Two points to consider, which are inter-related: your current age and your pension.
After 29 years in the public sector, I've been offered a role in the private sector that I'm seriously considering accepting.
I'm a Business Analyst and after having worked on some of the biggest public sector change programmes in the last fifteen years whilst progressing my career I thought I'd test whether my skills and experience were attractive to the private sector. One CV submission and one interview later I've had an offer for a Senior Analyst role in a global change consultancy.
Salary-wise it's in line with the grade above mine and therefore essentially a promotion. I'm content with the overall remuneration package.
However this is a huge decision. I've always pushed myself and worked hard to keep progressing and over 29 years I've become very comfortable in the knowledge that I can do that with minimal risk as I'll always get paid at the end of the month. Taking a step into the big bad world is a little scary after all this time.
I've had someone whose business acumen I trust look over my contract and the company's status and financial situation; their garden looks rosy.
It's fair to say that I'm pretty risk averse therefore an already big decision is made more difficult. Do I go with the offer while it's there? A bird in the hand and all that.
Or do I stay and push for promotion to the next grade? I should also add that I've qualified for that next grade recently but there aren't enough posts available currently so I'm on a 12 month reserve list. I could get a call tomorrow or that call could never come.
Why am I telling you this? Well, there's a huge diversity within this forum so I'm looking for the collective wisdom (not WIS-DOM) on my situation to assist in my decision making. I've already discussed this with all of those people I trust in the real world.
Many thanks.
Two points to consider, which are inter-related: your current age and your pension.
Only you can make the choice obviously but the big bad world can't be that bad as lots (most) people in the world make it work.
If your pension is sorted, why wait 12 months for a call that might not arrive? You can say yes now and have the benefits the promotion offers for you and your family, (its how it works in the big bad world) its often said a change is as good as a rest.
Surely you will still get paid at the end of the month, just as you do currently, unless its a contract role or commission based?? if the latter stay where your are.
Hi and thanks. It isn't commission based and I won't have to create my own client base. It's based in Newcastle and I'll be allocated to accounts based on my experience and skills. A kind of roll-on-roll-off approach.
I've accrued a good pension so far and that will be in the bank.
Turn your change skills on yourself.
You are the project. Decide on the budget.
Make a RACI table, a stakeholder list and a risks and issues log.
Decide on a timeline and a comms plan.
Once you have it all in place, then it's time for a Go / No Go.
As you applied for a position in the private sector it would suggest you're ready for a new challenge. I went the other way, private to public winding down towards retirement and the culture difference is stark, private very focussed and results driven, public very laid back and no chance of getting fired.
Being with the public sector, may I assume your pension is a final salary scheme?
If so, do not underestimate it’s worth...
Also worth considering as you get older... sick pay.
As someone that also worked in the public sector, I can’t begin to tell you how greatful I was that I was on full pay when I needed 3 months off work due to illness. They also allowed be to come back on a part time bases until I was well enough to go full time.
Lots to consider..👍
From what you’ve said about being risk averse, I would say that you are better off staying where you are and pushing for promotion at every opportunity.
Whilst the public sector may not pay quite so well paid, there are plenty of other benefited to consider as has been mentioned already.
The private sector was cut throat with little job security when I left it twenty five years ago and from what I can glean, it has only got worse in the intervening years.
In your position and at your age, I’d be sitting pretty and looking to take a good early retirement/redundancy package if and when it’s offered.
With that security behind you, you can then pick and choose whatever you want to do.
Are you comfortably paid now? Do you need the increased income or are you happy where you are? If you are likely to be promoted in your current job at any time in the next year will the more immediate increase in wages actually make much of a difference?
Will moving jobs make a huge/ marginal/ no difference to your pension? You should be able to transfer your existing pension into your prospective new employers scheme,but is that scheme better/worse/the same?
You say you are very risk averse so would moving from your ‘safe’ job to what you clearly perceive as a ‘risky’ job prey on your mind and forever give you something to worry about?
And finally what is your gut instinct? If someone held a gun to your head what would you say? (apart from asking if you could change your underpants!)
Agree the pension is probably key/very important. If they are contributing minimum then you will pay 5% and employer 3% into pension scheme no sure how public sector stacks up - of course could be more generous than the minimum at the new place, but I think PS employer contributions can be seen as worth about 20% vs a small amount required by the private sector.
Op, job security and employment rights are quiet a biggie, at the moment you have rights and a sizable redundancy/severance if you had to go, when you move this all resets, effectively you are on trial for two years, the future is a bit shaky for all of us
Given the current situation in the world and your security where you are, better the devil you know. And although the new job would be equivalent to a step up what happens next? Any more steps available?
Started out with nothing. Still have most of it left.
This for me. Under the current climate I’m not sure I’d be leaving somewhere where I have the security of full employment rights. The rise in salary is soon wiped out if it doesn’t work out for you in the first two years.
