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Marsh & McLennan Hi Fishes,
I am currently serving notice period and 30th sept 2022 is my LWD.
Role : Java App Support Analyst
Tech stack : Java,Linux,SQL,ITIL, Jenkins
Current CTC : 5.7LPA
I have offer from Marsh : 14.LPA fixed + 10% variable
BOA is offering 13.5 LPA Fixed+ 1.5 JB
However, BOA is giving DOJ as 7 Novemeber.
I am looking for your suggestions which one to join. Kindly help.
Bank of America Marsh McLennan
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Do you worry that you are punishing current employees for being loyal if going straight to hiring externally?
My preference is to hire from within; there is built in training for the role we need to back fill and the expectation is that we constantly evaluate processes so I’m not as concerned about getting fresh ideas right now.
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It depends; some level of training is required for anyone moving into a role, whether internal or external, if you’d like them to perform at the expected level. Personally, I find hiring externally brings new skills, perspectives, and challenges people - but change isn’t always comfortable for teams and as a leader if you bring in someone external, it’s your responsibility to ensure they get up to speed on the culture/team/org, and conversely that the team welcomes them or that they’re paired with the right people to help get them settled into the work.
Internal hires can be great for roles that require a lot of institutional knowledge, but you risk not thinking outside the box enough to stay competitive if this is a consistent hiring strategy. Given how dynamic our “VUCA” world increasingly is, it’s not uncommon for an unknown company or new tech to disrupt an entire industry within a matter of years. Look at OpenAI and Google for instance. LLMs within a matter of years have put Search in the challenged category. Search. Which essentially runs the internet via SEO/Ad/Web traffic. It would have been hard to imagine this ever happening even 2-3 years ago. There are genAI-native startups founded only a couple of years ago, running with small teams, now taking out large Fortune 500 companies in established sectors and markets.
With technology more accessible than ever, talent will become the differentiator. I’m curious to see how fintech continues to disrupt retail banking as another industry that’s currently challenged. During the last financial crisis we had, big banks were bailed out by the government, and you can argue that’s one of the reasons we still have JP Morgan, etc. around. Though a recession is not currently predicted for the U.S. in the near horizon, the current tariffs are set to proceed as planned after this pause. Not sure the government will be able to bail any big companies out if tariffs are reinstated, given the current deficits it’s running up. So, talent will be the key competitive advantage to survive/ thrive.
If you aren’t able to promote from within, you have a serious problem.