Got some replies to the thread but later deleted it for privacy reasons. Basically the choice I'm faced with is whether I should downlevel from SDE II at my current company to become SDE I at a different company. [I was unexpectedly promoted to SDE II at my current company recently.] The poll I put up recommended differently than the comments. Here is a summary:
New Company Pros:
Pays slightly more after taxes and location based expenses, ~10% more. Eventually pays significantly more at equal number of additional years in each company based on online compensation data at levels.fyi. However do read "staying" pros #1 for caveat.
Harder to get into
More company perks/benefits (it's a big tech company that starts with a G)
Staying at current company pros:
Work-life balance does appear to be better here based on conversation with new company's hiring manager
I have a good track record here and was promoted much faster than is normal (promoted at 1.5 YOE vs 2.5 YOE normally).
Good relationship with manager also.
I should add also that my current plan is to negotiate with the new company for higher compensation since currently the deals seem relatively equal to me
Cool. Take a moment to notice how lovely it is to have such choices. I have one general piece of advice, and a few things specific to SDE/SDM in FAANG-like companies.
First, and my wife needs to remind me of this EVERY time I consider a job change, it's not a one-way door. As long as you're not a jerk as you leave, your previous employer(s) would love to have you back if it doesn't work out. You don't even need a good reason for wanting to go back - just "personality conflict, I liked it much better before" and you'll almost certainly be welcomed back. At least two big tech companies I know of have a "no interview required" re-hire policy in 6 months or 1 year.
For more big-tech-specific points:
Thanks for the helpful tips! I did end up negotiating with the new company over a couple rounds, and they ended up raising the compensation by about 10%, after which I accepted their offer. The labor market is very tight right now across the industry and in fact across the entire economy, so I had a feeling they would be willing to move up even with no competing offer in hand. Usually, the sentiment on teamblind is that G doesn't like to negotiate offers without a competing one present.