Work/Career Question

[shakes]

I don't really enjoy my current job. I work at a Hyundai dealership as the Financial Services Manager. I get people financed, sell them loan insurance, extended warranties and rust protection products. Other than the money I make, there's nothing about it that makes me say "I love my job". The hours are long and the stress is pretty crazy most of the time. Although there are days where its just smooth sailing, for the most part its pressure, pressure and more pressure. Upper management are jerks who care about nothing except the bottom line and saving their own asses. Back in the fall, I actually thought I was going to get fired (they sent me home because I was late for a sales meeting....that alone should give you an idea of the jerks I have to work for). I took the day they sent me home to fill out job applications and send out resumes. Nothing ever came of it and things sort of smoothed themselves out at work so I kept working, made it look like I was putting in 'extra effort', yada yada yada.

Last week, I got a call from one of the banks for an interview. The position is entry level (two steps above being a teller) and it'd pay roughly half of what I'm making now. HOWEVER, its within a bank so there are a lot of opportunities to move up the ladder. So...would you take a 50% cut in pay for a 50% better job?? And would you stick with the devil you know (a job you pretty much hate) versus going with the devil you don't(a new job that could be way better or far worse)?

[Freude am Fahren]

It depends. Mainly on what the actual numbers are. I'm not asking you to disclose that, but if you can afford it without hardship, I think I'd take it. Especially if you think you can be back where you are now financially within a reasonable time.

For example, if i were making $50k/year, I wouldn't go down to $25k/yr. If I was making 100k? I'd look at my obligations first, but living on 50k could certainly be worth it for a happier job, and one with more potential.

Ask yourself, is what you will lose with that 50% cut in pay making you happy enough outside of your job to make up for the problems your job causes you.

[TheBenior]

Honestly, it depends on how unhappy the current job is making you, and if the new job will pay enough to provide for a comfortable standard of living, which only you can answer.

[shakes]

The potential job would pay just enough to cover living expenses. It'd be very tight, but we wouldn't be in a position where we're losing money.

[IMOA]

What opportunities does the job at the bank open up and where could you be in 5 years time compared to where you could be with the current job?

[shakes]

There aren't really any upward opportunities with my current job. I can move up to sales manager (and I wouldn't take it, his hours and stress levels are worse than mine) or become finance manager at a bigger/busier dealership and make more money. With the bank, I can either move into the investment advisor side of things or become branch manager (they also make around what I make currently) or some other opportunity. We have a number of bank reps that come to the dealership to generate finance business...I could see myself doing that. One of my biggest concerns is how long I'd have to wait for a better opportunity at the bank. I could survive a year at 50% pay, but I couldn't last much longer than that.

Basically, the bank offers better benefits, a real pension, better hours and better chances of being promoted, and more things to get promoted to. The dealership offers a more lucrative pay plan, and the chance to be around something thats exciting and dynamic...its not like I'm selling office furniture or dishwashers...I'm around new cars all day long.

[Fogelhund]

Don't expect the bank to be any happier place to work.

[sandydandy]

I thought you were a mortgage guy.

[shakes]

I was in mortgages for a while but got out. Ive been doing the car thing now for about at year and a half.

[GreatScawt]

Don't expect the bank to be any happier place to work.

I'm gonna go with this.

[Kchrpm]

I wouldn't take a 50% pay cut without some EXTREME circumstances. Your circumstances don't quite sound extreme, especially since others are saying a bank job is not really a happy place.

Keep the job hunt alive, use some of your extra income to do some stress relieving things (spa, weed, etc).

[Dicknose]

How about you only work every second week?
Goof off 2 whole weeks a month!

That's what a 50% pay cut means!

Pay rises are hard to get at the moment, I wouldn't be changing jobs in the hope that you might get one sometime.
Taking a half of your salary, the new job needs to double it to get you back to your current level.
Do you think they would give you a 25% pay rise most years?
What if it takes 4 years to get back to your current level. Even with another 25% or more it would take a few more years to get back to the total amount you could have earned in this job.

Definitely change to a better job, more opportunity, less crap.
But halving your pay is a huge risk and burden to do it.

[Rob]

I take half pay for half the hours and half the stress. That's the lowest I'd go.

[IMOA]

Bullshit wanky advice: Visualise where you want to be in 10 years time, think about the steps to get there, follow that path regardless of short term pain. Sucking it up for a couple of years is nothing compared to 20 years of being where you want to be.

