should I stay or should I go?

[tulak]

I've been reading through the enough and various job threads and it inspired me to ask about my recent thoughts at changing jobs late in my career. I've been debating if I should change jobs or stay at my current position until retirement and I'm curious to know what others think.

I'm around 7 years from retirement. My current job is good: I enjoy my coworkers, boss is great, the work is familiar/easy, I can find challenges if I get bored and the company is good (for the most part). Also, I now have the option to work fully remote. I'll probably still go in the office a few times a month, but I could easily work from remote locations for longer periods of time with no complaints from my management.

The downside is that the company has changed. We've lost a lot of good employees over the last few years and the company is ok with this. When issues come up, you can tell that the lack of expertise is missing, which can be annoying. It might be getting a little better, but for the most part, I just deal with it and don't let it phase me. The other downside is overall compensation. It's still good, but compared to positions I can find elsewhere, it looks to be significantly lower, probably 30-40% less. However, based on my conservative estimates, I'll hit my number in 6-7 years without changing jobs.

I ran some rough calculations with the compensation from a new job and I could probably knock 2 years off of my target retirement date, but realistically, I'd probably work for 7 more years regardless. So changing jobs would result in a more comfortable retirement. More money is always appreciated!

The downside with changing jobs is that even though I'd make more, I'd probably have to work a lot harder, especially for the first few years. I'm also skeptical that I'd have the full remote option or if I do, it wouldn't be as flexible as my current job.

I realize that this is very much a first world problem for me. I should probably find a hobby and ride out the current job, but the thought of extra money and new challenges has its appeal. It'd also be nice have more BTD experiences, even though this might happen anyways since my forecasting is conservative.

So has anybody else changed jobs late in their career for more work and extra money? Or did they ride out their current easier job until retirement? If given this choice, what factors would you consider to be most important?

 

[bbqcoder]

I’m 54 and have 6 years left before retiring. I love my job and have no interest in staying over again and having to prove myself. Not worth it to me.

 

[Gremlin]

"If given this choice, what factors would you consider to be most important?"


You like your boss and enjoy your coworkers. That is worth way more than money to me, so, it it were me, I'd stay put.

 

[Ready]

If your pay is 30-40% lower than comparable positions at other companies, perhaps it’s time to ask for a raise.

 

[tulak]

If your pay is 30-40% lower than comparable positions at other companies, perhaps it’s time to ask for a raise.

That's not going to happen. Part of why we've lost a lot of people is because they can make more elsewhere and the company has encouraged this.

I've spent a bit of time looking at compensation and in terms of base salary, my company seems to be in the ballpark of other companies. Where they lag is in stock compensation and bonuses, which are higher elsewhere. Plus, you can get significant signing bonuses.

 

[Franklin]

"If given this choice, what factors would you consider to be most important?"


You like your boss and enjoy your coworkers. That is worth way more than money to me, so, it it were me, I'd stay put.

Stay put .....you can thank me in a few years. Plus 1

 

[RobbieB]

Should I stay or should I go?

If I stay there will be trouble
If I go it will be double
So c'mon and let me know
Should I stay or should I go

It's always tease tease tease
You're happy when I'm on my knees
One day is fine and next is black
So if you want me off your back
Well come on and let me know
Should I stay or should I go?

All the wisdom of the world is in rock & roll -

 

[chassis]

It's up to you. If the current situation affects you mentally/emotionally in a negative way, and you believe a new company will improve this, make the change.

If you can bear with the situation until you retire, do that.

It's your choice.

 

[tulak]

It's your choice.

Yep, and I do have a preference.

Just curious what others think, especially if they went through something similar.

The trend so far is about what I expected.

 

[mh]

I had a similar situation, I could have taken a mgmt position with better pay. But it would have meant goodbye to remote work and a certain amount of uncertainty about if I would have liked it as much. I stayed where I was and didn’t regret it. The company also didn’t care about turnover much either, but once I decided they’d last as a going concern at least through my target retirement date. I just did my best within that 40 hr work week , with the odd crunch week thrown maybe one or two times a year. I started prioritizing things I wanted to do in retirement ( trekking , music ) over work more. I was able to do that because I had my current position well under control . I doubt I would have been able to do that if I moved on. In the end that was worth the extra time to reach my retirement target for me.

