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Which is better career path? Simply chasing the money every 3-5 years OR staying at a company a while and working your way up.
here is some background:
30 years old
Construction industry (heavy highway)
Current position is Project Engineer
Work for a large, well established company
MBA
I work in the construction industry (management side) and jumping around is almost common place. However, I DO NOT want to be stuck in my current role forever, which I fear might have happen if I do jump around. I want my career path to go like this Project Engineer --> Project Manager --> Project Executive --> VP/P Construction. Of Course, this is over a LONG period of time, but the end goal is the same. I didn't spend 3 years of my life getting a MBA for the fun of it.
I love the company I work for. They treat me well, they are doing very well financially and I recently been awarded a promotion. However, the pay could be better (as always) but I do ok (30 years old own a home and two cars so I can't complain).
The question is, is the short term goal of making 10% more worth the risk of leaving a company that I might be able to work my way up through the ranks?
Which is better career path? Simply chasing the money every 3-5 years OR staying at a company a while and working your way up.
here is some background:
30 years old
Construction industry (heavy highway)
Current position is Project Engineer
Work for a large, well established company
MBA
I work in the construction industry (management side) and jumping around is almost common place. However, I DO NOT want to be stuck in my current role forever, which I fear might have happen if I do jump around. I want my career path to go like this Project Engineer --> Project Manager --> Project Executive --> VP/P Construction. Of Course, this is over a LONG period of time, but the end goal is the same. I didn't spend 3 years of my life getting a MBA for the fun of it.
I love the company I work for. They treat me well, they are doing very well financially and I recently been awarded a promotion. However, the pay could be better (as always) but I do ok (30 years old own a home and two cars so I can't complain).
The question is, is the short term goal of making 10% more worth the risk of leaving a company that I might be able to work my way up through the ranks?
Thoughts?
Personally, unless I hated the job, I'd never jump for less than a 20% raise, but with a potential jump like that, it puts you so far ahead of the 3%/year curve that you need a very justifiable reason to stay. It's the equivalent of suddenly moving 6 years down the road in terms of your salary.
Obviously this assume the new company is stable and you don't hate them, but all things being verified, if you can jump for 20%, I'd go for it.
It does get more complicated when you have stock options involved though.
It depends on what you're making now and what that 10% is worth to you. For just 10%, at my income level, I wouldn't deal with the hassle of changing jobs, unless my current situation became unreasonable or there was some other benefit to it.
In general, I've had to change jobs to get any headway, but my previous jobs were ones that had little to no promotion potential, nor was I making enough to matter, so looking elsewhere was my only option.
Personally, unless I hated the job, I'd never jump for less than a 20% raise, but with a potential jump like that, it puts you so far ahead of the 3%/year curve that you need a very justifiable reason to stay. It's the equivalent of suddenly moving 6 years down the road in terms of your salary.
Obviously this assume the new company is stable and you don't hate them, but all things being verified, if you can jump for 20%, I'd go for it.
It does get more complicated when you have stock options involved though.
I don't have to worry about stock options, all privately owned companies.
10% was just an estimate, but I do agree what you are saying about jumping ahead. I have already made a mistake of leaving a very well-to-do company for a smaller company. I lasted 5 months and left.
It depends on what you're making now and what that 10% is worth to you. For just 10%, at my income level, I wouldn't deal with the hassle of changing jobs, unless my current situation became unreasonable or there was some other benefit to it.
In general, I've had to change jobs to get any headway, but my previous jobs were ones that had little to no promotion potential, nor was I making enough to matter, so looking elsewhere was my only option.
I agree. You have weigh out the pros and cons on each side. Which one is going to be more stressful. Which one will have a better work life balance. Will be working 60hrs for that 10%. You have to look at those factors. The working your way up route may have better job security but it's no guarantee of a promotion.
Which is better career path? Simply chasing the money every 3-5 years OR staying at a company a while and working your way up.
Longevity is pretty overrated these days. I don't know too many people who have stayed at a job longer than five years. Just take a look at the dates on random LinkedIn profiles. The young get accused of job hopping, but in reality older people are just as guilty.
Yes there is no loyalty in the workplace anymore. You should be ready to jump ship for better conditions as fast as they would get rid of you.
I agree that there is no loyalty for working at one company for a long time because in most cases you don't get promoted and when one of the higher ups buddy or best friend comes along, they get the promotion eventough you worked hard and put your blood, sweat, and tears in that company. I agree if you haven't been promoted after 5 years you should jump ship for a better paying job.
You have to weight risks vs rewards. If you jump to a place for a higher salary and end up getting laid off or what not it doesn't take too long to come out behind. Sometimes there is value in stability.
While not exclusive, most Project Managers I know in the heavy/highway industry generally need a PE. They might get away with a PMP in some areas.
If you were on the consulting side I would highly encourage you to "jump around" to follow the path you have spelled out in your post. As a designer, my experience was that was the only way to get the next higher title. I'm not convinced it's the same way on the construction/contractor side, but I suspect there are similarities.
When you decide to take a new position, figure where you want to be in 5 or 10 years, and assume a small raise every year (2%), deduct those raises from your "where you want to be" number and that's what is reasonable to ask from your next employer. Or 20%. LOL
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