Would you move job for an 11% rise?

[largeprintagathachristie]

Any thoughts on whether you'd move jobs for an 11% rise?

After crunching the numbers, I see I'd get an 11% rise in take home pay.
Three days less holiday than I currently have.
Less pension contribution. Currently if I put in 6% the company puts in a figure in the mid teens. New place has something called a double matching pension, so I assume if I put in 6% they would match it. I don't really have the mathematical ability to calculate that loss in pension contribution against the 11% pay rise.

New position comes with more more stress and more management responsibility but a great boss, and opportunities.

Admit I'm currently cruising in my job (and I'm at my pay ceiling apart from inflationary increases). But I'm not particularly career driven and at this stage I'm largely looking for a quiet life, nice colleagues (which I currently have), good work life balance and flexible working. I suspect all of those would take a dip, at least in the short term.
I would also be giving up tenure to go back in to a probationary period.

But 11% is not to be sneezed at and the extra could help to pay down my rather enormous mortgage.

If I actually went looking for a job with an 11% increase I don't necessarily think I'd get it. I have an advantage with this one in that I've been asked to apply.

All thoughts extremely welcome.

Is there a difference in travel time?

11% extra pay for loss of 3 days' holidays and reduced pension contributions doesn't sound great if you are actually happy where you are.

I guess you have to ask yourself if the change in working conditions and the added benefit of opportunity is worth considering?

However, that you are considering it, despite the not great wage increase (all things considered) suggests perhaps you are interested in changing up and that might be what you need to consider.

I'd check the pension details. I would read "double matching" as if you put in 6% they put in 12%. To me matching contributions would be them putting in 6%. BUT it is a long time since I last read new onion s Heene details, and I might well be wrong. It's worth looking into tho.

You need to look into your pension in more detail, it's very likely from what you describe that what you gain in pay you will lose in pension. Are you public sector currently? If so just bare in mind some parts of private sector aren't as flexible so I would double check that before making any decisions.

11% isn't enough of a rise to lose good colleagues, flexible working, good pension etc UNLESS it is a career move you want to make. I am career driven so I would make the move for less if it was progression, but would be careful if it's not something you're ultimately looking for long term.

But just to add I interpreted matching how you did, if it's how the pp describes which makes more sense then it's less of a financial gamble obviously! I would look into in more detail, it doesn't take advanced mathematical skills, you just need to find out the percentage of contributions.

@ratsnest Thanks for your comments. The difference in travel time is negligible

Thanks to posters for questioning my understanding of pension terminology.

It looks as though double matching pension means the (potentially) new employer would give two-for-one on my contributions, so that means it's less of a financial loss in that regard.

Darn. A significantly worse pension contribution would have helped me to decide. Which means I really do have to decide between the two jobs on other factors. Just worried about jumping into a frying pan (when I'm not actually in a fire) and regretting at my leisure, to mix a few metaphors.

In case it helps, the monthly pay rise would be around £300.

Also not sure whether I could/would go to current workplace and see if they would match the salary to keep me? We're not strictly public sector but not private, either, so there's not really a culture of wheeling and dealing. Or perhaps everyone else does it apart from me!

If you're looking to cruise why are you looking to change job when you're happy where you are?

I think in your situation i would stay put. Whilst it must be flattering to be approached for the job, the extra management repsonsiblity, loss of holidays, more stress and most importantly, starting somewhere all over again , when push came to shove it would put me off....but then again i like an easy life at work and very much work to live...counting down to the next holiday!

It's a risky game to ask current company to pay match generally as you need to be prepared to walk if they don't want to. In this case however it seems like you have a good relationship so it might be worth seeing if you can negotiate something like more bonus, share etc whatever you think would be worth it. I wouldn't give up a happy work environment unless it got me a serious step up financially or promotion though.

You say you have hit a pay ceiling where you are. Is there scope for further / future rises in the new environment?

@Goldenchildsmum
Why I’m tempted by the move is the extra money. Just not sure 11% is worth it for the reasons I’ve outlined.

Due to faffing around in my youth this isn’t a career I love. I’m really good at it, but it’s very much just a job with a pay cheque. I’m in my late 40’s. Not that that’s too late for anyone else looking to ring the changes! I just can’t think of anything!