Insane pay rise (but at what other cost)

[Aliceteacup]

understand how hard times are for people at the moment so please know that I’m aware this is very much first world problems but I genuinely can’t talk to my friends / family about this as I can’t bear to discuss the money on the table and so I can’t get proper advice on this at the min.

for clarity I’m going to include the actual two figures on the table here to help paint the picture.

currently consider myself well paid working in my industry for 14 years. I earn £64k a year and this includes 30 days annual leave. I am very well established in the role, well respected and generally never dread work or stress about work. I recognise I work hard and I’m good at my job, other people comment on my ability to handle a very high workload with ease. I’m fairly senior well regarded and happy where I am day to day.

I have an 18 month old baby, been back at work 6 months, my little girl is well into the swing of nursery and I’m loving being back in the routine of work but in the next 2 years I would love to try again for another baby if we’re lucky enough. Maternity leave at my current job is 18 weeks full pay, then 6 weeks half pay then statutory. I took a year off and it was very very tight but doable.

I was headhunted end of last year by a big competitor, and given I have been in my current company so long thought I should go through the motion of the process. I anecdotally knew this company pay very well from a few ex colleagues / well known in the industry that they pay well. I really enjoyed the interview process but it was hard and I had 6 zooms in total, some with global teams and then 2 in person meetings 1 including a presentation.

I got the job offer last week and they are offering me £180k, it is just such a huge salary for me it has blown all my expectations out of the water. I have told my husband who is obviously floored but beyond him I genuinely wouldn’t tell anyone as I feel it is such a grotesquely huge salary compared to other people in my life and at a time like this. The work I do is important work (health related) but still I am fully aware it is way beyond what other people earn. I come from a very normal family mum worked for the council dad was a teacher this is not the type of money I ever dreamed of earning.

so my dilemma is that I know with this salary / title comes a huge step change to my working day. I will admit in this current role I am EXTREMELY comfortable - I barely get stressed, I never have to worry, I know I do a good job and I switch off at 6pm and that’s me for the night. I have it very good. With this new job I fear I am going to feel so under pressure to perform for this salary, I know I am going to need to up the ante considerably.

the company is well known / notorious for being slightly cut throat - this doesn’t bother me too much as I understand that it’s only if I was failing at my job that I would be fired and frankly rightly so. But I am sort of wondering if I am about to walk away from a really nice easy life (still really well paid), and then enter this insanely high paying job but feel the fear of it every day.

hours wise it would be sort of the same but more days in the office which will mean less nursery pick ups and I’m imagining a few more late nights on the laptop when baby is in bed.

maternity policy wise I have to be there 6 months to get it but then once I am through that 6 months their mat leave policy is 9 months full pay! So again if we did want a baby in the next 2 years that’s a huge bonus for our family.

if this were you and you had a young baby at home that your current easy job allowed you to easily pick up / drop off and not worry about work on an evening, would you give it up for this pay rise? The work is exciting and I’m genuinely energised by the thought of it, I know deep down I could do a good job, just already sort of feeling imposter syndrome and wondering if I going to be good enough / what if they fire me within 6 months and we have a mortgage etc.

but then on the flip side I’m thinking I’ve been where I am 14 years, am I at risk of just stagnating here and coasting along comfortably. If I take this and get through 6 months then start trying for a baby I could save such a huge amount of money during my first year there and then subsequent maternity leave that we could put towards mortgage and house and future.

I’ve almost done the maths and thought if I get fired within my probation period (6 months) and save most of the money I’ll have earn’t more in those months than I would have in a year in my current job. So if I did get fired I’d have enough saved to have a bit of time to apply for other things.

would you take the new job and risk it?

(Again really hope this isn’t insensitive during a cost of living crisis I really know it’s obscene money I just could do with some advice from other mums)

If it was me, I would take it, but save all the extra money rather than spend it, to pay down the mortgage and then even if you hate it/it’s too much pressure in a few years you can leave and fine another job that could be lower paying and less pressure. But that’s what I’d do in my situation, I have no idea about your outgoings and financial situation! What is this company that offers 9 month full pay Mat leave? Sounds amazing!

When I say “ buy in help “ I don’t mean a few hours cleaning a week.

I mean get an excellent profession nanny for your children, who will take your older child to school /nursery, care for your baby and do children related housework.

Id also get a part time housekeeper who will do cleaning, laundry, shopping and some cooking.

