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?

@BashirWithTheGoodBeard better at the new place (full pay for twice as long as my current place)

Sounds like it’s 50% more hours though? I mean fine to apply but long hours very hard with young kids.

I am in a similar predicament although the pay disparity isn’t that high.

so far I am choosing to stay and earn less due to the work life balance it gives me. I would rather have time than money currently. However it does play on my mind, especially as I am recruiting at the moment for a less senior position and what candidates are asking for (and being offered elsewhere) is very tempting!

@Slowingdownagain interesting to hear that! What sort of things? (Or just salary?) Thanks for sharing, always good to hear about what people in a similar position are doing

Well so far 2 out of the 5 candidates we shortlisted have asked for part time hours, and home working (the latter was offered anyway). The ones that demanded most money would work full time though, but also wanted at least hybrid. They are also being quite tricky with interviewing - prefering not to travel for it. Basically it seems candidates are not jumping over themselves to get the job, but rather asking for it (incluing the process) to be on their terms.

Does your DH have the flexibility /shorter hours in his job to not make the longer hours for you an issue?

I would also recommend negotiating compressed hours.

I think that's the way things are moving in general, aside from roles where there's still loads of competition. People who know they're a desirable commodity are behaving accordingly. Maybe you should too!

It's a really difficult decision actually, isn't it?

I think you need a spreadsheet! 50% more sounds very tempting on the surface, but what does it actually mean in real terms and take home pay after tax, student loans etc?

Will you need to now spend money commuting and paying for wraparound care? What will you be left with after that?

If you'll be working longer hours, have you worked out your hourly rate? Will it basically be the same as you're on now on a lower salary and less hours?

Also you could ask for even more money from the new company - have a go at a number which will make it feel "worth it" to you, because the impression I'm getting at the moment is that the going rate isn't attractive enough for you.

Yeah maybe, I struggle with it a little. I've been in my company a very long time and like it a lot. I don't want to leave just for the sake of it, but it is playing on my mind that this is the time to jump! I don't think that this "job seeker's market" will last forever, especially if recruitment slows down with the economy.

You wrote that you have to be fairly sure you want the job in order to take the interview. I would rethink that. The whole point of interviewing somewhere is to get a better understanding of the role, the people etc to help you decide if you want to work there. You have nothing to lose by taking the interview - you can explore a lot of these unknown factors (eg what the over time is really going to be like, not just what the reputation is). It’s hard to make an informed decision based on a company’s reputation and a job description on paper - maybe you’ll find the manager is awful / amazing, they want to support working parents / make clear that they don’t etc. There’s no harm in exploring the opportunity with them and using that to inform your decision.

Be sure to check how long you would need to be employed in order to qualify for the enhanced maternity pay.

Only you know which means more, the money, or the free time. Only you can make that decision knowing what your private life/responsibilities etc look like.

For me, the key issue would be what childcare arrangements you have in place, and how flexible these are (or would be, if/when you have a second child), and how much of the responsibility for childcare falls on your shoulders, as opposed to on DH's.

I took a higher-paid job with an extra 60% over my original salary. I'm not sure the financial benefit has been worth it considering the hrs, my work-life balance is now completely gone. Tired, the relationship is suffering, etc.

This would be my fear.

OP I would rather do without extra money and stay in a job I love and have the time with my family.
I’ve worked for more money but the environment was awful. Driving to work praying someone crashes into you, so you can have time away from work to recover, is no way to live. Money isn’t everything.

@SaltnPeppaPig he doesn’t have the easiest of jobs but he’s happy for his career to take a backseat for a few years whilst we see how it goes. There would undoubtedly be stressful days with childcare issues etc

@BashirWithTheGoodBeard Im certainly trying to act that way!

@TheBeesKnee yes I could do with a spreadsheet! I think my hourly rate wouldn’t be great, but it’s a straightforward way to increase my salary (working longer hours at my current job wouldn’t do that).

Childcare costs would likely be the same as they are currently because we’d always make sure one of us was home for bedtime, even if we then logged on and worked all night.

The salary definitely is “enough” for me! It’s more that I’m worried I’ll either not be able to cope doing those hours with DC and/or will hate the place and regret leaving a place I really like.

@Slowingdownagain that’s my fear too about the market! Don’t want to leave it too late!

@Fairylightsandtea that’s actually a fair point. I’d just have to think carefully about how to word it if I was offered and wanted to reject. Don’t want to damage any connections. Would definitely be able to get a better feel for things by meeting them in person. Scary to push things forward but I probably just need to move things to the next level to see how it feels…

@RockyOfTheRovers yes this is a key consideration. I have checked and it is annoying to have to factor that in, but then I don’t think we’d be able to afford to try sooner anyway 😞That’s one of the key drivers of wanting to move.

the other thing to think about is redundancy. I've actually just had a CV in from a guy whose company has done a mass lay off recently. This is the second "related" company in the month or so since we've been searching. I would be pretty annoyed with myself to give up my 14 years of continual service and then be made redundant. But of course it depends on your industry how at risk you would be.

@BIWI yes I probably need to look into more fall back options. At the moment it’s just nursery and my parents and in-laws can help in an emergency (but equally they need a bit of notice to get here). We would be able to afford an extra option if I moved.

but equally my current job are very good at letting me take time off for childcare issues if I need to.

dh and I split things 50:50 so things are good on that score. He knows he’d have to take on more if I took the new job. He sees all the same issues that I do - ie he thinks we could really do with the money but is worried about the consequences

@PrincessConstance sorry to hear that. Are you planning to stay or wanting to get out? Could you go back to your previous employer? These are my fears re it not being worth it. So hard to know without trying it though!

@StupidlyImperfect that sounds awful! I definitely wouldn’t want to reach that level! When you put it like that I feel silly even contemplating a move!