Would You Move For A Promotion?

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Biil McNeal
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Would You Move For A Promotion?

Post by Biil McNeal » Sun Nov 06, 2016 8:49 pm

Obviously everyone's situation is different in terms of roots and connections to your local community. Perhaps a better phrasing of the question I have is, "Would you move for a promotion into a C-suite position?"

At my organization, the senior executives appear entrenched and the visibility for internal promotion is hazy. Does the scarcity of these positions make it logical to search nationwide for career advancement? There are no family objections to relocation. How do you weigh a promotion into a smaller company vs. a lower position in a larger one?

j0nnyg1984
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Re: Would You Move For A Promotion?

Post by j0nnyg1984 » Sun Nov 06, 2016 9:18 pm

I've done it twice. No silly white collar job, though.

BogleBoogie
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Re: Would You Move For A Promotion?

Post by BogleBoogie » Sun Nov 06, 2016 9:18 pm

Biil McNeal wrote:Obviously everyone's situation is different in terms of roots and connections to your local community. Perhaps a better phrasing of the question I have is, "Would you move for a promotion into a C-suite position?"

At my organization, the senior executives appear entrenched and the visibility for internal promotion is hazy. Does the scarcity of these positions make it logical to search nationwide for career advancement? There are no family objections to relocation. How do you weigh a promotion into a smaller company vs. a lower position in a larger one?
When you start speaking of moving, unless the financial incentive so so superior I think you need to just ask yourself between the two scenarios...where do you see yourself happier? Not a great answer but there is no answer to your question, only questions to pose of you to help you answer your question!

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9-5 Suited
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Re: Would You Move For A Promotion?

Post by 9-5 Suited » Sun Nov 06, 2016 9:47 pm

If the pure vertical path through your organization looks difficult, one nice benefit of the bigger role at the smaller company is that you'd have the opportunity to learn the requisite skills and demonstrate clear, numerical outcomes that prove you can handle the higher responsibility jobs.

You may ultimately find that either you like the smaller company world more and stay in that environment, or return to a larger company with a more valuable set of experiences. So without knowing much else about your situation, sounds like a very appealing option.

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rob
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Re: Would You Move For A Promotion?

Post by rob » Sun Nov 06, 2016 9:53 pm

There are some that are defined by a position in their company and some that happen to work at some company. I'm the latter so no would not move without a serious incentive that is not just another rung on the corporate ladder.
| Rob | Its a dangerous business going out your front door. - J.R.R.Tolkien

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Watty
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Re: Would You Move For A Promotion?

Post by Watty » Sun Nov 06, 2016 11:37 pm

I was in a much different situation but I have relocated for jobs three times. I moved halfway across the country for my first job out of college. The next time was to go from a very high cost of living area to a low cost of living area when I was ready to settle down and buy my first house. The last time was during a company merger and the area I moved to had some important advantages for me but I didn't expect to retire there.

Each time the move was a good choice and it worked out well since different things were important at different stages of my life.

To me the big question is if you think the new area is a better place for you to live or not.

I retired last year and I did not expect to retire here and we had even discussed several possible areas to retire in. My son graduated from college a few years ago and is now married and our first grandkid was just recently born. They have bought a house and my daughter in law has a big family here that is close so it seems unlikely that they will move from here. With the family ties here now we are unlikely to leave.

Ideally you would be moving to an area that has advantages for you regardless of the job.

OutInThirteen
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Re: Would You Move For A Promotion?

Post by OutInThirteen » Mon Nov 07, 2016 10:21 pm

When I switched employers from one Federal contractor to another (primarily for promotional reasons) I moved my office across the parking lot. We didn't have to relocate our personal residence, which made it nice - no job change required for my spouse either. One interesting part of the office move was that my office moved geographically from the Mojave Desert to the Basin and Range Province.

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FrugalInvestor
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Re: Would You Move For A Promotion?

