Switching Jobs in Kansas City: Lessons Learned From a Tech Employee Turned Financial Planner
It happens to all of us.
That feeling that maybe there is something else out there.
Maybe you’re having a frustrating day (or week/month/year) at your current job and you think to yourself, “I wonder what it would be like to go work at this other company instead?”
Maybe your company is going through an acquisition, reorganization, or leadership change. People are being let go, friends & colleagues are “jumping ship”, and the vibe around the office just isn’t like it used to be.
And let’s be honest, switching jobs is often an effective way to increase your compensation. I really wish employers would do a better job at proactively rewarding their employees, but unfortunately, that’s usually not the case.
My Story in 1 Minute
Before getting into my perspective, I want to provide a little context of my own journey so far.
The first 20 years of my career in software development were a pretty straight line:
I got my bachelor’s degree in Computer Science
I landed an internship/first full-time gig at a very large employer
Did IT contracting for a year
Had a longer tenure at a mid-sized company
Dabbled in management (enough to “see behind the curtain”)
Went through an acquisition / major changes in leadership
Eventually left to help build out a new KC-based IT presence for a smaller company
Then the big career change happened when I decided to leave corporate life to become a CERTIFIED FINANCIAL PLANNER™️ (a story for a different day).
In this role, I’ve had numerous conversations about job changes & career moves, as well as having seen some of the compensation packages that are out there, namely in the tech industry. Let’s just say things can vary…. wildly!
In other words, I’ve gone from the employee in the trenches -> the hiring manager on the other side of the table -> the objective 3rd party guiding others through very similar career decisions.
Now….are you considering switching jobs? Before you take the leap, here are a few key factors that will help you navigate the process successfully.
It’s Not What You Know, It’s Who You Know (…but Not Being a Dummy Is Still a Plus)
Sorry introverts, but it’s true. Personal connections play an essential role in effectively navigating any career move.
The most obvious example is having an “in” at whatever place you’re thinking about going. Of course, you still need to interview well & be able to show competence to do the job. But a good word from a trusted current employee goes further than anything you could put on your résumé.
Having a strong professional network also means gaining an accurate “lay of the land” in regard to available opportunities & company cultures.
If you’re actively looking for a new position, I realize this advice isn’t very timely as “know more people” isn’t something you can make happen overnight.
LinkedIn, as cringy as that platform can be, can actually be a great resource in this area. Interacting with others’ content in a genuine & human way can open doors that you otherwise would never have known were there. The more you put yourself out there, the greater the potential for opportunity to present itself.
Will the Grass Be Greener? Maybe.
One of the main reasons people consider changing jobs is the hope for a better work environment, more growth opportunities, or increased job satisfaction.
However, it's essential to approach this decision with caution and realistic expectations. While a new job may bring exciting possibilities, it's important to research and assess the potential employer and position thoroughly.
Start by evaluating the company's culture, values, and reputation. Networking with current or former employees can give you a more accurate perspective on what it's like to work for the company.
Online reviews can provide a level of insight into the organization and its working environment, BUT take those with a grain of salt. If someone is going out of their way to leave a review, chances are it’s because they’re unhappy.
Consider your long-term career goals and how the new opportunity aligns with them. Will the new role provide the challenges and growth you’re searching for? Does it offer the potential for advancement and skill development? Carefully evaluate the job description, responsibilities, and required qualifications to ensure they match your aspirations.
Remember, while changing jobs can be a positive move, it's crucial to make an informed decision rather than simply chasing an elusive notion that the grass will always be greener on the other side.
Personal anecdote: When I went from the large company to the IT contract gig, I was initially so excited about the increased freedom. No more red tape where each decision was scrutinized by 3 steering committees & getting anything done required an act of Congress. I was now essentially a team of one, able to design, develop & deliver new functionality & fixes 10x faster than before.
BUT that lack of structure + my youthful arrogance eventually caught up with me when, during a production move on New Year’s Eve, I royally messed up a database which resulted in major problems for a couple of days. From that point on, it was an extremely high-pressure work environment filled with long hours & a boss who (somewhat understandably) made my work life difficult.
I yearned for my previous position: with fellow friends who came out of college at the same time as me, going out to lunch most days, and being able to fully “clock out” at 4:30. The grass was definitely not greener over here.
Always Negotiate
Did your palms just get kinda sweaty?
Let’s acknowledge the fact that most people HAAAATE the idea of negotiating. We don’t want to come across as greedy, so I get that you’d be tempted to skip past this section.
But in the case of your professional career, the exercise of negotiating can have the most lasting positive impact on your finances, job satisfaction, and overall well-being. If you can come to the table prepared, it can be a much smoother exercise that the stories going through your head.
Here are a few tips to help you navigate the negotiation process:
Research Salary Benchmarks
Obviously, salary is very important.
Not only does it represent your regular paycheck, but impacts several other key areas:
Your 401(k) match
Your bonus is often paid as a % of your salary
Your group life & long-term disability insurance coverage
Your baseline for all future merit increases
Before entering into negotiations, research the average salary range for similar roles in the job market. Websites like Glassdoor, Payscale, Levels.fyi, and industry-specific salary surveys can provide valuable information. Use this data to establish a reasonable salary expectation based on your qualifications and experience.