These will cost - don’t think you can do this on the cheap, just get an au pair for a few hours etf

Don’t think you save all that extra money - you can’t , there are costs you can’t avoid if you want to have a decent quality of life.

You need to also be ruthless about dividing up other household responsibilities with your husband. Eg managing your household help, bills, house repairs and maintenance , menu and shopping planning , wife work

Remember that NONE of the men who do these roles at this level will be trying to to it all at home as well, probably 90% of then have a free more than full time housekeeper / nanny in the form of a female partner / wife. Who will have people falling over themselves to tell her how lucky she is that he earns so much.

OTOH you will have people telling YOU how lucky you are that your husband allows you to work in your Big Job. And commiserating with him about how tough it is for him that he has to do his share of housework / wife work/ childcare.

Go for it!

You have thought it through thoroughly and of course there will be unknowns but yes you must do it.

My sister has 3 children, and is in a similar job with a similar wage and yes she works evenings sometimes, and weekends for a few hours occasionally, but she loves it, is hugely stimulated, and earns every penny.

Congratulations. and Good Luck, you will smash it.

And yes a man wouldn't even think twice.

Do it! And enjoy!

Unless you think you have been seriously underpaid by your current company I would double check that isn't a typo in the offer letter. I know that's a negative view but its so significant a difference that its possible.

And the reason I'm saying this is that £180k jobs in healthcare are few and far between. Its a little odd

Can you find (linked in may help) someone, ideally with young children in a similar role, in that organisation who you could talk to about expectations and culture?what sort of reputation do they have? If long hours are needed can you do them flexibly ie after bedtime etc. It could be the best decision or the worst decision you make so don't taje it without doing as much research as you can.

I've done this life change myself (though salary differential slightly less extreme but still big - I was earning slightly more than you in my old job and earn slightly less in my new job, but there's very little in it). I agree with others saying you should definitely go for it. It is life-changing in a number of ways financially (pension and ability to retire earlier most significant to me) and even if you can only stick it out for a few years, it will make a difference. But you do need to consider a number of things:

• Your partner's job and availability to the kids. We agreed when I took my job that my husband would be the 'on call' parent for sick kids, do all the school admin etc and he has done this. He also rarely has to work outside of 9-6. We would struggle if he had an equally big job.
• We also have a part-time nanny/housekeeper who deals with after-schools, cleaning and a few basic housekeeping tasks. This frees up our weekend time to do nice things together. We also have a gardener.
• Yes, you'll have to do a tax return! This is not a major consideration if your only income is from your employer. I was scared of it and it was fine.
• Hours and stress. This varies a bit job to job, and even for me, it varies according to the time of year, but I agree with others who say you are never totally 'off'. I do know people in £150k jobs where this isn't the case though (senior IT roles specifically) but my role involves a lot of people management and is client-facing, which always means some level of crisis.
• Age of kids. I would just consider this. I took my big job when my youngest was 5 which is a world away from babies and toddlers. I was getting a full night's sleep every night for a start. I could probably have done it with younger kids but would have needed heavier nanny-involvement.
• Make sensible financial decisions with the money you earn in case it doesn't work out. I agree with everyone who said pay down the mortgage first. We've paid ours off now so every time I fantasise about leaving my stressful job I know that I could do this and we wouldn't starve or be out on the street.

Good luck - I'd definitely go for it, but you need to plan for it, as it's likely to be a big change.

Take the job & get a nanny. Congratulations!

It’s quite obvious I think which posters are blinded by the amount of money on the table; which posters realise how stressful life can be financially even in that salary; and which posters have personal experience.

You won’t know until you try it. It’s a difficult thing to turn down. But it’s by no means the slam dunk so many people think earning 180k might be.

Congratulations!!! What an amazing offer and opportunity. I do understand your concerns, even if they are nice concerns to have - but with such a significant pay rise you could afford to pay for extra help with childcare and house stuff if you need to.

Think carefully OP. People I know that earn those kind of figures and up, are often on planes, sometimes away for weeks at a time, never home for bathtime, business meetings at home during the evening, expected to go to lots of business/socialising events etc.

It’s a lot of money, but you may find the extra stress and time away from family comes at a hefty price.

Many congrats on the offer, only you can decide if you want this type of position at this stage in your career. I wish you well.

