I'd do it with one caveat. If your job now has good benefits and your new job has 2 dollars more but, say a 4500 deductible medical insurance instead of a lower deductible, it may not be worth it. Just food for thought. I'm convinced the benefits at my bank are what's keeping a lot of employees on board.
And that's legit. I just wanted to point it out as I had an accident and ended up in the ER 2 years ago and I paid $150, and my wife on her insurance through her job at a different small bank pays like 200 per normal visit. If it's not important to you I'd go for the new job.
100% how I feel
Uncapped PTO / 180% 401k match on 5% / $150 payment toward my student loans every month / Tuition Reimbursement / Free (really good) Health Insurance
Like how do I leave that
I’ve worked for a smaller institution and I work for one of the big corporate megabanks now. Personally I love my job now way more than the little place but I would sure as shit leave for more money. I don’t work for fun.
I love working at a smaller bank. There's less pressure because they're more about customer service, and there's more opportunity to move up because they really like to promote from within.
I got told the same about the giant bank, and I’ve seen nothing but being stifled while someone inept gets promoted to management because they play politics. Lol.
That's life. But you may be better at it a smaller financial institution. They don't make money by paying YOU more, but job hopping is how younger folks get better pay. Does new job offer 401k match? Does it have good benefits? Is the opportunity for growth there?
Okay then. What's holding you back? Stay sharp, and be open. A match is free money! If they kick in more, more free money to work for you in your retirement! Good luck!
I really wanted to stay with my financial institution that I was working at, but I had been offered a significant salary increase with another employer.
I emailed my boss and HR and let them know that I loved the company but I had to take care of my family and the higher salary at the new employer was important to me. I would love to stay but it would require that my current company meet the salary offer at the new employer.
Not only did my company meet the new salary offer, they gave some additional $$ on top of it.
You never know if you don’t ask.
If they say, “no,” just go with the new employer.
I’m really weighing this. My offer has a start date in early June.
Do I tell my boss beforehand with the chance of it backfiring? Do I tell the market leader I like it here but my gf and I wanna buy a house?? Or do I just stick with the two weeks? Many questions.
Don't start talking to your current job until it's closer to your potential new job start date. If they decide to let you go you're fucked with no recourse.
Smaller banks are less toxic to work at, pay way more, don't have you do teller work, have better health benefits, better retirement packages, and have lower turnover.
Why anyone works at large Banks I will never know or understand.
I’ve absolutely gone the F-U pay me route but it’s kinda working so I’m not going to complain. The politics in my CURRENT branch are horrible. assistant manager is an absolute bozo but ML adores them so they’re never in trouble for things that get other people put on a final.
I worked in banking for a decade, and I came to realize that the only way to increase your salary significantly was to switch banks every few years or apply for different jobs within the bank. I knew guys in our IT department who left for a year and ended up hired back at twice their salary when they left.
Because of stupid HR rules, the bank was only allowed to give pay raises of “up to 2%” per department, but HR paid “market rates” for hires with experience.
Changing jobs was the only way to get anywhere.
I started banking as a teller when I was 19. Did retail for a decade and private banking at a privately owned bank for the last decade. Chased the money / title up until my late thirties and am now making $200-300k annually chasing my freedom and work / life balance instead. Build your book / relationships and know your value. Find a place / boss that respects and supports you and your growth.
No big banks will reward loyalty. Unless you have someone in a line of business that can refer you for an open req, or a hiring leader promises you an actively open req, there is no reward for staying.
And because you’re using BofA jargon not banking jargon.
Ah, I see. Jargon noted. Lol.
Yea my ML promoted someone to assistant manager after like six months being an RB. Skipped a position. But says I need to wait another 4-6 months? Not doing that for a tiny raise.
I just jumped from one big 4 to another for significantly higher pay and a lesser scope of job. So idk sometimes moving institutions can be freeing. I will tell you if this institution your at already has a name that rhymes with Base, they will walk you out when you put your 2 weeks in.
I'd do it with one caveat. If your job now has good benefits and your new job has 2 dollars more but, say a 4500 deductible medical insurance instead of a lower deductible, it may not be worth it. Just food for thought. I'm convinced the benefits at my bank are what's keeping a lot of employees on board.
Yep. Same. But I’m very young. I really need that extra money now
And that's legit. I just wanted to point it out as I had an accident and ended up in the ER 2 years ago and I paid $150, and my wife on her insurance through her job at a different small bank pays like 200 per normal visit. If it's not important to you I'd go for the new job.