Snapshot of the KC Tech Council Data Dashboard
The KC Tech Council has created an amazing Data Dashboard that contains a ton of great information on the KC tech job market & salary information
Should you focus only on the Kansas City job market numbers? Probably, but also get a feel for what is available in other areas of the country. In this post-COVID world, fully remote work has quickly become the norm. That’s great news for places like the KC metro, as our cost of living & median salaries pale in comparison to many other major metro areas (I’m looking at you, Bay Area, NYC, and Seattle).
Highlight Your Value Proposition to the Company, Not Your Personal Finance Requirements
Clearly articulate the unique skills, experiences, and achievements that make you a valuable asset to the prospective employer. Emphasize how your expertise can contribute to the success of their organization. This approach can strengthen your negotiating position and help justify higher compensation or additional perks.
Notice the approach here does not include what you need to meet your own financial goals. Your potential employer doesn’t need to be concerned about the size of your mortgage payment & how well your 529s are funded.
Consider the Total Compensation Package
While salary is crucial, don't overlook other elements of the compensation package. Evaluate the benefits, such as healthcare, retirement plans, vacation time, flexible working hours, and professional development opportunities. If the initial offer falls short in one area, negotiate for improvements in other aspects to achieve a more satisfactory overall package.
Current & future equity compensation overview for a sample client plan
A hugely important factor in tech is equity compensation. If you are leaving stock options or RSUs on the table at your prior company, it’s essential to quantify that & incorporate that into your negotiation. I have seen several occasions where an employer will “make you whole” through signing bonuses & comparable equity grants.
Not sure what to consider in your total compensation package? Fellow CFP® Meg Bartelt wrote a fantastic article that discusses What Can You Negotiate For?
Practice Effective Communication
During negotiations, maintain a respectful and professional tone. Clearly articulate your expectations and concerns, and actively listen to the employer's perspective. Be prepared to compromise and find a mutually beneficial agreement. Remember, negotiations should be a constructive dialogue rather than a confrontation.
Most Importantly: You Are Not a Money-Grubbing Monster
Asking for higher compensation is not saying that you are a one-dimensional mercenary.
Asking for higher compensation is not taking money out of the pocket of the person sitting across the table.
Asking for higher compensation is expected!
Personal anecdote: I’ll admit that I didn’t negotiate much, especially early in my career. But in my last IT-related job move, I did go back & forth a couple of times with my future employer. I understood the total compensation packages of both my current employer & what was being offered. I was able to use that information to confidently negotiate based on these facts.
In my work as a financial planner, I have also observed the realities of the gender pay gap. It’s a huge issue. Removing the stigma from negotiation can hopefully empower more women to demand compensation commensurate to their male colleagues.
Leave Well From Your Current Job
Once you've decided to change jobs, it's essential to handle your departure from your current position gracefully. Leaving a positive impression can help maintain professional relationships and ensure a smooth transition.
In other words, don’t burn bridges because the KC job market in your specific industry is waaaay smaller than you think!
Give Ample Notice and Understand Your Vesting Schedules
Provide your employer with sufficient notice of your departure. Two weeks' notice is typically the standard, but if possible, offer additional time to help with the transition. Warning: these days between giving your notice & your last day will feel like the longest days of your life!
When determining what your end date is going to be, check your vesting schedules on equity compensation, employer 401(k) contributions, etc. Anything that hasn’t vested will be forfeited back to your company. It’d be a bummer to leave right before receiving RSUs, your ESPP purchase date, or a lump sum contribution into your retirement plan.
Communicate Professionally
Schedule a meeting with your supervisor to discuss your decision in person. Clearly express your gratitude for the opportunities you've had and your reasons for leaving. Avoid negative comments about the company or colleagues.
Assist With the Transition
Offer to assist in training your replacement or preparing the necessary documentation to facilitate a smooth handover. Cooperate with your employer to ensure a successful transition and tie up any loose ends before you leave.
Maintain Professional Relationships
Remember how I said, “it’s who you know”? Stay in touch with your colleagues and supervisors even after you leave. Networking is essential in the professional world, and these relationships may prove valuable in the future. Connect with them on LinkedIn and express your willingness to provide support or advice if needed.
Personal anecdote: Both in my own career & in the career paths of many of my former IT colleagues & current clients, I’ve observed a similar phenomenon: Treat your co-workers well, do good work + leave well when it’s time. Great teams & co-workers attract each other & will often end up together again at another organization.
Although I’m now in a completely different business far, far away from software development, many of those relationships still persist today & have even translated to current client relationships. You just never know…
But even if you maintain contact with past colleagues and/or are leaving an overall difficult situation, I feel there is still a sort of mourning process when going through any job change. Remember & reflect upon the positive experiences, appreciate your time spent there, and then move forward into your next chapter with a clear mind & full of energy.
Conclusion
Considering a job change is a big deal & can be an emotional experience. Life is short. If you are unhappy in your current situation or just feel ready for a change, be empowered to improve it and make the move.
Going into the process with a clear understanding, navigating the negotiation process with confidence, and maintaining high-quality relationships, switching jobs can lead to a lot of personal growth & new opportunities that are practically impossible to foresee at the present moment.
