Six months ago I swore I'd be out of here within six months. I've tried, I've really tried to find something better but the offers I've been getting are at least 30 percent under my current compensation, not to mention benefits. I would go for a pay cut, but not as high as that. Where are people who are leaving going?
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This week (Dec. 4-8) will have layoffs. The 8th is the day that was leaked and TK is probably furious about it because people that learn this can be better prepared if they’re part of it.
YOLO
I was a developer for HDX in Fort Lauderdale. I left for a FinTech job in the area about 9 months ago. My base and TC are higher now, and they bought out my unvested RSUs. I was nervous, since I had never worked in FinTech before, but it’s really no different than other dev jobs I’ve had, and the people and tools are great.
Searching for new jobs is tough and stressful. I wish you the best, and hope that you find a good fit in the near future.
Make sure you look at total comp. and potential comp at a new employer prospect. I took a base salary cut when I left Citrix last year, but my total comp (RSU's, which I didn't have at Citrix, cheaper and better health insurance, better bonus/commission structure, monthly home office stipend, and a healthy 401k matching program) all make it a much better place to work at the end of the day. Oh, and we just had our year end at the end of Oct, and I'm starting FY 2024 with a 9% raise in my first year. There ARE better jobs out there.
Funnel as much savings as possible into high income/high dividend funds so that when the inevitable layoff does happen, you can have a similar lifestyle with a lower salary. Right now, I make $20k a year passively just with investments in JEPI/JEPQ/QYLD etc. This will probably increase to about $24k-$25k if I make it another 6 months.
In this way, when I am inevitably cut, I can accept a job in the future that has a $20k-$25k lower salary.
The more money I save into these funds, the more free from unhappy/fat business executives I will become.
My total package went up when I left.
I'm surprised at how many people stick around because they think they'll get a comp cut; while I was there managers weren't incentivised to give big raises. Most people were on the lower end of their band and could pick up more else where.
If you think that you'd be taking a 30% pay cut to leave, and you want some comfort with the thought, I suggest you go read the fine print of the CIP.
Your pay at CSG may be better, but only right up until the point where it isn't anymore. How much do you make if next year TG sends out another "If we're really honest with ourselves we only deserve half our bonus this year" emails?
Also, the CSG health plan su-ks. It's a bottom 5% health plan.
At some point, you need to cut the cord. Yes, maybe it's a pay cut at first, but if you do a good job, you'll get raises. TK isn't handing out raises, that's for sure. Maybe the new job has better benefits. It's certainly better for your sanity. Think about what is better for you over the next five years. The only way you are going to improve your marketability is to get into a new job that will help you add to your skills.
First this is important to keep in mind that we work to make money, so staying in a job you may not like to much to make good money is sensible and should be respected.
Now once you made this choice there are many ways to fill your life with other things than work that would be rewarding and that could help you create a better future.. I could suggest to learn new skills, could be learning new technologies or the use of AI or anything, could be running a blog on something you like, could be spending time with your partner ou your family, could be being involved in a charity organization, ..
Just be positive and find some ways to do things you like.
Learn to live with less.
Many people are overpaid. I don't say that in an insulting way. When you work for one company for a while, you get raises based on your longevity and your specific knowledge of company business/applications. That might not be the same salary as what you are worth on the job market. Also, there have been a lot of layoffs in tech, which means there are more people looking for work... and the end of the year is usually not a busy time for hiring. It's a tough situation, no question.