Risk of engineering consulting versus stable plant job

[406MtnFire]

Hey everyone, I'm curious to gather opinions from others on a Penrod job change. I've been a mechanical engineer for a decade in oil refining and mining. Recently got an offer for a project manager role with Wood Plc, which is being purchased by WSP in the next month. Curious if anyone has first hand experience with either company, risk of layoffs, or moving from a plant role to consulting in general?

The job has much more flexibility and 25% pay increase. I'm ~75% FI. 32 years old.

Being pretty financially stable, I don't think a year of unemployment is that big of a deal.

[lifeisshort123]

Can you explain the year of unemployment? Do you mean switching between jobs?

How open ended is the consulting gig?

[use2betrix]

By consulting do you mean a contractor? I spent a year working out of the Wood offices (they were an engineering firm for a project I was a client on, approx. $300MM project). I also have a close friends spouse whom is a high level/director type position for Wood and has been for probably 6-8 years?

As with many companies in oil & gas, it all depends on the market, how busy the firm is, etc. If projects starting getting sparse, most engineering firms will cut quite a few positions that they aren’t able to bill hours on pretty quick. Much much quicker for contractors.

[406MtnFire]

For the year of unemployment- I meant that if the worst case were to happen and I got laid off in the future and I was unemployed for a year, I think that wouldn't be that big of a deal.

By consulting, I think that also means being a contractor? Engineering firm for various industrial clients.  Refining, chemical, mining, water, other industrial, etc.

Currently the firm can't hire enough people and they have a year or two of backlog projects.

Thanks for your responses.

[volleyballer]

May I ask what the offer is? (I'm a chem E)

I used to work in consulting but since I was based out of my rust belt city I was drastically underpaid.

My understanding is that big consulting firms load up staff in good times and cut staff as soon as work dries up. It cuts both ways though, engineers wouldn't think twice about changing employers in a minute to make an extra buck.

I heard some engineering firms pay engineers straight time overtime if the work is available.

[MayDay]

My H had done consulting and it was just as unstable as worst case scenario rumors indicate it could be.... But that was during the great recession and nobody was building anything. And he made it through, just got laid off and had to job hunt a bunch of times.

I work in a plant and it is stable. It's also typically more hours. It's also not O&G which is viewed as unstable.

Given your description I'd try consulting if it appeals to you. It sounds horrid to me from what H has described (repetitive and boring - go size 100 pumps or valves or whatever).

[wageslave23]

Can you tell them that your current salary is 20% higher than it really is and then ask for 20% more to make it worth switching? Seems like they are desperate. 

[joemandadman189]

I will PM you

[big_owl]

I was a plant engineer in oil and gas. Got FI and quit...was hired back on as a consultant engineer as a contractor.  I make basically twice as much now and get paid by the hour.  And I only do work that I want to.  I recommend it if you can afford the risk.

[dandarc]

For the year of unemployment- I meant that if the worst case were to happen and I got laid off in the future and I was unemployed for a year, I think that wouldn't be that big of a deal.

By consulting, I think that also means being a contractor? Engineering firm for various industrial clients.  Refining, chemical, mining, water, other industrial, etc.

Currently the firm can't hire enough people and they have a year or two of backlog projects.

Thanks for your responses.

If you're 75% to FIRE, you've got way more than 1 year of unemployment safety margin. The best part about having money is that it lets you take risks you're talking about here because you can increasingly weather the downside. I'd for it.

[MisterA]

If you're 75% to FIRE, you've got way more than 1 year of unemployment safety margin. The best part about having money is that it lets you take risks you're talking about here because you can increasingly weather the downside. I'd for it.

On the other hand... if he's achieved 75% FI by the age of 32, how much longer (doing what he's doing now) until he's 100% FI and can quit? not long.

[dandarc]

If you're 75% to FIRE, you've got way more than 1 year of unemployment safety margin. The best part about having money is that it lets you take risks you're talking about here because you can increasingly weather the downside. I'd for it.

On the other hand... if he's achieved 75% FI by the age of 32, how much longer (doing what he's doing now) until he's 100% FI and can quit? not long.

But the new job pays even more so would get there faster in all probability by taking it.