I guess it depends on what you want to risk to move up. Sometimes all we need is patience and it will come to you.
Good luck with whichever way you decide to go and do it without regret.
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Doesn’t read like there is a significant financial incentive to take the risk and I’m guessing you probably have a feet-on-the-desk kind of job in the public sector. Stick.
Ive recently retired........completely different work to you though! I was a blue collar worker, on a final salary pension.
If it were me? In these current strange times, Id stay...God knows whats around the corner! Stability could well be a godsend in the future,
Id wait a year or two (or however long Covid is going to affect everything) before making major decisions.
You said, you sent your C.V. etc in, with great results etc. Im sure another year or 2 would yield the same results? I mean...IF you fancied a change then, you are still relatively young...so wouldnt make much difference.
You may well, get a promotion in the interim anyway? Theres a lot to be said for better the devil you know...........especially in these crazy times!
"Personally" , as I was reaching my target retirement age of 60....I was "winding down"! so was glad of "better the devil you know"...Horses for courses of course! Good luck in whatever you decide.
My only observation/comment would be to make sure you are completely clear on (and happy with) the expectations of working for a large consultancy firm. Quite likely it will be very different from what you are used to. The style of work, moving between clients, etc. AND the (fankly ghastly) corporate style that many of these companies have is a bit of an acquired taste. I speak as someone who has worked for a big-four consultancy; then after a long period in industry moved to a very small "boutique" consultancy firm (which was great) that was then acquired by a huge American SI (which was grim in the extreme).
I had a similar wobble recently.
I have been in the public sector since 1998, and I’m almost at the end of the mortgage so thought should I spend the next 10 years chasing salary rather than pension.
I would still consider but the current climate made me think twice in case I ended up out of work.
I think instead I would like to draw my pension early and try consultancy when I get into my 50s.
It doesn’t sound like it’s going to be a huge pay rise if you it’s the equivalent of 1grade up at your current work.
If you were say, doubling your salary it may be worth it but for a modest increase you have to decide if the stresses of a new job are worth it.
As mentioned earlier you are effectively on trial for 2 years and this in itself can cause stress and anxiety and an expectation to work pretty damn hard from the jump!
Are you unhappy in your present job? Aching for a new challenge? Or are things ok? I worked for the NHS and then the HE sector. I was wined and dined by a private company and offered a big pay rise plus other benefits such as a company car early in my NHS career. I'm risk averse and glad I stayed put. At the point I was no longer enjoying my HE roll I had the opportunity to take early retirement with redundancy. Financially I'm not wealthy but feel secure. If I was in your position and still enjoying my present job, I'd probably stay put. As for pushing for a higher grade, assuming that comes with extra responsibility, go for it if that's a move you want. My happiest time was teaching - management paid more but ultimately wasn't as enjoyable.
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In the current circumstances if I were in your shoes I'd stay unless the new role came with some guarantees on notice pay and was a lot more money. You can move in a year or so when things are settled.
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Really good points above, I agree with all of them. Its always very flattering to get a job offer, however as others have said, the world is a changing. If your skills are as tranferable as it appears, waiting 18/24 months to a post Covid world will ease your feelings of being “ risk averse” . Just my 2 p’s
Steve
Good for you reaching out and congratulations on the offer - it's nice to be wanted! Good points above - on private vs public sector, as mentioned above I'd consider the additional pressure that will come with the private sector role (e.g. I often work 12+ hour days, and you're on call during evenings, weekends and sadly holidays) and the loss of certainty (one of my colleagues, who had moved to another part of the business, was put on garden leave this week, no warning whatsoever).
If it was me, and I wasn’t unhappy in the current job, I’d stay where you are for now. I think there will be a lot of changes in the private sector over the next couple of years. A lot of people are happily plodding along now either working from home or on furlough thinking their jobs are secure. All well and good whilst there are the jobs for them to do but it won’t take long for those at the top to work out that a job that can be done from home doesn’t need to be done from a home in the UK and can just as easily, and much more cheaply, be done from a home in somewhere like India. Something which would be much more politically sensitive in the public sector.
On the other side of the coin though we have a huge debt to repay and I can see the austerity of the last decade looking like the golden years in the not too distant future so promotions and pay rises in the public sector may not be easy to come by.
When I first started in Financial Services my boss told me tongue in cheek that Final Salary scheme pensions were worth 25% extra on top of a salary - he was right, they are. Worth baring that in mind.
You’ve also built up 29 years of redundancy payments should the worst happen. Plus you get to 55 and that happens, they may enhance your pension with redundancy so you can retire early.
That pay rise/promotion may be just around the corner right where you are.
You have security now.
That said ......
Life is too short, you feel the need for a change then maybe go for it.