 

[Closet_Gamer]

If your boss is a good person, I would put the salary issue on the table in a gentle way. Not "fix this right now" but more "I'd like to discuss." When people put it gently to me, I usually make a note of it, check on whether they are under-paid, and begin to move the salary wheels in steps to close any legitimate gap. When they hold their breath and stamp their feet, I take no action quietly move them down on my potential list for promotion because they're demonstrating a real emotional immaturity.

If you're boss doesn't work that way, I would take some interviews at other companies to see if the opportunities are real.

I've seen a lot of people get it in their head that management is a bunch of dullards and the grass will be greener elsewhere...only to find out that they couldn't get those jobs or they weren't as advertised. (That includes me by the way. I shopped myself hard several years ago only to discover that life was quite good where I was.)

If you do land one of those jobs -- and the various money/work/life balances appear to be better -- decide if you're REALLY prepared to leave or not. If so, see if the company matches the pay. Otherwise, leave.

But, remember that the grave yard is full of irreplacable people. DO NOT threaten to leave unless you're prepared to follow through.

I've had more than one person walk into my office thinking they were holding the cards on a big salary negotiation only to have me shake their hand and wish them best of luck in their new role. Oh...and no need to stick around for a few weeks to transition. We'll be fine. For your own good we'll get you out of the IT systems by end of the day, so there is no risk of being accused of taking company info with you.

More often than not I was happy they initiated it because they weren't really at the top of the talent pile anyway. Never missed them.

 

[Dtail]

Stay put .....you can thank me in a few years. Plus 1

+2 Would not want to prove myself late in my career. Too risky.

 

[Badger]

Twenty three years before I retired I was offered a job in which I had considerable experience and could easily start without missing a step. It would also double my income. They were generous with their offers but I chose the career path and the lifestyle that I loved. Those were 23 great years. No regrets for not chasing the dollar and I was still able to retire comfortably.
I would think about a few things before making my decision. Since the present company is changing then what is do you think it will be like to work for them in a few more years? By changing to a new company will their grass be any greener? In what ways would your lifestyle change?


Cheers!

 

[old medic]

A bird in the hand is worth 2 in the bush.
I understand the changing workplace dynamics and attitude's.... part of the reason I'm not staying any longer myself. but I'll have a pension from it.

We have a large transport service in the next county that pays almost double, and all the overtime you want....and many of our medics have gone there part time, a couple quit and went full time....
ALL of them have quit there due to the work conditions....

Your comfortable and like where your at, And planning on working the same amount of time., so I would be incline to stay. It wouldn't hurt to ask for a little more

 

[MRG]

I spent 29 years in an organization that valued people, their knowledge, contributions to the organization. The last 5 years the founding C levels left and it became what have you done for me in the last hour. The culture became impossible too, with ne'erdowell's trying to impress the shiny new management.

I moved from one part of Megacorp to another, grass is greener, right? It was worse. One day during a 14 hour conference call my new VP wanted to rip me a new one(he didn't like what I correctly told him the customer's issue was) and I decided I was done.

I'm watching today, eight years later, as the last of that workforce is in being dismantled. Buildings begin sold off and a lifetime of thousands of people's careers being cast aside.

If I had to choose over I'd stay at a place that valued people over nonsense.

 

[Teacher Terry]

I would definitely stay. The good things you have in your job money can’t buy.

 

[CindyBlue]

My two cents...

About 15 years ago, I had decided to leave my job because of lack of support from my boss. Boss eventually apologized profusely, but I thought I'd go anyway, because the money and retirement benefits would have been better at the new place. The working conditions would have been harder, though, and, as there have said, I'd have had to "prove myself" and build my reputation all over again, and life would not be easy until I had.

I interviewed for and got the job I was looking for.

I discussed it endlessly with my hubby and anyone I knew who could give me a solid opinion. It was about evenly spit between stay and go.

On the day of the deadline to accept or reject, I sat on the stairs outside of the building of the new job and thought and thought, until just before 5:00, and then went in and turned it down.

I get less retirement now because of that decision, but it is enough. And with the very good support from a boss who felt bad about how he'd treated me (smile!) I really enjoyed working there, until about three years before I eventually retired, when management changed for the worse. But by then, I'd decided to stick it out no matter what, and did.

 

[FredBW]

They say "If you enjoy your job,you will never work a day in your life."


