Job change at 42 but no pay raise

[pjigar]

I have been chugging along on my FIRE journey as planned for some time and we have 7-10 more years of work life ahead of us. I have been working for the same company for 12 years in technical sales. I like the challenging work, personal interactions with (sometimes ungrateful) customers and very high pay that comes with this line of work. However my work has become more monotonous over last 5 years and I have been working for an offensive and excessively ungrateful customer. I have been looking for a new job for a year and I have found the same job function in a different domain in my industry (think software vs hardware). My old boss (who was very nice) has offered me to teach me everything about this new field. I like what the new job has to offer but I have been torn with decision making due to a virtual tie:

Pros for current job:
* I have lot of institutionalized knowledge so my work hours are very efficient.
* Predictable travel schedule (2 days a week)
* Less 'work' to get my job done.

Pros for the new job:
* Chance to learn a new domain in our industry
* Fresh set of customers and challenges
* I will need to put significant effort to learn new things including unpredictable travel.

The pay is almost identical after counting all the incentives like bonus, ESPP, stock awards, 401K match, allowances, etc. On one hand, I think that I am young enough to take a up a challenge and become an expert in a new domain. And on the other hand, I am concerned about ditching a known and mostly working out work life for an unknown company. Both companies are Megacorp. I highly respect my old boss so he is the only thing leaning me over to the new job.

What are your thoughts?

 

[tmm99]

At your age (well a little bit younger than 42), I was still moving around a bit, but I never moved to another company for the same amount of money. I did make a lateral move once to escape a toxic work environment though. Having said that, I would look at the upward mobility/potential in the new job and decide. As far as the customers are concerned, you could still end up with ungrateful customers, so I wouldn't make that a deciding factor.

Good luck to you.

 

[HillCountry]

Life is too short to work on boring jobs, especially you have other alternatives.

I was still startup hopping in Silicon Valley at that age. I move to Austin at 43, and kind of settle down since then.

Very happy with all my moves.

Good luck.

 

[nash031]

In about a year and half I’ll be making a job move to something (unsure what) that pays less but will probably make me much happier overall. That’s the benefit of being off to a great start financially - you’re not a slave to a position you don’t like.

Sounds to me like a change could do you good.

 

[BeachOrCity]

You need to think of what the position is worth more so than if you are getting a raise. That being said in todays market for technical high tech presales, if you are good and the new company cant pay you more than you make now, especially since you have been there a while i think you may be taking a job that is beneath your capability and talents.

I would keep looking.

 

[Milton]

I highly recommend reading this book before making any decision about the possible job change. It's an easy read, and contains lots of helpful advice.

 

[Mr. RME]

Would you stand a better chance of gaining a promotion or raise at your current company due to having built a strong reputation? If so, it might be the only reason worth hanging around...

Otherwise, life is too short to spend it on monotonous tasks. I would:

A) Tell your current boss, who you respect, that you want to stay at your current company and help them succeed, but really want to take on something different and challenge yourself.

B) Ask for more money or let your boss know you plan to move on (since you have an offer in hand). Remember, even though you like your boss, it is a business, and it has to work for you just as much as you work for the company.

C) If your current boss can't help, move to the new job.

Worst case scenario is you try the new gig for a year or two, only have 5 years left until FIRE, and decide to try something else new, or go back to your old domain. Good things usually happen when you walk through an open door...and it usually never turns out like you expect!

 

[Milton]

The pay is almost identical after counting all the incentives like bonus, ESPP, stock awards, 401K match, allowances, etc.

There is more to life than money, and comp. is only one factor - not necessarily the most important - in job satisfaction.

That said, pay raises are typically much, much easier to get in a new job than an existing one. If I were you, I'd work hard to negotiate a package at least 10% higher than you have at the existing job. Don't just accept what has been offered: there's no harm in proposing a counter-offer, and your bargaining power will never be higher.

I highly respect my old boss so he is the only thing leaning me over to the new job.

If the only thing pulling you to the new job is a desire to resume working for your old boss, I wouldn't jump ship. You should bear in mind that next week he could be transferred to a different division, be fired, suffer health issues forcing ER, etc. etc. You certainly can't count on his ongoing presence and support.

I can't say whether the new job would be good or bad, but I don't think you should go for the above reason only.

 

[pjigar]

Thanks for the feedback. I appreciate the responses. I am going ahead with the new job because of couple of points I did not mention earlier.
* My current role has increasingly been focused of a dead-end technology. I am the domain expert so I am asked to do more so forget about changing role in this company!
* The new role is in promising and upcoming technology so I can capitalize on these new expertise in the future.

 

[DrRoy]

Change can be good, no doubt. Perhaps though, changing your account mix would be enough without the risk of a new co. to work for.

 

[Big_Hitter]

no defined benefit pension at either jerb?

 

[pjigar]

Change can be good, no doubt. Perhaps though, changing your account mix would be enough without the risk of a new co. to work for.

We have generally one account assigned if it is important. I have been with the same account for 7 years and very abusive.

 

[pjigar]

no defined benefit pension at either jerb?

Correct, I started my career in post-DB pension world.

 

[athena53]

Sounds like a good decision- I was downsized at age 43 and in retrospect it was because I let myself get stale, doing the same stuff for too many years. Eventually my less-expensive staff could do the same things. My son just took a lateral move because he was very concerned about the direction his previous employer was going (HQ several states away calling the shots). He's a superb negotiator- it's part of his job as a claims adjuster- so I figure he had a good reason for not demanding more $$$.

Learning new technology and ditching a PITA client sounds like a win to me. That PITA client could have ditched you at any time in your old job and you probably would have been out on the street.

 

[EvrClrx311]

I've found that a significant percentage of people on this forum are INTJ (or some close variant of it)... there was a poll run on this a couple years ago that said half this forum was INTJ, yet we only make up 2% of the total population.

So there is a high correlation between FIRE plans and being on this personality type. One of the main differences between our type (I'll just assume you're one of us, or close to it too ) is highlighted in your post above...

While others are comfortable being cushy in life... we are not. We love to learn and master new things. We want to always be growing, and we thrive in environments where we get a chance to understand new things. To apply our previous knowledge to tackle new challenges.

I'm guessing... because of this... you're weighing two opposing pressures here.

1) Logic dictates that staying put is smartest, safest (efficiency is a major component to an INTJs way of navigating life - always the planner and a master strategist... no wonder we are drawn to FIRE plans)

and...

2) The desire to jump into something new... to master a new skill... to grow by means of giving yourself a new challenge to tackle.

I'd go with #2... because #1 will develop there too. You're smart and driven.

 

[Midpack]

The keys to me are pay/benefits, job satisfaction (work and coworkers) and future opportunity. Since pay is the same for you, I’d opt for the more interesting work unless you have good reason to believe the current job situation will improve if you’re patient. We work for a long time, might as well enjoy the work and your coworkers if you have a choice. Good luck.

 

[Oma_here]

It looks to me that moving on will be the better move if, as you indicate above, your expertise is in a dead-end technology. You don't want to be the very knowledgeable dodo and unemployable before you are ready to pull the plug.