changing jobs and taking pay cut

fire_man

I am a 32 yr old guy thinking of moving back to the South of Ireland from Dublin.I have decent job in Dublin and would be taking about 8k cut by moving.I am also in a team leader position atm which is not on offer back home.The new company would have opportunities but would take time to get better role.I have a son back home who is 2 and I would like to live closer to him.What do people think.Is this a bad career move?Thanks

Arciphel

Depends. What's the salary in the new position? Do they make pension contributions, pay healthcare etc?

Quazzie

8 grand won't buy the lost time with your son this time next year.

You'll also presumably be saving money to partially offset that by the lower cost of living outside Dublin.,

fire_man

Yes new company have healthcare and pension contributions which current company have not.

Mrs OBumble

8 grand is only 4 grand after tax, assuming you're on more than 35k. In the hand, that's about E80 per week.

In cash terms it comes down to how useful that E80 would be to you.

In career potential terms, you will be more exposed if the company closed, downsized etc - there are just less jobs in the market. But broadening your experience is usually a good thing.

De_man

fire_man wrote: »

Yes new company have healthcare and pension contributions which current company have not.

I agree 8k is nothing when compared to the lost time with your child, the main issue here is the percentage drop in pay, OP can you manage rent etc on the pay drop?

Putting pen to paper I'm assuming the loss would be 4k nett approx, then calculate how many visits do you make to the south specifically, each visit is worth €75 on fuel

Career wise you'd have to give us more information

De_man

De_man wrote: »

I agree 8k is nothing when compared to the lost time with your child, the main issue here is the percentage drop in pay, OP can you manage rent etc on the pay drop?

Putting pen to paper I'm assuming the loss would be 4k nett approx, then calculate how many visits do you make to the south specifically, each visit is worth €75 on fuel

Career wise you'd have to give us more information

Just rereading the thread OP is a team leader, in your current company what are the short to medium term prospects of this role? Are you in this role for long? Are promotional opportunities limited?

The 'new company' offers pension and health care this clearly is an organisation that value their staff, if it were me I'd go for it , looks like there could be a lot of opportunities.

Really in the end you have to put a value on seeing your child and being a part of its life

The_Conductor

8k gross- of a lower pay- but you have healthcare and pension- where you don't at the moment. You know- there is actually damn all difference- when you factor the healthcare and pension into the equation.

I'd also echo the sentiment- that you can't put a price on spending time with your children.

Personally I think this is a no-brainer........

I took a paycut a hell of a lot bigger than 8k from my last job to my current job.

I've never been happier.

sillysocks

I've taken steps back twice when leaving one company to join another and it never took too long to work my way back up again.
8k doesn't sound like a horrendous cut (prob depends on the salary tho, a cut from 30 to 22 would impact more than from 50 to 42 I'd guess!)

I presume accommodation would be cheaper outside dublin, less commuting and maybe more free time so that along with the extra benefits would make it a no brainer for me!

Rachiee

You might actually end up better off when you take into account cost of living and travel costs. Plus getting to see your son more will surely make you happier more fulfilled I'd go for it. Really good to have pension contributions too you'll appropriate that when the time comes.

tayto lover

The kid comes first. Spend time with him.
You can't put a price on that time.

Never mind the 8K. We won't have another famine here.

boobar

fire_man wrote: »

I am a 32 yr old guy thinking of moving back to the South of Ireland from Dublin.I have decent job in Dublin and would be taking about 8k cut by moving.I am also in a team leader position atm which is not on offer back home.The new company would have opportunities but would take time to get better role.I have a son back home who is 2 and I would like to live closer to him.What do people think.Is this a bad career move?Thanks

Speaking as a father, I think the answer is obvious, take the hit and move back. They won't be small forever as they say.

From a purely economic viewpoint, Dublin is one of the most expensive places to live, so even though you'll be down 8 grand, rent will be cheaper, travel to and from work, going out should all be cheaper.

From a career point of view, you say there will be opportunities, so having the team lead experience will position you well for the future with the new company.

You're only 32, so you've plenty of time to think of your career, you'll gain greatly by being closer to your son, and so will he.

fire_man

Thanks for the replies everyone.I would be dropping from mid 30's to late 20's but with benefits from new job will close the gap.

monflat

fire_man wrote: »

Thanks for the replies everyone.I would be dropping from mid 30's to late 20's but with benefits from new job will close the gap.

I'm speaking now with my "mother " hat on.
Move back take the reduction you can't buy back lost time and if your son is two now times are goin to get better with him. He will love your presence and company.

I'm in same position.
In public sector just a few months away from the top of my scale.
Im packing it in for a job €3 less per hour.
No premium pay no extras and no allowances. As opposed to what I'm getting now.

The reason being is three small children.
I will survive so will you but you may have to draw back on expenditure for a bit to see where your finances lie.


Good luck

Zipppy

As others have said...move if you can at all afford it....watching your son grow up will be reward enough....
Best of luck...

The_Conductor

Given your current salary- the Net cost of moving will be significantly less than you're accounting for- as a large chunk of the 8k of salary difference is being taxed at the higher rate........

Personally- in your position (and I have been in a not dissimilar position)- I'd take the paycut- and have a life where I had the opportunity to be in my little one's life.

toadfly

If you can afford it OP go for it. Have you worked out the net difference of your wages? If you aren't sure how, PM the details and I'll do it for you.

Mrs OBumble

fire_man wrote: »

dropping from mid 30's to late 20's

That changes the numbers a bit: you will be only paying 20% tax (at most) on the income. (Maybe less if you've married rate tax credits.)

So it could actually be E160 per week that you're down.

Still, with travel costs and hopefully lower costs of living out of Dublin, it may not be as bad as it sounds.