It sounds like you are fairly happy where you are. We all want more money. But is it worth the stress and having to potentially change to something you might not like? Once we get to a certain level where money is not quite so important. To me being happy at my job rates a lot higher than money. It is where I spend the biggest part of my time,and if I were to be miserable my health would probably suffer. And health is something that money can't buy.

 

[pacergal]

It sounds like you have very good employment--you like your job, can work remotely, like your co workers and your boss, will make enough to retire comfortably in 6-7 years.

Positives to new job--more money, a greater challenge, possibly retiring two years earlier due to income (but you say you would work 6-7 years more anyway, so that doesn't seem to count)

For me, the stress of changing jobs, new co workers and boss to become accustomed too when I am so close to retirement would be a No Go.

 

[tulak]

Lots of great responses. Thanks!

I had a similar situation, I could have taken a mgmt position with better pay. But it would have meant goodbye to remote work and a certain amount of uncertainty about if I would have liked it as much. I stayed where I was and didn’t regret it. The company also didn’t care about turnover much either, but once I decided they’d last as a going concern at least through my target retirement date. I just did my best within that 40 hr work week , with the odd crunch week thrown maybe one or two times a year. I started prioritizing things I wanted to do in retirement ( trekking , music ) over work more. I was able to do that because I had my current position well under control . I doubt I would have been able to do that if I moved on. In the end that was worth the extra time to reach my retirement target for me.

I've been offered management roles and have always politely declined. I'd have to attend way more meetings and I never wanted to give up the flexibility I have as an independent contributor. Unless the company is sold, etc, my job should be safe until retirement.

If you do land one of those jobs -- and the various money/work/life balances appear to be better -- decide if you're REALLY prepared to leave or not. If so, see if the company matches the pay. Otherwise, leave.

But, remember that the grave yard is full of irreplacable people. DO NOT threaten to leave unless you're prepared to follow through.

I'd never make any demands from an employer even if I was leaving. I'd be hesitant to create a situation where, "you pay me more or I'm gone." If you stay that could leave a bad impression with your management and you might not be treated well in the future. I want to maintain good relations with everyone I work with (and always have).

Twenty three years before I retired I was offered a job in which I had considerable experience and could easily start without missing a step. It would also double my income. They were generous with their offers but I chose the career path and the lifestyle that I loved. Those were 23 great years. No regrets for not chasing the dollar and I was still able to retire comfortably.
I would think about a few things before making my decision. Since the present company is changing then what is do you think it will be like to work for them in a few more years? By changing to a new company will their grass be any greener? In what ways would your lifestyle change?

I find that the grass is never greener, it can take a while to figure out the shades of green. That's the nice thing about a new job: it takes a while before you start seeing and recognizing the negatives. And in the meantime, the work can be fun (or else why go?), so that keeps you busy too.

It sounds like you have very good employment--you like your job, can work remotely, like your co workers and your boss, will make enough to retire comfortably in 6-7 years.

Positives to new job--more money, a greater challenge, possibly retiring two years earlier due to income (but you say you would work 6-7 years more anyway, so that doesn't seem to count)

For me, the stress of changing jobs, new co workers and boss to become accustomed too when I am so close to retirement would be a No Go.

This is the direction I'm leaning. This has been a good exercise for me, and who knows, maybe an opportunity will come a long that will be too enticing to pass up. But at this point, I should embrace the remote work life, keep contributing positively to my team, and find some new hobbies to keep me busy.

 

[RunningBum]

The downside with changing jobs is that even though I'd make more, I'd probably have to work a lot harder, especially for the first few years. I'm also skeptical that I'd have the full remote option or if I do, it wouldn't be as flexible as my current job.

It sounds lame, but this was a big factor for me. I was able to work fully remotely, on stuff I knew well and I didn't have to work too hard at it. I don't actually know what I could've made elsewhere, but it would've had to have been in the range you are talking about, and I knew they'd expect me to bear down like I did earlier in my career. So when I got calls from recruiters I just said I wasn't interested. No regrets here. Every situation is different, of course.

 

[LarryMelman]

(This is long but I hope it helps.)
I am already way past my "number" and I used to think I was working only for the benefits. I tried "retirement" in late 2019 but took a new job at the beginning of 2020.