Actual practical advice: A 50% pay cut smells like desperation to me. It absolutely sounds like you should be looking for something new but you don't have to grab at the first offer you receive. To me it sounds like the opportunities the bank job offers aren't in line with the sacrifices you'll be making so by all means keep looking but make sure you're getting somewhere and not just somewhere else.

[sandydandy]

I was in mortgages for a while but got out. Ive been doing the car thing now for about at year and a half. Oh ok.

Well...wish I had some useful advice for you. I guess if you can make a career change and still stay afloat financially, even with a substantial pay-cut, then it's worth taking the shot. I would guess that banks are a safe bet for stability...(not too sure about advancement).

Good luck.

[shakes]

Thanks all for the advice. I still haven't made a decision one way or the other but there are some good points that have been raised that need to be considered.

[21Kid]

Even if you are happier momentarily, it will probably be harder to move back up. Especially when companies see that you had a higher job and moved down the ladder. That's going to create some questions as to why you went backwards. Couldn't he handle it? Too much responsibility? Make too many mistakes? etc...

I'd keep looking if I were you. I don't think I've ever taken a pay cut. When I've been unhappy with a job I'll keep looking until I find something similar or higher. There's got to be something in a similar level as what you are making now, or at least within 10%. I wouldn't take a pay cut and move further down the ladder, unless you don't have a job at all.

[HondaKid86]

You need to try for Hyundai Canada HQ. Any position. Wear your passion on your sleeve.

[IMOA]

Even if you are happier momentarily, it will probably be harder to move back up. Especially when companies see that you had a higher job and moved down the ladder. That's going to create some questions as to why you went backwards. Couldn't he handle it? Too much responsibility? Make too many mistakes? etc...

I'd keep looking if I were you. I don't think I've ever taken a pay cut. When I've been unhappy with a job I'll keep looking until I find something similar or higher. There's got to be something in a similar level as what you are making now, or at least within 10%. I wouldn't take a pay cut and move further down the ladder, unless you don't have a job at all.

The best thing I ever did, both emotionally and financially, was to take a backward step in terms of salary and put myself in a job I enjoyed, working with people I genuinely liked, and tore the arsehole out of it. The company now has 7 times the staff and about 10 times the revenue as it did when I started and I was in the thick of it every step along the way. Never be afraid of taking a 'backward' step as long as it's taking you to where you really want to be.

[tigeraid]

Add me to that list, I took I pay cut to leave the IT Industry and start working in auto parts. I have never been happier.

But 50%, holy shit son.

[sandydandy]

But 50%, holy shit son. He's gotta be going from $200K to $100K. :D

[speedpimp]

I took what was basically a 1/3 pay cut to go where I am now. Work enough hours and the money is the same and I am marginally happier.

[Yw-slayer]

Well yeah, a 50% pay-cut shows the value of absolutes. 50% of US$2-3mil/yr (including taxes)? That shouldn't be a MAJOR problem. 50% of US$500K/yr (including taxes) is a different story.

[matt s]

I could see taking a cut in pay to move elsewhere (which I know I feel like I'm looking to do), but I feel like I'm just joining the chorus saying that taking such a cut seems a bit much. I would think there'd have to be a good guarantee that there'd be good upward potential to take such an initial cut in pay.

[Alan P]

Pretty much echoing what others have said, 50% is a big, nay HUGE drop in wages. You would have to consider a self inflicted frontal lobotomy or going to work as valid choices to consider dropping 50%. You either really, REALLY hate your current job or are just blinded by the old vs new.

[M4FFU]

So...would you take a 50% cut in pay for a 50% better job?? And would you stick with the devil you know (a job you pretty much hate) versus going with the devil you don't(a new job that could be way better or far worse)?

As someone who doesn't particularly enjoy their job, heck no. I'm happy leaving my job behind, can easily switch off from it and enjoy my spending my salary. Learn to live with the hate, and enjoy the time you spend away from it more. Not sure I could afford take a 50% salary cut anyway.

[harper]

50% is "I'm cutting ties and moving halfway across the world to [INSERT DREAM TO BE CHASED HERE]", not "I want to switch career paths within the same place." That is a LOT of money.

Sit down and think about your skills and where you want your career to go. The next job you take probably won't be the last one you ever take, so even with "room to grow" think about the path it'll lead down. I guess taking one step forward either personally or professionally with each move is the goal.