My social network is at this level and don't listen to the hyperbole. We definitely have more autonomy than you think.

'Healthcare' is vast... could easily be Pharmaceuticals for which there is a lot of money floating around. In large pharma companies (and small ones, but OP talks about a large company) you find salary's circa £150k + benefits can be very achievable. It could be a very specific skill set and if OP has been successful for 14 years + in a niche career then she'd easily command a high salary for a big player specifically looking for this. Right place, right time and a good dollop of luck!

Looking at your other post too, I think you're jealous or very naive and inexperienced. Your posts are odd.
Healthcare is broad and this is feasible, why would OP lie about what's she's being paid. Many people get huge raises by changing roles and organisations, and yes she very likely is being underpaid ... obviously.

Looking at your other post too, I think you're jealous or very naive and inexperienced. Your posts are odd.

erm, no. I’m a senior lawyer and I earn over £300k. It is however unusual to offer someone who earns £60k a £180k job, particularly without them realising it’s a £180k job.

I didn’t say the OP was lying, I said to double check that it wasn’t an error. The difference from what the the OP was expecting abd what she was offered is so vast that it is possible a rogue 1 slipped in there.

@Ciri it’s really not unusual at all! I know a number of people who have recently left gov’t roles to join the private sector and their salaries have doubled and then some. There is big money floating around in certain areas right now and companies will pay for knowledgeable people.

But what was unusual here was that the OP says right at the outset that she considers herself well paid in her original role, knows the industry well etc.

Anyway, it was just a suggestion to double check which was more of a quick suggestion rather than any sort of challenge. The bigger issue is whether the OP wants the lifestyle change at this point in her life when her family is young.

Well the salary means you'll earn more than the PM and the BBC Chair so you have to go into it expecting to have to work for it a bit. It won't be like your current post and nor should it be really given the increase.

The main reasons people get paid very high salaries are because they have niche technical skills that are hard to find, they can deal with the accountability that comes with high profile decision making or they are leaders in their field. You will have to establish yourself quickly in post and often that's by track record and reputation. I assume your current role can't be anything like as high profile as the new one so you need to ask yourself how would you quickly build credibility.

Bearing in mind the interview process you've already been tested so they most be satisfied that you can do it.

I'm in a similar situation to the OP, specialist in a niche field and I consider the pay quite good. Very good work life balance, limited stress and can go home at 5 and forget about it, no overtime - but the fear of being stagnant is creeping in.

I have been approached about some great sounding alternative jobs a few times in recent years, but have never taken the plunge. While my children are small, the flexibility that I have in my current role, and the lack of stress, are worth a lot. and I've always decided that it was better to stay where i am. At one point I was in exactly the same position of wanting to try for another baby in the near future, but I didn't feel that it was a good time to move. I've never been offered a huge pay rise like that though - that's serious life changing money and I would find it very hard to say no to that.

Well the salary means you'll earn more than the PM and the BBC Chair so you have to go into it expecting to have to work for it a bit.
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Just to give another perspective, £180k is what John McEnroe earns for 2 weeks hosting Wimbledon tennis on the BBC. Admittedly, he does have to work 14 days in a row.

You don't have to be running the country (or even a department!) to earn big bucks.

Go girl!! That’s insane brilliant news for you and recognition of your work and experience

check your numbers after tax etc using salary calculator so you know actual monthly amounts and then go for it!
I had a huge pay rise of £20k at my old job and thought that was crazy at the time 🤣

wish you all the luck in the world with your new job!

That amount of money makes me sick especially since you were head hunted from a role that paid £64k, that jump isn't explained in time served or effort. I'm thinking this is a prime example of it's not what you know it's who you know.

This post serves only to flaunt to internet strangers something you are too embarrassed to flaunt to your nearest and dearest because of the sour taste it would leave in their mouths. You're asking if you should take it or not? What?! Congratulations OP you are amazing, so wealthy and so deserving. I don't know you but from what you've summarised you deserve £180k for your work in the 'health field'

People I know that earn those kind of figures and up, are often on planes, sometimes away for weeks at a time, never home for bathtime, business meetings at home during the evening, expected to go to lots of business/socialising events etc

some are, some aren't. I earn that and can still pick up my DC from school most days and only go to social events of my choosing. I'm quite sure all the 'ooooh but you need to work yourself to death for 100K+' is a conspiracy to keep women out of well paid jobs.