Author Topic: Career advice - more money VS job satisfaction - need to choose  (Read 2146 times)

John Wick

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Dear,

Need help in a personal-corporate dilemma:

I used to work for a very large American company in the South hemisphere in a tedious job, which mainly made me change my mind to save > 60% of my monthly income over the last 6 years. However, this company merged with another large company and part of the local business was sold (including me). A small company acquired the divested business and many changes occurred. One change is that now I was moved to a position that I particularly enjoy (R&D).

Everything is perfect, except that right now, I was offered a manager position at a very large competitor with a 25% salary increase and extra benefits. Proposal which I need to provide an answer very soon. I listed below the pros and cons for each position:

Current position in a small family company:

PROS:
- Job that I enjoy;
- Flexible hours;
- Great boss and working atmosphere;
- Good city to live (cheap);

CONS:
- Small company;
- Limited career development;
- Basically no international movement;

Position offered by a large competitor:

PROS:
- 25% salary increase + benefits;
- Large company and great potential for career development + international career possibility;
- Early FIRE;

CONS:
- Probably going back to a tedious job;
- Very demanding job (> 10 hours daily) + people management;
- Large and expensive city to live;
- Very competitive working environment;

Based on your expertise of a Mustachian life + corporate career movements, which one should I choose?

I would appreciate any thoughts.

John
« Last Edit: March 01, 2018, 05:18:48 AM by John Wick »

Scrapr

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Re: Career advice - more money VS job satisfaction - need to choose
« Reply #1 on: March 01, 2018, 06:38:04 AM »
Large expensive city eats up a lot of the 25% pay increase.

If the higher costs eat up 15% of your pay increase  I'd stay put. And this likely means longer commute times as well. How are your people mgt skills? Are you looking or need to move up the food chain?

There is a lot to be said for staying with a good gig

« Last Edit: March 01, 2018, 06:46:40 AM by Scrapr »

swinginbeef

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Re: Career advice - more money VS job satisfaction - need to choose
« Reply #2 on: March 01, 2018, 07:26:54 AM »
If I was in a position I enjoyed and I was content with my current savings schedule, I wouldn't jump to another position (with as many negatives as you list) for 25%. If you're at a 60% saving rate, you're well on your way. The increase would only bump you forward a few years, and maybe not at all when your expenses increase with the change.

Based on the info you've given, I'd turn down the other offer.

John Wick

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Re: Career advice - more money VS job satisfaction - need to choose
« Reply #3 on: March 01, 2018, 08:44:27 AM »
Large expensive city eats up a lot of the 25% pay increase.

If the higher costs eat up 15% of your pay increase  I'd stay put. And this likely means longer commute times as well. How are your people mgt skills? Are you looking or need to move up the food chain?

There is a lot to be said for staying with a good gig

I never managed people before, that would be a good opportunity to develop this ability and be able to move up.

formerlydivorcedmom

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Re: Career advice - more money VS job satisfaction - need to choose
« Reply #4 on: March 01, 2018, 09:51:37 AM »
What are your goals?  How many more years are you planning to work?

Are you trying to FIRE ASAP?
Do you want to move up the corporate ladder?

How do you really feel about 50-hr workweeks?

Have you done the exercise from Your Money or Your Life to calculate your true hourly wage at both jobs?  I took a "pay cut" when I changed jobs last because the actual hourly wage ended up higher at the "lower-paying" job.

(Weekly wage - Cost of commute - Work-related expenses (including lunch, and I'd include the increased COL for the new job)  - Costs of convenience spending because of work) / (actual hours worked + commute time + decompress time)

John Wick

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Re: Career advice - more money VS job satisfaction - need to choose
« Reply #5 on: March 01, 2018, 10:57:09 AM »
What are your goals?  How many more years are you planning to work?

I really want to move overseas. Sometimes I try to achieve this goal by trying to find a job that leads me there. Sometimes by FIRE ASAP.

I am 35. Have plans to FIRE by 42.

Are you trying to FIRE ASAP?

More 5 - 7 years.

Do you want to move up the corporate ladder?

Sometimes, yes, sometimes, no.

How do you really feel about 50-hr workweeks?

I would have no problem if that leads me to my primary goal (see above).

Have you done the exercise from Your Money or Your Life to calculate your true hourly wage at both jobs?

Incredible as it may seem, by taking the job at the big city, I would be able to live close (walking distance) to work, rather than 25 min commute at my current job. My overall expenses would increase in 10% (rent basically).



formerlydivorcedmom

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Re: Career advice - more money VS job satisfaction - need to choose
« Reply #6 on: March 02, 2018, 12:22:48 PM »
I feel you on the indecisiveness about moving up the career ladder.  I spent a few years debating that myself.

We're probably 7 or 8 years from FIRE (depending on what kind of job hubby gets when he graduates this year). 

I finally decided that I wanted the flexibility to work part-time in a few years, and moving into management would take that flexibility away.  I also think I can make myself more valuable - and have more flexibility in finding new jobs - to stay the technical route.  I also made a conscious decision that I did not want to work 50+ hour weeks anymore.

Is it possible that if you stay in your engineering job and refine your expertise, that you could find a higher paying job where you are?

