So you are thinking about changing jobs in tech? There’s a lot more to it than giving your notice to your manager, signing the offer letter from your new employer, and moving on to the next phase of your career.
In a four part series, we’ll visit a lot of thoughts and ideas that you can ponder when it comes to switching jobs. We’ll go through general thoughts, specifics to the tech and startup space, equity deliberations, and the last area – miscellaneous.
General Thoughts about Switching Jobs
There are quite a few things to think about when changing jobs in tech. First is your career growth. What opportunities are available to you in your next job? Who will you work with? What skills will you develop? Is there an opportunity for mentorship from your boss and / or senior leadership?
Next is compensation. How will you be paid? Cash? Equity? What kinds of equity? What are the vesting requirements? It’s best to understand the compensation package you are offered and determine if it fits with your financial picture. Equity agreements have a lot of peculiarities, so be sure to read the offer letter carefully. If you don’t understand something, it’s best to hire a professional to help you evaluate the specifics of your offer.
Third is benefits. What sorts of non-cash items will you get? Paid Time Off? Health insurance? 401(k) plan? Life insurance? Benefits can vary from company to company. When you change jobs from one employer to the other, will you be covered in the interim? Do the benefits offered match what you need in your life?
Finally we have company culture. It’s imperative to understand it. Will you be able to thrive in this environment? Tech companies require that you are fully onboard with the way they do business. Your personality, aims, and goals need to align, otherwise you will be unfulfilled, or worse, on the path to burnout. Many times people overlook culture when switching jobs.
Next Step for You
When you understand the four criteria mentioned above, you’ll be able to make an informed decision about your job offer and potentially change jobs in tech.
In the next part of the series, we will get down to the nitty gritty of equity and compensation tradeoffs.
If you have any burning questions, please feel free to reach out.