To leave a job I really like for 50% more money?

[Movingsoon21]

I’ve been in my current job for 6 years (and been promoted twice during that time), I really like the people, the culture and the work, but the pay is not good compared with the rest of my industry. This didn’t use to bother me as DH and I were DINKYs and felt we had enough money to cover our needs and wants, but in the last few years we have: moved from a flat to a family home (doubling our mortgage), had a baby (so lost pay on maternity and now have nursery costs), plus having to deal with cost of living crisis. So I’m now starting to feel I should try to earn more.

The job market in my area is very hot at the moment and I’m being offered a lot of roles. One company in particular, which is very highly regarded, has asked me to apply for a role which would be 50 % more money and chance of big bonuses (my current company doesn’t do bonuses). However it is well known that the people there work very long hours into the evening and sometimes on weekends (I currently work 9-6 most of the time, with the odd hour of work needed in the evenings). the new role would also be more stressful.

The industry is fairly small, everyone knows everyone and the role is quite senior, so I don’t want to go for an interview unless I’m fairly sure I would take the job if offered it.

Im really torn on what to do. I know I won’t be up for any pay rises or promotions at my current company for 5-8 years (due to the structure), and even then a promotion isn’t guaranteed, although I’ve been told it would be likely. However I’m happy at work, have plenty of time for my baby and could take things easy until I have baby #2.

On the other hand, we are now getting worried about money, admittedly not about whether we can eat or pay the mortgage, but more like we’ve had to stop all holidays, we’ll have to delay TTC #2 for a year to try to build up some savings to cover mat leave and avoid double nursery fees. We’ve also had to stop medium purchases (eg like furniture) and it will take us ages to save for the new bathroom our house desperately needs (it’s mouldy and falling apart so not just a cosmetic want). If I got this job our money worries would disappear.

DH is also looking for a new job with a promotion but will likely only get a 15% pay increase, so not enough for us to be as financially comfortable as we were a couple of years ago. He is happy to support me whether I stay in my current role or go for the higher pay/longer hours/more stress option.

AIBU to go for it?

I would apply for the role and if you get it, tell your current employer about in the hope that they give you a good counter offer to stay with them.

Agree with pp, most companies will suddenly find the ability to pay more if it means they’ll lose you

*Won’t loose you

Apply for it. It's common place now to job hop round fixed term contracts so it won't be detrimental to your career to move companies, especially if you've topped out in your current place of work.

Keep a good relationship with them though if the industry really is that small.

If you are clearly underpaid in a job you are otherwise happy in then I would be using the other interview (and a potential offer) as leverage to request a payrise.

I think you already know what to do - you are delaying TTC and have made temporary concessions in your lifestyle that you don’t want to become permanent.

It’s ok to want more money for your family. Plus the more senior you are, the easier it is to manage your workload with flexibility.

The value of a work life balance with young children is immense. I'd be looking to seek a pay rise if possible, but ultimately you're heading for burnout at the new place with lots of extra hours plus a little one (or two).

Its a no brainer. The best way to climb the salary ladder is to move jobs. Companies don't reward staff for loyalty

Thanks to those who have suggested negotiating a higher wage at my current company, however I know that definitely won’t be possible. It’s a very “equal” place to work, where all salaries are published and your salary is linked to your banding, so they couldn’t raise my salary without raising everyone on the same band.

they also couldn’t afford to raise it by 50% as they aren’t as profitable as the other company.

For that much money: yes. Absolutely go for it.

I was in a similar quandary last year, really enjoyed my job and the company I worked for but was feeling the pinch financially. I made the leap and although some days I do miss my previous job I keep in touch with my colleagues (well the ones I liked lol) and the additional money is actually very worth it. It hasn't been intense as I feared but of course this will vary. If the market is hot if you left could you go back if you genuinely hate it? I'd go for it personally.

I would apply for it, make 4 days a week or condensed hours part of my bargaining strategy, do a fucking excellent job for as long as it takes to gain maternity enhanced leave, and hopefully time my second baby around that and enjoy having that time off with DC2 and DC1 before they go to school. Then I’d make a judgement on return whether the longer hours & ambition/effort required was still for me with DC1 approaching school age.

It’s actually easier to ‘lean in’ when they’re nursery age, although you have to ignore the attendant guilt.

You'd need a crystal ball to find out if you'd be better off unless the company has a lot of employee customer review sites.
I left my last job for one that paid £4k a month more.
It was a horrible experience, it was a family run affair they were all alcoholics and made my life a misery with no time off.
I took a meaningful pay cut to get out of there. Im so much happier now and there is the option of double pay overtime where I work now.
On the other hand your new job could be great.

This is a good approach!

I really love my very chill, family friendly, low paid job, and job satisfaction is high on my list of must-haves, but 50% more pay?? That’s hard to pass up, and even if quite stressful initially, could open you to other more interesting high paid jobs in the long run. I’d go for it personally.

I would absolutely go for it! Also what is DINKYS?

DINKY = Double Income No Kids Yet

@NoSquirrels that approach makes a lot of sense!

one thing I’d be scared about would be doing the long hours during my next pregnancy, whilst also trying to build up the goodwill I already have at my current job. WFH would help with that a bit but they’ve already said I’d have to go in at least 2 days per week. I didn’t have to commute during my last pregnancy because of Covid and also didn’t have a toddler to look after!

@Fairlybear thanks for sharing and congrats on the new job! I hope they would take me back 🤞 They have taken others back previously. Just depends on their needs at the time I guess.

It would help with me getting other good jobs afterwards but only if I stayed for at least a couple of years so it didn’t look like I had totally failed!

Don’t be scared! You’ll already have built up goodwill unless you get pregnant straight away, and you say it’s on hold now anyway so great timing. How far is your commute? I commuted 5 days a week during both pregnancies - it is what it is. You can do it.

@NoSquirrels it would be quite quick given the interview process plus notice period would last c.5 months and my baby is already 18 months. Plus we would no longer have the financial worries holding us back. Guess I should probably wait until the end of the probation period though! 😐

Are there no middle ground options?

If the new company is more profitable, that's another reason for choosing a job with them - in the current climate.

A 50% increase in salary is definitely worth going for.

@BashirWithTheGoodBeard there might be but I’m in such a good place with my current job and my future prospects there I wouldn’t want to jump ship for a small pay rise. I want to make sure it’s definitely worth everything I’d lose by leaving.

Ah ok. What are the mat pay situations for both?