It’s not just about the better compensation package!

It's not just about the money or better compensation package. Think about your career before you sign.

This week I want to share a story with you about a candidate that has been seeking our advice about his transition plans. He is currently employed, but not as happy as he would like to be. His main complaints are that he is not getting paid what he’s worth, that his company’s platform does not allow him to earn the amount of money on his deals as he would at another firm, and that most of his current revenue rolls up to the Managing Director. The possibility of a better compensation package elsewhere was pulling at him. As an aside, we have been working together for a little under a month seriously.

Well, last week as we were talking he shared with me that he has received an offer (this process began before he was working with me, and I was aware that he had been interviewing). I immediately congratulated him, but something told me that he was not happy. After questioning him, trait recruiters have perfected, it appeared that the only reason he was going to take the offer was due to a better compensation package. But there was still a great deal of hesitation in his voice.

I explained to him that after a few months the lure of a new salary is going to wear off, taxes are going to minimize the raise, and you are going to be at a new firm that you should be invigorated about, and excited to be there. I asked him if he could see himself there five years from now, and his answer was a resounding no, then I asked about two years and again his answer was probably not. So as I waxed philosophically with him, and I said then, why make the move? His answer was for the money, simply the better compensation package. After sharing the above thoughts with him, and that his happiness, excitement of the new challenge and motivation to do well, is more important than the immediate gratification of a raise in the better compensation package, he made the decision to remain at his current firm. He asked us to continue to look for the position that he desires that will cause him to get up in the morning and start his day with energy and enthusiasm. So before you leave your current position ask yourself these same questions and listen to that small voice within, you may be surprised by what you hear.

About Harlan Friedman, JD & Founding Member, H. Friedman Search LLC. Harlan is a thirty-year veteran Public Finance Banker turned recruiter who specializes in the placement of all level Public Finance Bankers, Health Care Bankers, Municipal Financial Advisors, Compliance Officers, FinOps & Bond Counsels. He can be reached at [email protected] or 760-477-1284.