Evaluating Job Opportunities

[ajcoleman22]

Background Info:

Current Job: With a local municipality
Salary: $82K
Benefits: Top of the line healthcare, access to a pension, 457, 401k and four weeks vacation time with additional sick time
Work: The work is easy and I am comfortable with it. Some days there are challenges, most days it's a laid back. The position is very stable. At the end of the year, we are going to have a series of retirements that virtually guarantee me a promotion to a position I know I will like. The salary for the new position will be about $92K.
Freedom: Plenty of freedom with my position and potential future position. I can come and go as I please and have quite a bit of flexibility on what type of work I do.

Job Offer: Consulting Firm
Salary: Around $100K but I was told if I wanted more "give me a number"
Benefits: Pretty standard health insurance, 401k. I was told I could get four weeks of PTO which doubles as vacation/sick.
Work: There are certain minor aspects of the job I am pretty sure I won't like. I would be managing a team of engineers which is a plus, but, the technical work they do was never one of the things I found interesting in college (I haven't touched that type of work since college either), so that is negative. Another negative is that the company has one main client that they rely on for 80% of their work.
Freedom: I won't know this until I get there. This is a big question mark.

With all that said, when evaluating job opportunities, how much weight do you put on salary vs. the actual work being performed? How do you go about evaluating the things that you really can't know until you have worked there awhile?

[AnalyticalEngine]

how much weight do you put on salary vs. the actual work being performed?

I tend to weigh things other than salary higher when making a decision. Remember that you're not going to take home the entire difference in salary due to taxes, and sometimes being bumped higher in salary also bumps you into a higher tax bracket, making that delta even lower. Obviously more money is always good, but it helps to take salary in a context of the entire benefits/job duties package.

How do you go about evaluating the things that you really can't know until you have worked there awhile?

This is a hard one because there's always going to be things about the job you don't know until you get there. The job interview itself is the best place to find this out. I usually have some questions for them that will illuminate the things I am most concerned about. For example, I always ask them how their last software release went. If they say, "wow we were up until 2am troubleshooting production problems," that's a red flag.

If the interview is already over, you can try looking on glassdoor or talking to people who either work there or know someone who works there. Look up some of your future coworkers on LinkedIn or other social media to get an idea of who you will be working with. If it's a publicly traded company, look up their investor relations page to get an idea of their management/leadership style. Has the company had any exposure in the news? Was it positive or negative? Can you read between the lines to see what's really happening there?

[ertyu]

I personally would stay in municipal job in your shoes, but someone with a different personality might view things differently. It seems to me you, too, would rather stay in the municipal job, but feel like you "should" accept the promotion to a higher paid position.

[flying_pan]

What about pension and how long do you need to contribute to get it? That's a big thing and can solve all your money problems in the future
Overall, I'd stay with your position. As it was mentioned, having more relaxed job means less stress, more time to yourself, and seems that vacation + sick time distribution is a bit better at your current job. Great healthcare is also a bonus, don't forget to include it. But maybe you are pretty bored and want something exciting, who knows.

[ajcoleman22]

@AnanlyticalEngine

That's a good idea. I will definitely check out the company more and try to talk to some of the employees.

@ertyu

I have been thinking about your comment all afternoon. I think you hit the nail on the head. For whatever reason, I have this feeling I "should" always accept more money. I think the saying is, "If it's not a hell yes, it's a no" I don't really feel the "hell yes" of this job but am feeling pressure based on the higher pay offered and probably the social pressure of turning down a six-figure job. I appreciate your comment.

[ajcoleman22]

@flying_pan

I am 10 years into a 32-year requirement for the pension. I'll be 56 if I stay for the full 32 years.

[flying_pan]

@flying_pan

I am 10 years into a 32-year requirement for the pension. I'll be 56 if I stay for the full 32 years.

What about early pension? Any ways to get it earlier rather than staying 22 years more there?
Do you want to get it? On one hand, you are there for 1/3 of the duration, but 22 years is indeed really long.

[Frita]

Personally, I weigh cultural fit highest, then benefits, followed by pay. Since benefits aren’t taxed, that extra compensation may not be as valuable as it seems. Being treated well is priceless and increasingly less common from what I have experienced.

What were your interview vibes? @AE gave good suggestions. You could also ask follow up interview questions to directly clarify the situation. You mentioned the less interesting technical work, one primary client, and potential lack of autonomy/freedom as negatives. Are any of these dealbreakers or red flags for you?

My read on the situation is the same as @ertyu. There can be pressure to go for jobs that pay the most. Staying put seems like a viable option. It seems like you are carefully weighing your choices. Trust yourself to make a good decision.

[Alphaville]

@flying_pan

I am 10 years into a 32-year requirement for the pension. I'll be 56 if I stay for the full 32 years.

wait wait. takes 32 years to be vested? so if you leave at 31 years you get nothing??

somehow doesn’t round right.... please clarify this?

[jacob]

Does the difference between 80, 90, or 100k make a difference in savings rate?

If you spend 15k, the difference is trivial and salary shouldn't matter. If you spend 70k, it's the difference between doubling or tripling the rate which will take multiple years off your FIRE date. This might weigh more heavily given that the consultant choice seems inherently a more risky position not just due to the unknowns but also inherently. (80% reliance on one customer is usually a red flag.) However, it also depends on personal goals. Safe jobs rarely move anywhere fast.

Question is "why do you work" in the first place? What's the reason? Goal?

[ajcoleman22]

@Alphaville

No, I am vested now. There is a "cash" amount that you receive if you decide to leave early. If you happen to leave with 31 years, you do take a significant hit on the future payouts. Once someone has 20+ years in, there is almost no way they can leave without taking a hit.

@jacob

My current savings rate is 50% based on our household income. Increasing my income from $92K to ~$110K would push our savings rate to over 55%. Looking at it that way makes it seem less significant.

I work to provide for my family. I don't have any specific work-related goals. All of my personal goals are outside of work. I try to have the highest savings rate I can while compromising with my wife but other than that I don't really care about the money.

[take2]

Suggest you do a bit more research as suggested above to determine what the work/life balance situation is. If you’re working to provide for your family and this job brings in a bit more $$ (seems marginal?) but a lot less time to spend with them it’s likely not worth it.

Then again some times you need to discover that the hard way, especially if you think it’s more prestigious or want to see if you can make the cut. I took a job that paid a lot more but took even more time away. Had I elected to pass on it I would always wonder if I could “make it” or not. Now that I’m here I want out quick and would gladly take a 30% pay cut to do so. Perhaps I’m projecting my own issues though

[Kriegsspiel]

Your current job sounds like the winner. It's just a bit less in salary, but you already know you like it and won't feel like killing yourself while en route to FI. Easy decision if it were me. In fact, I left two high paying jobs because I didn't like them.

[Seppia]

Based on the OP’s description of the situation, I would definitely suggest to stick to the current job.
Very little upside and a lot of unknowns.

[Lemur]

how much weight do you put on salary vs. the actual work being performed?

A lot. It could be the difference between coasting and being in random states of flow vs increased blood pressure and anxiety attacks every other day.... Choose wisely.