Staying at one job for your whole career isn’t as common as it used to be. Changing jobs is sometimes a way of moving up the ladder. It’s what I did several years ago to advance to a higher position and pay.
But sometimes it doesn’t pay to change employers. Making that decision can be kind of tough. Here are some tips to help you decide if you should hold out for a promotion or move on.
No Job is Perfect
The grass isn’t always greener on the other side. So, if you are tempted to move on to another company, make sure you have all of the facts first.
When you interview, pay attention to other workers as you move through work areas. If the person conducting the interview shows you around, observe what’s happening.
Do the employees smile and act as though they enjoy working there? Or are they tight lipped, tense, and frowning? Even busy staff members who are shorthanded will smile if they like what they are doing.
If you encounter such behaviors and yet aren’t completely unhappy where you currently work you might wish to simply stay.
Overtime vs More Pay
Before you hold out for a promotion or move on, compare the pay. At your current job, are you able to receive overtime pay when you have to work longer hours?
Compare this to what you will be making if you take another position. But to be comparable, you need to know what the work hours will be there as well.
If you receive more pay but must work more hours the sacrifice of family time may not be worth it. That’s what happened to me when I changed jobs and moved up the ladder. Eventually I left that job so I could spend more time with my family instead.
Retirement Account
Another thing to think over before you hold out for a promotion or move on is your retirement accounts. If you’ve only been at your current job a few years cashing out your entire 401K may not be possible.
It takes 3-5 years before you are fully vested. Therefore, if you leave your job you may only be able to take part of your 401K money with you.
Withdrawing funds early may mean you incur penalties and fees. If your retirement account is large enough, you could lose thousands. However, you may be able to take it with you to your new employer or put it in an IRA.
But it’s also possible your new employer won’t permit investing in a 401K until you have worked there awhile. Should that happen you will miss out on the investment dollars you would have made in your old position.
Work Hours
When you change jobs, like I did, there are no guarantees that you will like your new position. I did happen to like mine, but I also got burnt out.
Working incredibly long hours just isn’t possible to do for years on end. Eventually you can end up with family problems, health issues, or other negative outcomes.
Compare the required work hours of any new job offers to your current one before accepting them. It could change your mind and make you hold out for a promotion instead.
As I mentioned before, it isn’t easy to decide if you should hold out for a promotion or move on. There are several factors to consider which can put you on the fence, so to speak, about deciding. Consequently, before you make a decision you can’t take back make sure you have all of the facts.
Track All Your Accounts With Personal Capital
Personal Capital lets you see all of your accounts in one convenient place. Sign up now for free.Have you ever held out for a promotion? How did it turn out?
In my opinion the biggest deciding factor should be whether or not you are happy in the role?
If you don’t feel fulfilled or aren’t enjoying what you are doing then looking for a new job should be an easy decision.
I wouldn’t quit until I found another role, but life is short and at the end of the day you spend an insane amount of time at work so you might as well ensure you are happy there.
I agree that happiness is a definite factor in your job because, as you pointed out, you spend a lot of time there. But everything should be weighed carefully.
I’ve never held a job (besides in high school) before, and this is probably why. I don’t like how someone else determines my pay, regardless of how hard I work or what I achieve. That’s what I like about being self employed.
It can be difficult to work under what someone else dictates. Sometimes it’s necessary to get to the top and achieve your ultimate goal, though.