I’d weigh up all the pros and cons. Write them down. The right answer will be staring up at you.
Echoing what others have said it is good to be wanted but I personally would not want to be changing roles right now, not even for extra money. The risk is just too high and you're effectively on probation for the first two years.
Pension contributions are something to factor in but it looks like from your next birthday they'll be giving a fair amount anyway.
If still desiring a change I would try move within your current employer or to a different branch of government. After Covid I would reassess the private sector but for now I wouldn't be putting myself in a precarious position.
As you're risk adverse staying put is the obvious choice. You've also said you're seeking a change and this opportunity sounds a decent one so you're clearly tempted.
I think it comes down to your gut feel and for me that usually determined the right route, especially where head and heart differed, so I suspect you have a clear preference.
If you want reasons to stay then think about security, absence of change and you may get that promotion internally. If you want to go then challenge, change, more money and probably more career development/progression all seem likely. Do you want to make the change or play safe and hope things change?
I've learned that you tend to regret what you don't do rather than what you do and that it's easy in the public sector to become comfortable with what you know and that leads to a lack of ambition (that doesn't mean you don't work hard though). I moved to the private sector and have no regrets at all, for me at least it wasn't so different but there was a need to be adaptable. It has been sightly more demanding and more challenging but I've enjoyed it as I'd forgotten how much I like challenge/change.
Snap - it’s the security that would concern me especially with the world so volatile at the moment. I have taken some risks in my career but my gut tells me now isn’t the time, especially when your age is about to begin with a 5 and we are creeping out of a global pandemic. It may be more difficult to change career again in your mid-50’s if anything goes wrong imho.
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TTC,
Plug all the risks and issues raised on this thread into a log and try and assign a mitigant to each.
You might want to weight each risk and issue according to severity. So a Sev 1 issue might be pension and another might be illness. Then a Sev 2 issue might be relocation etc. You can go right down to the minor stuff.
It can give you a better idea of the key factors influencing your decision, and you might find the whole thing hinges on the fact you only have one life and you want to give something else a shot.
I guess I'm in the "stay" category.
Pros:
- 29 years of learning (and gaming?) the system
- You're already eligible for promotion (demonstrating ambition and initiative could seal the deal!)
- Your risk-averse nature says stay
- Unknown future with Covid-19 and also BREXIT
- Not resetting yourself back to zero with a new employer
Cons:
- Less money in the short-term
- Unknown future "lost opportunities" in private
Heres my advise
RIAC
I’ve gone round this bouy a few times. I’ve opted to stay. Money isn’t everything to me and the roles I’ve had have been very interesting. Just keep applying for the promotion and it will come eventually. Is it an SCS level role you’re looking to move into?
After 29 years with one employer I'd be reluctant to leave without a bung. You've tested yourself in the market and not been found wanting so I think I'd take that as a confidence boost but stay.
In the Sotadic Zone, apparently.
David, you can probably guess that my general outlook isn’t going to be very pro- public sector. Personally I don’t think I’d ever have lasted 5 minutes in a public sector job. I somehow managed 15 years in employed private sector roles and for a long time I’ve been entirely unemployable.
What I suggest you do is to think about what you really mean when you say you are risk-averse. “Risk” is an interesting concept. When most people talk about risk they are referring to their personal perception of risk. Unfamiliar or new situations are naturally perceived as higher risk even if objectively obtained statistical data points to them carrying no higher risk.
Many employed people think that employment is “lower risk” than running a business, for example. More than once I’ve seen evidence of this when someone in a bank (employed on a salary!) has approved people employed in my business for lending, at a time when I or my former business partner could not get a loan approved by the same bank.
My perception, as the unemployable man, is that being in control of my business exposes me to lower risk than being employed in an organisation I don’t own or control. My employer might be incompetent, or might sell up and retire, or merge the business, or change its direction in a way that leaves me and my skills redundant.
I don’t think the public sector is risk free either. Without overly politicising this, it’s clear that the various operational arms of government have grown and continued to do so. That can only happen for as long as the economy supports it. Will it? Who knows. But the closer your role is to vital operational infrastructure, the less likely you’ll be a victim of future rationalisation. In the current climate there could well be public sector belt tightening.
Good luck whichever way you decide to go.
Therein lies your main question that needs answering....
And without meaning to sound at all condescending, the private sector is different.- I worked for 36 years in a private sector company ( biggest market cap. In the world for most of that time)
Wife, however is public sector and I regularly hear tales of people’s incompetence and laziness that frankly just wouldn’t be tolerated on the other side- as I say, no aspersions cast but it truly is a different world.
I’m sure you’re on board with this.