If you move, how much will you miss your support system in your current city?  How hard will it be for you to build one in the new city (I have a hard time making new friends in new places; other people don't.)

moneytaichi

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Re: Career advice - more money VS job satisfaction - need to choose
« Reply #7 on: March 02, 2018, 12:53:42 PM »
Unless you really want to live in a bigger city, my vote would be to stay with the current place, but negotiate a pay increase by showing them the offer. The worst thing is that they decline. Quality of life is far more important than temporary gains that requires sacrificing your life. My two cents.

Phoenix_Fire

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Re: Career advice - more money VS job satisfaction - need to choose
« Reply #8 on: March 02, 2018, 02:35:47 PM »
I would personally lean towards staying based on current info.  A few other things to consider:

You say that the new job is 25% salary increase + benefits.  How much better are the new benefits?  They could potentially wipe out a COL increase for the move and make that new job look even better.
How much does the new job speed up FIRE?
If you stay in your current location, is moving closer to work an option to eliminate your 25 minute commute?  The walking to work sounds very appealing at the new location, maybe you could duplicate that in your current location.

It does sounds like the new job could potentially speed up FIRE even more if you were to get promoted again there.  Either way, it looks like you are probably in a good position.  The benefits package could push it over the edge to take the new job though.

mm1970

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Re: Career advice - more money VS job satisfaction - need to choose
« Reply #9 on: March 02, 2018, 04:22:47 PM »
Married?  Kids?

You couldn't pay me enough to work those hours, but I'm married with kids.

If I were single, I'd probably go for it, because why not?  Give it a shot.

SlowMustachian

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Re: Career advice - more money VS job satisfaction - need to choose
« Reply #10 on: March 02, 2018, 05:22:37 PM »
I had a great offer I turned down because I was happy in my job, and then 1 year later I was unhappy.  I thought about the job I didn't take. But for you it sounds like you know you won't like the actual role because it tedious. May not be as tedious if you are just managing the process and people. Do you like managing people? It's a whole different job.

kei te pai

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Re: Career advice - more money VS job satisfaction - need to choose
« Reply #11 on: March 02, 2018, 05:31:46 PM »
Stay where you are.

John Wick

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Re: Career advice - more money VS job satisfaction - need to choose
« Reply #12 on: March 03, 2018, 07:48:23 AM »
Is it possible that if you stay in your engineering job and refine your expertise, that you could find a higher paying job where you are?

If you move, how much will you miss your support system in your current city?  How hard will it be for you to build one in the new city (I have a hard time making new friends in new places; other people don't.)

Answer to the first question: No. I can't find another job in the same city in the same field. Actually, jobs in this field (very specific R&D field) are very scarce here.

Answer to the second question: Not at all. I like to live by myself (really enjoy being a loner). I have maybe 2 friends and they live far away.

John Wick

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Re: Career advice - more money VS job satisfaction - need to choose
« Reply #13 on: March 03, 2018, 07:50:28 AM »
Unless you really want to live in a bigger city, my vote would be to stay with the current place, but negotiate a pay increase by showing them the offer. The worst thing is that they decline. Quality of life is far more important than temporary gains that requires sacrificing your life. My two cents.

Yes, I thought about this possibility, however since the business was just acquired, everyone is basically walking on thin ice.

John Wick

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Re: Career advice - more money VS job satisfaction - need to choose
« Reply #14 on: March 03, 2018, 07:54:48 AM »
I would personally lean towards staying based on current info.  A few other things to consider:

You say that the new job is 25% salary increase + benefits.  How much better are the new benefits?  They could potentially wipe out a COL increase for the move and make that new job look even better.
How much does the new job speed up FIRE?
If you stay in your current location, is moving closer to work an option to eliminate your 25 minute commute?  The walking to work sounds very appealing at the new location, maybe you could duplicate that in your current location.

It does sounds like the new job could potentially speed up FIRE even more if you were to get promoted again there.  Either way, it looks like you are probably in a good position.  The benefits package could push it over the edge to take the new job though.

Main new benefits = bigger bonus and a car (they will provide me a car and pay everything, which includes insurance, gas, depreciation, etc, and I will be able to use for personal needs).

The new job would speed up FIRE ~ 2 years.

It is not an option to move close to work in my current job. The facility is located in the middle of nowhere. It is impossible to live in a walking distance.

John Wick

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Re: Career advice - more money VS job satisfaction - need to choose
« Reply #15 on: March 03, 2018, 07:55:33 AM »
Married?  Kids?

You couldn't pay me enough to work those hours, but I'm married with kids.

If I were single, I'd probably go for it, because why not?  Give it a shot.

No wife, no kids, no dogs.

John Wick

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Re: Career advice - more money VS job satisfaction - need to choose
« Reply #16 on: March 03, 2018, 07:57:41 AM »
I had a great offer I turned down because I was happy in my job, and then 1 year later I was unhappy.  I thought about the job I didn't take. But for you it sounds like you know you won't like the actual role because it tedious. May not be as tedious if you are just managing the process and people. Do you like managing people? It's a whole different job.

I had an experience of indirect managing people and I liked it. However, I never went through dealing with difficult people.
« Last Edit: March 03, 2018, 08:00:21 AM by John Wick »