Guys and gals, I need some help with a big decision I'm about to make.
Bit of background,3 months ago I left a big aerospace company where I worked as an engineering team leader making just under £50k + 10% bonus and all the usual brilliant corporate benefits. I left on voluntary redundancy (available due to Corona) with a £20k payoff. I left as I'd worked there for 10 years, there was no further progression options in my area and I could do the job with my eyes closed.
My time off has been the best I've ever had due to being at home with my wife and 2 young daughters - honestly if I could financially afford to stay off for longer I would.
However, I've gone through~ half my payout and now have £12k left in the bank. I've been offered a job at a pharmaceutical company with a salary of £35k. This is for an engineering position so more junior than previous role and earning probably what I was making 6 years ago at my old job. I've got a few irons in the fire at other aerospace companies in the region and waiting to hear back on offers and being invited to interviews respectively paying in the low - mid 40s.
I've got a call with the HR lady at the pharma company today and I'm trying to weigh up whether I should take this job or not. The way I see it, pros and cons are:
Pros: -Change of sector, new technologies, for the first time in 5 years I will be learning new things again! -Possible stepping stone for future contracting roles, having experience in aerospace and pharma would make me more employable and I could command high hourly rates - £35k, even though a lot lower than previous pay is still about £10k more than national average salary. We live in a relatively poor area of the county (compared to the south east / London) so I'm probably about £15k above average. It's enough to pay all our family bills. We'd have to cut back on some holidays etc but with Corona nobody's travelling anyway. - want to secure a job before government furlough scheme ends and 2nd wave hits as a lot more people will be out of work. -its a small company with very high growth. There's options to progress quickly. -its only 10 minutes down the road so less commuting.
Cons: -would have to work my way up again -not saving into life savings for a good few years -no disposable income for 'treats', meals out, surprises for kids and Mrs.
Have you been in a similar situation? What advice have you got? Do I take this job or risk it and hold out for a higher paying role?
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