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Poll: Why are people leaving their jobs?

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Re: Poll: Why are people leaving their jobs?

#591

Post by xxpor »

lotsofpulp wrote: post #499
xxpor wrote: post #428

Earlier quoted context omitted.

Not exactly what you're looking for, but in the US I series bonds are currently paying >7%. The biggest downside is you have to hold them for a year. The other issue is you're limited to buying $10k in a calendar year.

Currently paying. It is a variable interest rate, and it would behoove you to assume that if a treasury is paying 7%, then real inflation is much more. Hence the SP500 returning 30%.

Sure, but if you're looking for the lowest risk thing that's paying at least CPI inflation. A lot better than cash under the mattress (or a savings account for that matter...)

Re: Poll: Why are people leaving their jobs?

#592

Post by tharkun__ »

t-writescode wrote: post #411
protonimitate wrote: post #172

Earlier quoted context omitted.

Same thing happened to me at my last company. I was over worked, wore too many hats, and was paid significantly less than my team mates who were more junior than I was (and had less responsibility). I had a handful of conversations that never amounted to anything. As soon as I put in my notice with a new offer in hand suddenly I was able to "set my price". I left for other reasons as well, but it really shone a light…

> and was paid significantly less than my team mates who were more junior than I was This is the kind of thing that any company doing this should be named, shamed and blocklisted. There is no reason other than greed that a higher ranking employee shouldn't make at least as much as a lower ranking employee in total compensation. "Person was hired earlier and is okay with the lower wage" is, frankly, a reflection of a…

Disclaimer: I'm not trying to say anything about or against your parent here.

This can be a very subjective thing. How do you 'rank'? This is not something that is completely clearcut, cut and dry and you are 100% accurate without fail.

Example: I have a guy on my team that is 'more junior' than some others. He's killing it though. He's consistently behaving like he's got 10 more years of experience than he does and people that had 20 more years of experience than him couldn't do 10% of what he does without fail.

Of course you could say that the Senior developer should never have been hired if he was actually a Junior developer that's just been around for some time already but hiring practices aren't perfect, people get hired on one team and move to another and you're the first to actually do something about it etc.

Re: Poll: Why are people leaving their jobs?

#593

Post by Godel_unicode »

deagle50 wrote: post #292
mjburgess wrote: post #285

Earlier quoted context omitted.

A good human being would say, "i'm not allowed to say this but...". Which good managers will do. You're on the path to leaving anyway.

If that got out, said manager may be marked by the bosses for opening Pandora's box. When people have dependents and mortgages on the line, "good" has very little to do with it. Sad but true.

Without blaming the manager for the decisions of those above them, surely you have to see that this strengthens the argument that you shouldn't trust this person?

Re: Poll: Why are people leaving their jobs?

#594

Post by hkt »

foobarian wrote: post #118
hkt wrote: post #94

Earlier quoted context omitted.

The threshold where you have enough has been driven up by crazy rents and house prices. Personally, I want my house paid off before I'm 40, so I shoot for maximum earnings and remote work that lets me live in a cheaper place. That ratio makes my ambition very attainable. Related is the sustainability of work: I don't want to need high earnings past 40. I want to retire into a second career I'll find more fulfilling b…

Why would you pay off your house when you can keep the cash in an investment account making > 5% APR vs. the house loan which presumably is in the low 3s.

Risk.

I'm just old enough to remember what the financial crisis did to people's pensions. I'm happier to take risks with the rest of my money if my home isn't exposed to them.

During a crash I'd expect to lose on both earnings and investments. Losing my home as well would suck.

Re: Poll: Why are people leaving their jobs?

#595

Post by shkkmo »

tharkun__ wrote: post #592
t-writescode wrote: post #411

Earlier quoted context omitted.

> and was paid significantly less than my team mates who were more junior than I was This is the kind of thing that any company doing this should be named, shamed and blocklisted. There is no reason other than greed that a higher ranking employee shouldn't make at least as much as a lower ranking employee in total compensation. "Person was hired earlier and is okay with the lower wage" is, frankly, a reflection of a…

Disclaimer: I'm not trying to say anything about or against your parent here. This can be a very subjective thing. How do you 'rank'? This is not something that is completely clearcut, cut and dry and you are 100% accurate without fail. Example: I have a guy on my team that is 'more junior' than some others. He's killing it though. He's consistently behaving like he's got 10 more years of experience than he does and…

Ranking can be hard for sure, but once that ranking existsz paying the lower ranked person more is indeed unethical. If the lower ranked person deserves more money, give them the promotion and title.

Re: Poll: Why are people leaving their jobs?

