My current job pays ~$19/hr it’s a nose pickers job that I took out of desperation. It’s a joint partnership between two companies where one of the companies is the sole customer. Management has been screwing us by making us work a ton of overtime because production is ramping back up. I’m supposed to go back to a regular 40 hr week “soon.” They laid off 30% of their staff a year ago. I’ve been there 5 months and trained 3 different people as they are hiring an entire 3rd shift at the moment.
I generally enjoy my coworkers as they are almost all foreigners from many different places and older. Management is generally nice enough, their hands are tied due to the parent company.
The benefits are 5% 401k company match, 160 hrs of PTO/ yr, good insurance for me and one child is $100/mo similar instance is $1k on the marketplace.
Job I’m looking at is offering close to $25/hr, is a small global company, same 8hr shift 2 weeks of vacation a year, high deductible plan for ~$400/mo which would cost me $600 on the open market, a discretionary 401k company contribution currently at 6%. I would also have more opportunities for advancement at this place and the work would be more engaging to me and likely more opportunities to improve my career as my current job is a major step back for me.
Commute is identical as they are directly across the street from each other. I would also have at least an additional $175 in medical expenses every month as I see a doctor once a month for a chronic condition. If I place a value on my time off based on my current pay rate and subtract my additional costs I figure I would only be making an extra $300/mo and that’s if I don’t have any other medical expenses. It’s also possible that I’d be walking into a more toxic working environment.
This likely varies by industry, but I always advise instead of focusing on what your current role is giving you, examine what your next rung up the ladder looks like.
So for your case you have two “next rung up the ladder” jobs. The one from the new employer, and a promotion at your current employer. Which one offers you the most benefit not just in pay, but total comp (which you’re looking), but also career training and career advancement? What does your path for advancement look like at your current job? What would the total comp be for THAT job? Thats what you should be comparing the new employer against.
How long ago did they say “soon”? Since you have the new employer offer in hand, ask for a meeting with your boss (don’t mention your new offer elsewhere) and ask the questions you want answers to:
This will tell you where you are at your current employer. Then compare that against the new employers offer.
With this alone, it sounds like new employer is a better path. More money, more advancement, less forced overtime.