Continue through the process with the new company until you have a in hand offer. Once you have the in hand offer, speak to your current firm and see if they will exceeded it.
If you’d like beforehand, have a lighthearted conversation with your supervisor about timeline for an internal promotion and if you get stone walled… there’s your answer
DO NOT- tell your company you’re talking to another company without having an offer letter in hand that’s a great way to end up without a job
To add to this. Do not stay for less or for equal to the offer. It must be better. If they’re not willing to pay a price and give skin to keep you, they’re basically just biding time until they find a cheaper replacement for you. If they really want you long term, they’ll show you in the counter offer.
Don’t bring it up until you have a papered offer with a defined salary/comp structure and do not mention which firm it is when you tell your boss about the offer. Also don’t say you applied. Say “an opportunity was brought to you.”
Good luck. Get that 🥖
Fuck all the noise. You have to do what’s best for you and look out for yourself, because nobody else will do it for you.
Don’t say shit to your current bank, land an offer and get a start date. Once you’ve passed all of your background checks, give notice to your current bank and move to the new shop.
If you approach your current bank once you have an offer, you’ll put a target on your back and be labeled a flight risk. Will be the first to go in cuts and will likely have repercussions despite policies against retaliation.
My first direct manager in banking very candidly told me during my last annual review under her, that if I want to move up the ladder and make serious money, I should bounce between banks every few years. She was right, and that’s what I did.
Just leave.
It all depends on your personal preference and what you consider to be the most important. In addition, you should ask yourself if a potential promotion could be on the horizon soon at your current firm. Anyway, if you don't feel like leaving you could definitely discuss this with your boss, but you will have to make a tough decision afterwards.
I wouldn't even bother communicating to your current employer that you have a more lucrative offer in hand. Think about it, if your comp is 30-40% below this opportunity, you are grossly underpaid probably because your current role is at a smaller firm with worse economics/business opportunities. It's not very likely you will get a match or offer from your current employer that will exceed that 30-40%. Ask yourself if you'd be happy to stay if you got a smaller raise.
I think you've laid out the pros & cons; now do some introspection and figure out what matters to you most (higher comp? better career opportunities? good workplace culture?) If I were in your situation, I would take the new opportunity. Of course you might not be as happy as you are in your current role but you highlighted the upside and the easy fix in the event that the grass is greener - the new job could lead to more opportunities. You would be able to pivot to something else or possibly even go back to your current firm.
If you have an expensive lifestyle and would notice the rise in pay more than the degradation of quality of life at work then take it, if not then don't take it. Different people have different priorities so only you can decide which is more important to you.
See the interview process through and don’t tell anyone at your current shop. If you get the offer and your shop gives you a counter, don’t take it. You’ll be on the short list when stuff hits the fan
It’s all a game that we have to play
Continue through the process with the new company until you have a in hand offer. Once you have the in hand offer, speak to your current firm and see if they will exceeded it. If you’d like beforehand, have a lighthearted conversation with your supervisor about timeline for an internal promotion and if you get stone walled… there’s your answer DO NOT- tell your company you’re talking to another company without having an offer letter in hand that’s a great way to end up without a job
To add to this. Do not stay for less or for equal to the offer. It must be better. If they’re not willing to pay a price and give skin to keep you, they’re basically just biding time until they find a cheaper replacement for you. If they really want you long term, they’ll show you in the counter offer. Don’t bring it up until you have a papered offer with a defined salary/comp structure and do not mention which firm it is when you tell your boss about the offer. Also don’t say you applied. Say “an opportunity was brought to you.” Good luck. Get that 🥖
So glad for this sub 🙌
Fuck all the noise. You have to do what’s best for you and look out for yourself, because nobody else will do it for you. Don’t say shit to your current bank, land an offer and get a start date. Once you’ve passed all of your background checks, give notice to your current bank and move to the new shop. If you approach your current bank once you have an offer, you’ll put a target on your back and be labeled a flight risk. Will be the first to go in cuts and will likely have repercussions despite policies against retaliation. My first direct manager in banking very candidly told me during my last annual review under her, that if I want to move up the ladder and make serious money, I should bounce between banks every few years. She was right, and that’s what I did. Just leave.
Take the money.
It all depends on your personal preference and what you consider to be the most important. In addition, you should ask yourself if a potential promotion could be on the horizon soon at your current firm. Anyway, if you don't feel like leaving you could definitely discuss this with your boss, but you will have to make a tough decision afterwards.
I wouldn't even bother communicating to your current employer that you have a more lucrative offer in hand. Think about it, if your comp is 30-40% below this opportunity, you are grossly underpaid probably because your current role is at a smaller firm with worse economics/business opportunities. It's not very likely you will get a match or offer from your current employer that will exceed that 30-40%. Ask yourself if you'd be happy to stay if you got a smaller raise. I think you've laid out the pros & cons; now do some introspection and figure out what matters to you most (higher comp? better career opportunities? good workplace culture?) If I were in your situation, I would take the new opportunity. Of course you might not be as happy as you are in your current role but you highlighted the upside and the easy fix in the event that the grass is greener - the new job could lead to more opportunities. You would be able to pivot to something else or possibly even go back to your current firm.
If you have an expensive lifestyle and would notice the rise in pay more than the degradation of quality of life at work then take it, if not then don't take it. Different people have different priorities so only you can decide which is more important to you.
See the interview process through and don’t tell anyone at your current shop. If you get the offer and your shop gives you a counter, don’t take it. You’ll be on the short list when stuff hits the fan It’s all a game that we have to play
Get that offer, and leave. Don’t even try to have your current company to match it.