Post by FrugalInvestor » Mon Nov 07, 2016 10:36 pm

I made major moves multiple times to improve either my position and salary and/or advancement opportunities. I was very fortunate and it worked out well for me. That certainly doesn't mean it would work out well for everyone or even for me if I were to do it all again. I was relatively young and enthusiastic about change and opportunity which, I'm sure, was much of the reason for my success.

A couple of the moves would not be to places that most would consider to be terribly desirable but we always made the best of where we lived and ended up beautiful areas of the country.
IGNORE the noise! | Our life is frittered away by detail... simplify, simplify. - Henry David Thoreau

Biil McNeal
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Re: Would You Move For A Promotion?

Post by Biil McNeal » Sun Nov 27, 2016 12:01 pm

This is all good insight. Quality of life in a new environment is hard to tell if you've never lived there before.

finite_difference
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Re: Would You Move For A Promotion?

Post by finite_difference » Sun Nov 27, 2016 10:25 pm

I would not move for a promotion unless:

a) I expected to like the work better, and
b) like the location better (environment, weather, housing, good medical services, good school system for kids), and
c) the promoted salary was significantly (30%) greater after accounting for COL/housing increases, and
d) the job was either very stable in the medium term or there's a decent job market, and
e) wife and kids were OK with it.

Basically moving sucks but sometimes it makes sense. If you don't like your job or your location or you are unhappy with the COL then go for it.
The most precious gift we can offer anyone is our attention. - Thich Nhat Hanh

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FrugalInvestor
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Re: Would You Move For A Promotion?

Post by FrugalInvestor » Sun Nov 27, 2016 10:28 pm

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IGNORE the noise! | Our life is frittered away by detail... simplify, simplify. - Henry David Thoreau

nova1968
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Re: Would You Move For A Promotion?

Post by nova1968 » Mon Nov 28, 2016 9:09 am

The grass isn't always greener on the other side. There are a number of things to consider such as Cost of Living, State Taxes, Life Style, Career Opportunities, Financial Incentive, and the Organizational culture.

edge
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Re: Would You Move For A Promotion?

Post by edge » Mon Nov 28, 2016 9:44 am

Most of the replies are baffling. Things like 'cost of living' etc are brought up. These things are essentially irrelevant when in the context that the question was specific to C-level jobs.

The obvious answer is that in most cases, due to scarcity of jobs at that level and the 'fit' challenge, that you need to be ready to move for the next job.

SouthernCPA
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Re: Would You Move For A Promotion?

Post by SouthernCPA » Mon Nov 28, 2016 12:06 pm

Nope. I love living where I grew up and we're very rooted and involved in our local community. I would be absolutely miserable moving somewhere to start over again building the network of friends we currently have. These aspects of our lives bring us more joy than any job/money ever could. Plus, I'm not leaving the saltwater/Gulf Coast.

BW1985
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Re: Would You Move For A Promotion?

Post by BW1985 » Mon Nov 28, 2016 5:10 pm

Absolutely. Already have twice.
"Squirrels figured out how to save eons ago. They buried acorns. Some, they dug up, for food. Others, they let to sprout, in new oak trees. We could learn from squirrels." -john94549

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cockersx3
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Re: Would You Move For A Promotion?

Post by cockersx3 » Mon Nov 28, 2016 7:02 pm

My experience as an engineer is that, once people get to a senior individual contributor level, they have to move to different companies to move their careers forward. In my industry that generally means relocating your home. I can think of very few C-suite staff that have moved into their positions after staying with the same company. For better or for worse, many (most?) companies seem to prefer outsiders for high-level positions rather than their own in-house staff.

For what it's worth - I have moved at least 4 times in my career and have never once regretted it. In addition to the compensation increases these types of moves offer, it also give me an opportunity to see how other companies do things which has helped me to become a more well-rounded professional. (Also, after moving and settling in I've always been surprised at how overblown my fears of moving really were.) I would think that the same principles drive C-suite personnel to move - ie the folks getting promoted get larger salary increases and more experience, and the companies they work for get the benefit of that broader experience.

tim1999
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Re: Would You Move For A Promotion?

