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PB&A_ShouldIStayOrShouldIGo_UMich

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PB&A_ShouldIStayOrShouldIGo_UMich

  1. 1. Should I Stay or Should I Go? Evaluating the pros and cons of moving on from your current job
  2. 2. 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 2
  3. 3. 3 How do you make sure your next career move is the optimal one both short- and long-term?
  4. 4. 4 Analyzing your current situation
  5. 5. • 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 5
  6. 6. 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? 6
  7. 7. 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? 7
  8. 8. 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? 8
  9. 9. Building a strategy to optimize your transition 9
  10. 10. 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 10
  11. 11. Being realistic about the job search • 1 month for every $15k in salary • $75k  5 months • $150k  10 months 11
  12. 12. 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? 12
  13. 13. 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? 13
  14. 14. Trade-offs • What am I willing to give up to get what I want? 14
  15. 15. Case Study: Jean • Senior economist, PhD, 10 years with current consulting firm • Pros of current job: • Firm allows him to take time off to deal with his aging father in France • 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 15
  16. 16. 16 When is it ok to quit your job before you have an offer?
  17. 17. 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 17
  18. 18. Evaluating a job offer 18
  19. 19. 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? 19
  20. 20. 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? 20
  21. 21. 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? 21
  22. 22. 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 22
  23. 23. 23 Leaving your current job on a positive note
  24. 24. • 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 24
  25. 25. • 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) 25
  26. 26. Q & A 26

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