Here are several factors, along with the answers I would have given two years ago (when I was seriously on the outs with my employer and planning to ER) and my answers as of today with a new employer. They are not ranked in priority.

1. Compensation. Keep in mind, I have been way over the line for several years.
Two years ago: My employer is proud of its reputation for paying way below market in exchange for perceived "stability", but the combination of salary, stock, and bonus was the highest total compensation of my career. (I kept most of my employee stock which has soared over the last year.) But "stability" turned out to be a load of BS, see "Insane Manager" below.
Now: Higher base pay and 401k match, but no stock or bonuses. Total comp is lower, but not insultingly so.

2. Benefits: Given my age (56) and existing health concerns, good benefits are of utmost importance.
Two years ago: Excellent benefits with an excellent provider network.
Now: Not as good (high-deductible insurance with a HSA). The same excellent provider network.

3. Quality of work:
35 years into my career, I have seen the quality of work fluctuate many times. Some projects are extremely challenging and satisfying, others are grunt work with low expectations.
Two years ago: Largely grunt work, no innovation needed or wanted, too much time spent on the phone with unqualified untrainable workers overseas.
Now: I have just completed a year on a very challenging and satisfying project, in the top two or three of my career. Working with equally qualified and experienced co-workers. Will this continue? There's no way to know.

4. Quality of management:
Two years ago: After five good years working for a young first-time manager, said manager went Insane and subjected me to two Years From Hell which would lead to me leaving the company. I was helpless to do anything about it.
Now: My manager respects his people and I enjoy working for him. But I know that can turn on a dime.

5. Career potential:
I work in a niche engineering specialty that is always in demand. I have no interest in doing management, I enjoy the actual work much more. I enjoy training and mentoring if the company culture allows for it (some do, some don't).
Two years ago: "Insane Manager" above was in the process of reducing his US staff, either by attrition or by torture.
Now: The new employer requires US citizens for its work.

6. Work environment:
Two years ago: See "insane manager" above. I could not focus on my work because I was constantly dealing with manager complaints, or worrying about what the next one would be.
Now: When I joined the new company, I did not enjoy the commute or the work environment, for several reasons. But have been working at home for 13 months which has improved my focus, quality of work, etc. This factor alone makes me want to continue working.

7. Health and Wellness:
Two years ago: My commute allowed me to hit the gym every day. However, "Insane Manager" above, was unbelievably stressful.
Now: The new employer has a 9/80 schedule. A 9-hour work day makes daily workouts impractical, even while working at home.

In summary, if you don't have your health, nothing else matters, so I think I'm nearing the point of either a) once again considering ER, b) asking to go part-time so I can improve my fitness while continuing to be eligible for benefits, or c) checking out consulting firms, although maintaining top-quality benefits is something I will not compromise on.

 

[Koolau]

Personally, under the circumstances you describe, I'd stay and try to leave earlier (save more, invest better, etc.) Naturally, YMMV.

 

[tulak]

(This is long but I hope it helps.)
I am already way past my "number" and I used to think I was working only for the benefits. I tried "retirement" in late 2019 but took a new job at the beginning of 2020.

If I was past my number, I’d most likely call it quits for good, but I can understand the appeal to keep working. I know lots of people in this situation. Some because of momentum and others because they like the challenge/work.

It sounds lame, but this was a big factor for me. I was able to work fully remotely, on stuff I knew well and I didn't have to work too hard at it. I don't actually know what I could've made elsewhere, but it would've had to have been in the range you are talking about, and I knew they'd expect me to bear down like I did earlier in my career. So when I got calls from recruiters I just said I wasn't interested. No regrets here. Every situation is different, of course.

Not lame at all, but then again, I’m making the same choice.

Personally, under the circumstances you describe, I'd stay and try to leave earlier (save more, invest better, etc.) Naturally, YMMV.

I set my date based on when I can easily access my retirement funds. Leaving earlier would require more creativity on my part. It also happens to align well with my number, even though I’ll probably hit my number sooner. But if I’m able to work remotely (from any location) and the work isn’t hard, then staying longer is a lot easier.

 

[street]

Late in a career I would stay where I'm at. To much stress with a new start and all the other ins and outs of a new gig, wouldn't be worth it to me. I would find other ways to increase your income for the last lap and call it a day, when you are ready to hang it up. IMO