"Should I stay or should I go?

This is not only a lyric by The Clash, but it also represents a common dilemma for many successful executives. When we are engaged by individual senior executives, a common theme is the decision as to whether they should leave their current role or stay put. These experienced executives often struggle to evaluate the attraction of a new role when compared to the safety of continuing in their current role. They feel, maybe for the first time in their professional life, that they are being forced to think about what they really want from their career and it is at this point they tend to seek our help with that process. It is our job to ensure that our clients have properly assessed their goals and how the choice they face may help or hinder them in achieving those goals.

“If I go there will be trouble…”

We look at the two main reasons why people consider leaving their job:

1) They are disillusioned or unhappy in their job. They see no prospect of a change, a promotion or a pay rise. They may dislike their boss, or feel uncomfortable with the company’s culture or values. They may feel that they have reached a plateau in their career trajectory and seek to advance further.

2) They have received a job offer from another company that offers a wider scope, more seniority or more money. Or a combination of all three. Getting paid more is likely to be at the top of the list for many executives but it's not the only factor to consider.

As qualified coaches, we encourage people to take a moment to reflect and think, having received that flattering phone call from a headhunter. They tell you that you are the best person for this fantastic job, and you are the ideal candidate that this forward looking and successful company is seeking to hire. The initial rush of excitement from such a call is palpable. However, this is a moment of danger for many people: you may be flattered to have been approached or relieved that someone outside your company sees your real value and talent but how do you decide whether to stay or go?

Being offered a higher salary may be a clincher for you, but there is a risk that you are labelled as a ‘hired gun’ and the highest bid for you wins. However, if you start to factor in the way this new company is run, its culture, reputation, and brand, the picture becomes less clear. Many clients I speak to on this dilemma often forget the value of what we call their ‘sunk capital’ in their current company. 

If the executive has a strong internal track record and the professional respect of their colleagues, this has an immense value which is not easy to price financially. It is ‘capital’ you cannot take with you to the new job. (LINK to our article on starting a new job). This type of capital may take you years to acquire in another business, if at all.

This sunk capital includes your relationships with clients. One executive we recently worked with postponed the decision to leave by 12 months. In that time, she ended up selling one of the largest deals that the division had seen. She had capitalised on her pipeline, secured a solid track-record and enhanced her market reputation. When she finally left, she moved to a much more senior position because of her achievements in the extra time she remained in the role.

“And if I stay it will be double…”

One important point to mention here: some executives may seek a job offer from a competitor in order to use that offer to get higher pay from their employer. In our experience, unless they are significantly underpaid, this tactic often fails. A good quality manager is likely to call their bluff and then they are out.

“So come on and let me know”

So what is the case for an executive to remain in their current company? If there is an issue  that is causing you significant frustration in your current role, then seeking an open conversation with your line manager should be your first priority. If the company is losing money, and people are leaving and you feel the overall prospects are getting worse, then there probably are good reasons to leave. However, you should not leave just for any old job because you need to pay the mortgage. Bear in mind that big leaps in your career could be made by rescuing a failing business or a troubled division. Take your time, evaluate your goals and then see how your current employer may help you achieve them. 

If you want to work through how to make the right career choice, we can help you.

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