whats out there for your company. At the end of the day if this new opportunity is good go for it. As long as your boss is decent and you are nice in your departure the relationship will still be there. I use myself as an example although this was internal between 2 divisions - I had 2 job offers for promotions for 2 different areas of the company and I met with both VPs and discussed my career and aspirations and at the end of the day I chose the job that would best position me for the future and would help to develop my skills and visibility in the company. I had a follow up meeting and contact with the VP at the job I did not take and he was very appreciative on how I handled it and now I know him and if I want to move to that area of the company and a higher level as my next step I'm pretty close to a shoe in. I also have another executive in my corner for any discussions about my self and my future potential with the company.

It's less to do with the work you do and more with the perception of the work you can do.

Believe it or not you always look more valuable to the outside company as they don't really know everything you do and you can spin your experience and resume any way you want. Only you are the one that can manage your career if you sit around and wait you will move up very slowly Be proactive.

maroli

and btw, you better love learning things new and from scratch, lol. If you want to be a C level exec someday, you have to start expanding your repertoire from now. You must always learn. When you stop learning and become comfortable with where you are, that's where you'll plateau.

It's up to you...I know a 40 year old analyst who never wants to move upwards and is perfectly happy with where he is, and conversely, our Head of Risk and Underwriting was only 30 when he started that position. You wanna be a high flyer? Then you gotta grind

PS: Its really good you have no revolving debt

theprezzz77

iTrader: (4)

Thanks for clearing that up, its exactly what I meant. I would never condone using it as a means to make ur boss feel threatened that if he doesn't offer anything to you or have any future incentives for you within the company, u are gonna leave. I would just discuss with ur boss about moving on up with promotions within the company and growing within and not using your job offer or leaving at all within the conversation.

Best of luck buddy, changing a career or starting fresh is a lot of work, but if its something you are passionate about and believe its in ur best interest, its absolutely worth it. For example, I was getting paid quite a hefty salary filled with incentives for yearly performance and bonuses, and left it for a career in real estate with many unknowns, but I was passionate and very interested in it and has proven a very successful career change for me!!

You seem like u have the right idea, just make sure whatever u decide u are 100% and no regrets.