#596

Post by srcreigh »

diob wrote: post #39
JoeAltmaier wrote: post #9

My old boss Eric Carlsen used to say, nobody left because of money. They may get more money if they change jobs. But they start looking because they're unhappy. So when somebody asked for more money, he'd start by asking what was bothering them.

I think the old generation really bought into this, but the new generation knows it's a load of bull. The poll makes it pretty obvious that compensation is the biggest reason folks leave, and it's the thinking of the old generation who doesn't know how to retain talent (they do, but they keep throwing pizza parties / sending out merch instead). It's a real "it can't be helped" mentality around retention.

Incorrect. The poll makes it clear compensation is the most common factor. It could be consistent #2 or #3 reason

Re: Poll: Why are people leaving their jobs?

#597

Post by aerosmile »

Why? Because people can. They either have enough opportunities with flexible work arrangements that are too hard to resist, or they have either enough savings to bridge periods of unemployment, or certain jobs started paying more.

All of these issues are interesting to dive into. The first one will lead with the society accelerating the switch to a highly digital life (think metaverse). A lot of the existing business infrastructure will go out of business when that happens, and a lot of the new infrastructure will be built to support the new lifestyle. My guess is that this will benefit the FAANG + unicorns and will hurt the SMBs.

The second one I find difficult to wrap my head around. I had no idea that someone working as a waiter has enough savings to just quit their job without moving back in with their parents - it certainly was not true for me back in the day. Perhaps that's what people are doing - moving in with their parents for the benefit of not exposing themselves to health risks? Fair enough if that's what's happening, but somehow I doubt it. The other option is that everyone just switched from one type of a low-skill career to another with less exposure (eg: hospitality to remote customer support) - except that everyone is running their call centers at low capacity these days, so what gives?

The last one is the strangest of them all. Where is the money for those extra wages coming from? Surely, there are a verticals here and there with fat margins that can easily pay more and remain profitable, but the efficient market theory would make you believe that this wouldn't be possible across all industries. And yet, the results of this survey indicate that compensation is the main driver for most people on HN. My only explanation is that the HN audience is primarily in the digital space, which as a whole has benefited from the pandemic and can pay more.

Re: Poll: Why are people leaving their jobs?

#599

Post by icarusfox »

i'm leaving goldman after 12 years next week after our yearly compensation discussion. i started right after the crash (and one of their best years), i loved the culture out the gate. i am in the tech, often called strats, apparatus that straddles trading and technology. it's been a great place to be as the perceived "value add" against the exodus of voice traders.

but the culture has changed. we can't land the best and the brightest anymore. our tech stack is antiquated and arguably the company's biggest risk. we work long hours, and it somehow was able to get worse during this pandemic. the new mgmt has made comp allocations to the trading side of the business an after thought; a cost cut. little to no innovation or investment is flowing to this side. and they want us back in our seats, back on the trading floor, two feet from our overworked and diseased co-workers as soon as it's politically viable.

above all i (and many of my colleagues) have been promised for several of these years that compensation and work/life would improve. That "the firm's performance was soft" or "the division didn't get the allocation expected" or "this year was a challenging environment" but always "next year is looking much better." they've traded on their name. it used to mean something to be hired and work for goldman sachs. that means so much less now. they've made a point to say that compensation will be good this year, but, whatever it is, it won't be enough. it's not the money; at least, not all of it. i feel i've been fooled for many of my 12 years into thinking things will change. we've now been through a pandemic. we've watched out friends and families get sick or die, and the lockdowns and time at home have finally changed our perspectives on what really matters.

so, next week, i am going to take whatever it is they give me, and kindly submit my resignation. i'll be taking time to be with my friends and family, some of whom are terminally ill, and to plot my next move. i look forward to enjoying my work, respecting my managers and colleagues again, but it will be when i am ready. maybe a month from now, maybe a year.

Re: Poll: Why are people leaving their jobs?

#600

Post by dvtrn »

protonimitate wrote: post #172
daenz wrote: post #54

I'll be departing my job at the end of the month. I had too many roles, affecting too many pieces of engineering, and my title didn't reflect my work. I needed to go down to a 4 day work week and have my title reflect my roles, but my manager attempted to call my bluff and essentially said it's not going to happen. I hinted about what my decision would have to be if these accomodations couldn't be made, but he didn't…

Same thing happened to me at my last company. I was over worked, wore too many hats, and was paid significantly less than my team mates who were more junior than I was (and had less responsibility). I had a handful of conversations that never amounted to anything. As soon as I put in my notice with a new offer in hand suddenly I was able to "set my price". I left for other reasons as well, but it really shone a light…

proactively reward your ICs, don't wait until they're halfway out the door.

[Insert frustrated comment here about how capable, sufficient and well-performing ICs are absolutely rewarded.....with more work and additional duties]

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