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.
You’re not going to like my answer, but it totally depends on the whole compensation package. You have to weigh each job and try to put a dollar value on those benefits. That includes monetary and non-monetary compensation, and components of the deal that are much more intangible such as advancement opportunities that might or might not materialize. It’s going to be highly situational.
For example, I had already made the decision to leave my current employer when I was offered a promotion. I could have accepted the raise and stayed, however, I decided to continue with my plans to resign and move on to a different job because I had already tipped my hand which puts me the employee at a disadvantage when performance reviews or budget cuts come around. I would be first on the chopping block and perceived as less committed to my organization.
My only advice is to be careful that you only consider the immediate benefits and value. More opportunities for future advancement is not a guarantee of advancement. You can always roll a boss who just doesn’t like you, and suddenly the job is a lot less appealing, so you have to value opportunities very conservatively compared to knowns like PTO.