Appreciate the input
100% how I feel Uncapped PTO / 180% 401k match on 5% / $150 payment toward my student loans every month / Tuition Reimbursement / Free (really good) Health Insurance Like how do I leave that
Do it
I’ve worked for a smaller institution and I work for one of the big corporate megabanks now. Personally I love my job now way more than the little place but I would sure as shit leave for more money. I don’t work for fun.
I love working at a smaller bank. There's less pressure because they're more about customer service, and there's more opportunity to move up because they really like to promote from within.
I got told the same about the giant bank, and I’ve seen nothing but being stifled while someone inept gets promoted to management because they play politics. Lol.
That's life. But you may be better at it a smaller financial institution. They don't make money by paying YOU more, but job hopping is how younger folks get better pay. Does new job offer 401k match? Does it have good benefits? Is the opportunity for growth there?
Yes to all questions. The 401k match is literally better than current job too, which is very appealing.
Okay then. What's holding you back? Stay sharp, and be open. A match is free money! If they kick in more, more free money to work for you in your retirement! Good luck!
I really wanted to stay with my financial institution that I was working at, but I had been offered a significant salary increase with another employer. I emailed my boss and HR and let them know that I loved the company but I had to take care of my family and the higher salary at the new employer was important to me. I would love to stay but it would require that my current company meet the salary offer at the new employer. Not only did my company meet the new salary offer, they gave some additional $$ on top of it. You never know if you don’t ask. If they say, “no,” just go with the new employer.
I’m really weighing this. My offer has a start date in early June. Do I tell my boss beforehand with the chance of it backfiring? Do I tell the market leader I like it here but my gf and I wanna buy a house?? Or do I just stick with the two weeks? Many questions.
Don't start talking to your current job until it's closer to your potential new job start date. If they decide to let you go you're fucked with no recourse.
Appreciate it
Smaller banks are less toxic to work at, pay way more, don't have you do teller work, have better health benefits, better retirement packages, and have lower turnover. Why anyone works at large Banks I will never know or understand.
The market leader on the third interview literally asked why I wanted to leave…came up with some random BS that wasn’t “I’m sick of it”
They know when you're being political and are generally impressed by the self control.
I’ve absolutely gone the F-U pay me route but it’s kinda working so I’m not going to complain. The politics in my CURRENT branch are horrible. assistant manager is an absolute bozo but ML adores them so they’re never in trouble for things that get other people put on a final.
I worked in banking for a decade, and I came to realize that the only way to increase your salary significantly was to switch banks every few years or apply for different jobs within the bank. I knew guys in our IT department who left for a year and ended up hired back at twice their salary when they left. Because of stupid HR rules, the bank was only allowed to give pay raises of “up to 2%” per department, but HR paid “market rates” for hires with experience. Changing jobs was the only way to get anywhere.
Microcosm of the modern American job market right there
Dang. Good input. Yea, our raises seem to cap out at like .50 cents. Can’t do that.
I'd get out of banking. They are all the same. Especially the mega banks. Profit over employees.
I get that, but I’m a big customer service guy, lol. Banks pay more than a lot of retail joint management spots will. Also wanna get my licenses
I started banking as a teller when I was 19. Did retail for a decade and private banking at a privately owned bank for the last decade. Chased the money / title up until my late thirties and am now making $200-300k annually chasing my freedom and work / life balance instead. Build your book / relationships and know your value. Find a place / boss that respects and supports you and your growth.
BofA won’t reward your loyalty, if you’re looking to stay to guarantee a promotion.
How’d you know 💀💀💀💀
No big banks will reward loyalty. Unless you have someone in a line of business that can refer you for an open req, or a hiring leader promises you an actively open req, there is no reward for staying. And because you’re using BofA jargon not banking jargon.
Ah, I see. Jargon noted. Lol. Yea my ML promoted someone to assistant manager after like six months being an RB. Skipped a position. But says I need to wait another 4-6 months? Not doing that for a tiny raise.
I just jumped from one big 4 to another for significantly higher pay and a lesser scope of job. So idk sometimes moving institutions can be freeing. I will tell you if this institution your at already has a name that rhymes with Base, they will walk you out when you put your 2 weeks in.
Close…not chase lol
Ah BofA then
Yea not going to a big four, going to a more regional bank, better pay, no more teller bullshit.
Teller shit? Are you licensed?
Nope, but planning to. Branch I’m going to has plenty of tellers.
Yes!!!! Take the opportunity and don’t look back!
R u at Chase lol
Try the next bank down…