And good luck whatever way you go
One of my prime criteria would be work/life balance - is the commute shorter or further (post covid), and will the expectation be to attend the office daily or a couple of days a week WFH? In the private sector it's unlikely the norm to arrive at 5 to 9 and leave at 5 past 5 (I may be doing the public sector a disservice there)
TZ Collective,
Thank you so much for all of your input. This post only went up a couple of hours ago and already you've given me a wealth of your knowledge and experience that will help me so much when making this decision.
And so it should be. Don’t sell yourself too low. The pension is worth a lot. If you leave the pension will only grow with inflation and not your salary.
Have you seen annuity rates - £2-2.5k per £100k, so just increasing your DB pension with the civil service by £500 in one year is worth £20-£25k DC contributions. Then if you get a pay rise and your DB pension goes up in proportion the DC equivalent can be tens of thousands of pound.
I’m not saying don’t go for it, but carefully work out what your civil service pension is worth each year. You’ll be surprised, and vastly more than a private DC contribution.
Make sure the private industry package makes up for that, and then pays you at least 10% more of the whole package for the risk you are taking.
Do you like the people you work with?
More than salary, pension, job security, career progression - I would say that being around a team of people that you can get on with - and working for a supportive organisation - are massively important. I don’t know if you have that now, but if you’ve been in the same place for a long time you may not have noticed how comfortable it all feels.
I worked for 17+ companies in 31 years - evidently I don’t like people very much :-)
Stay. If you were 10 years younger, in a desperate situation or happy to take a big risk, the answer might be different. But after 29 years in the public sector I think the private sector will come as a huge shock. If you're going to do it you need to be prepared for a much faster moving, cut-throat environment and be 100% confident that you can deliver. They will not hesitate to dispense with your services in a heartbeat if you're not cutting it very quickly.
Can your current employer ever fire you? Era of loyalty is over. If you want to progress sometimes you have to force it. Also factor how in the demand your skills are - being made redundant may not be that bad if you can walk into a job in a few months. Frankly with pension - I see the age being pushed up further and further, will we see a pension before 70, 72? Worth considering that too.
I left my rather secure job 4 years ago (ok only there for 10 years, but on a final pension and relatively secure) and did a complete career change. It's only around now it's beginning to pay off, but I do not regret it one bit. If I had stayed, I'd be miserable and doomed.
It used to be. Now with rock bottom rates and increased life expectancy a typical 60ths accrual DB pension is worth 60% of your salary per year.
How do I know? My benefit statement I get from my company say so, and advises the monthly contributions they make to satisfy this benefit.
Downside for me is I lose this benefit on 1st July 2021. It was nice while it lasted.
You have received a lot of great advice and I am probably not adding anything by posting this, but you are considering taking quite a risk at an uncertain time just to gain what is effectively a one-grade pay increase. You are giving up a secure position and as has been said, you will have minimal employment protection for the first two years in your new role.
Unless you are bored off your tits, I would stay where you are and see how the next year shapes up. If this is your first offer since looking there may be something much more attractive around the corner. Consider taking up a bit of part-time study to help your push for promotion at work and to demonstrate your value to prospective employees in the future.
I've tried the public sector three times. I've enjoyed it but each time left for private sector jobs. The first two I didn't make it to 1 year, but on the last occasion I did 5 years. Was in a senior role, well paid, built a great immediate team of people I liked and who were great at their jobs, had an amazing work life balance, and a 3 minute walk to the office. By most people's standards I was in a peachy position in my 50s to cruise to a simple retirement.
However, the frustration of the organisation's ineptitude, of political meddling by our ministerial dept and others, some poor leadership and overly maternalistic culture and time wasted over and over again on non- value creating stuff made me unfulfilled. It really brought home how lack of professional satisfaction can possibly be more stressful than having to graft big time.
I left and now work for a high growth business with private equity shareholders. I work my nuts off (working the kind of hours I did in my 30s in a listed start up) but I lead a great team, we have achieved some amazing things, we are held to account for delivery, we are able to make decisions, my stakeholders are rational and supportive, the culture of the organisation never ceases to amaze me in a positive way - we all work hard, but we all respect each other and are driven to build the business. If I'm honest I resent the length of my work days, but I am able to have weekends AND my professional pride and self respect is fully restored. I'm am proud of my team, my colleagues, the firm and myself.
Yes, my public sector role did serve a public agenda, but the waste and dysfunctions pretty much offset the public good aspect.
Ask yourself. Do I want to sleep walk to retirement (whatever the point of that is) or do you want to challenge yourself, learn new things, feed a growth mindset and enjoy the journey?
I'm not saying that the OP should do the switch but what is life without risk? Crossing the road, or leaving the house is a risk. Not doing something is a risk.
A line I quote to others in career discussions is consider: Would you rather regret the things you've done/decisions you've made or regret the things you've not done.
Not an easy choice for the OP, and I've heard of many who have regretted leaving a peachy public sector role, but maybe now is the time to take that leap and see what could happen.
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