Post by tim1999 » Mon Nov 28, 2016 7:18 pm

Based on my knowledge of my boss' own career plans, my type of job, and where my employer is located, the only way I will ever get a higher paying job/a promotion is relocating.

TXPT
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Re: Would You Move For A Promotion?

Post by TXPT » Mon Nov 28, 2016 8:35 pm

Only if the new offer AND location blew me away. Moving is expensive and enjoying where I live is very important to me.

blinx77
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Re: Would You Move For A Promotion?

Post by blinx77 » Mon Nov 28, 2016 8:42 pm

Only if it was a really great job opportunity. Also depends on the location. My wife's family lives in another big city close to where we live, so presumably I'd have less of an issue moving there. All the way across the county would be a different matter though.

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gunn_show
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Re: Would You Move For A Promotion?

Post by gunn_show » Mon Nov 28, 2016 9:54 pm

edge wrote:Most of the replies are baffling. Things like 'cost of living' etc are brought up. These things are essentially irrelevant when in the context that the question was specific to C-level jobs.

The obvious answer is that in most cases, due to scarcity of jobs at that level and the 'fit' challenge, that you need to be ready to move for the next job.
Agree with this, based on the very basic original question. C-level jobs are very tough to come by, and often only available to internal contacts (80-90% in my large F100 company from birds eye view). If you could find a new upper-level job in a new company, and all the particulars checked out doing proper research, and that is truly what you want (some of us do, many don't), then go for it. I'm not in the group that believes in keeping a lesser job in a lower cost of living area, just because. Many posters here will. YMMV.

Of course location and pay (including both where coming from and going to) are big key factors. I am faced with a similar challenge to make the next level, but that means moving to the bay area, as many other threads are discussing. Living in SoCal with great pay already, the potential offer would have to be substantial. I imagine some day I will have to move, unless more higher-level jobs move to remote-capability, which there are some at my company and growing. As long as you live by a major airport within barking distance of HQ, you may be able to telecommute (weekly, biweekly, monthly etc depending on position and rank and duties). Look into that as well, depending where you live today.

It doesn't hurt to put a few hours into looking around and seeking some options. You could be surprised. Or, you may realize you're pretty set where you are and wait it out a bit longer. I've worked for 4 tech firms in ~8 years, and always moving up, it's often the best way to go until you find the right firm to stay with and grow internally. Many use the "grass is not always greener" line as a negative... but if researched right, it can definitely be a big positive.
"I love competition. And I want to win." R. Murdoch

ghudson
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Re: Would You Move For A Promotion?

Post by ghudson » Mon Nov 28, 2016 10:28 pm

Whether I would move for a promotion isn't really the right question is it? It's your life not mine :)

If I was you I'd lay out my goals for my life, and see how the move fit into them.

Remember to account for any increased risk associated with the move. For instance if you get paid more, but lose job stability, then is it really a better pay over the long term? (sort of an analysis that is analagous to the stocks vs bonds tradeoff)

Will your family/friend situation be the same / better / worse?

Etc.

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Hub
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Re: Would You Move For A Promotion?

Post by Hub » Tue Nov 29, 2016 9:24 am

AlexB wrote: Remember to account for any increased risk associated with the move. For instance if you get paid more, but lose job stability, then is it really a better pay over the long term? (sort of an analysis that is analagous to the stocks vs bonds tradeoff)
From my situation this is the largest consideration of whether to angle for a C-Suite exec position or not. I could stay doing what I do indefinitely and be marketable enough to other companies. I think I may however have a path into the C-suite at my company if I pursue it and the cards fall right. But then all of a sudden the job market is narrowed and sliding back into my current role if things changed wouldn't be necessarily a simple thing.

If I decided the risk/reward of the above was worth it then moving my family for the job wouldn't be a problem.

2Birds1Stone
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Re: Would You Move For A Promotion?

Post by 2Birds1Stone » Tue Nov 29, 2016 9:37 am

Yes!

As long as the juice was worth the squeeze. I would need at least a 50% increase to total compensation to move more than 2-3 hours away from my extended family/friends.

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