Should I change Jobs in a recession?

[laurannm]

I currently work in IT at a major University. While I don't hate my job, I am not sure I want to work in IT for the rest of my life, or even the next 5 years for that matter. I have been at this position for over 4 years and feel pretty secure.

I have the opportunity to take another position doing more with what I want to do and the career path I desire; a technical consultant for a major multi-billion dollar and extremely stable technology company. The new position would cut my commute in half (thus providing more time with the kids and less money on gas), and offer a very small pay raise (maybe 1%).

Because my current position is at a state university, I am considered a state employee and thus pay into a state pension plan. I also receive more vacation\sick time the I will ever need. The new position obviously doesn't offer a pension (just a 401k) and 3 weeks vaca.


I am incredibly thankful and lucky to even have a job during these times, and so I am completely torn...should I even consider changing jobs in this economy?

Thanks!

[LuciluS]

Laura:

That could be a Tuffy Decision in our Country Today. Any way possible to get a contract or Agreement in writing say for 5 years from this company?

Did you ask how much, if any, the company matches or contributes to the 401K plan. I've been out of the Accounting world for over 4 1/2 yrs., but I reecall a Company received a large tax break If they contributed to their own Plan.

I think I would put the pros and cons in writing. Then possibly in a day or two, I would sit down & go over the list, if you can wait to give decision to company...let's just say Monday.

Just by what you posted, the Pros are leading My goodness,
PROS CONS
1. MORE Time with the Kids 1. Unsure of Job Stability
2. Less Commute Time 2. Less Days (sick, vac) Off
3. Gasoline Costs drastically reduced. 3. Pension vs. 401k
4. 1% raise

Pension plans are invested somehow. Usually State Pensions don't take the risks a Major Company might in a 401K if Co. pays into 401k by matching employee contribution or based on salary.

I think I would call them & question them on their 401k plan. Could be Company has a booklet with explanation and would be glad to give one to you.

I also think I would call the Main Person you spoke with & explain you are concerned with Job Stability with our Country as it is - Grrrrrrr. Might be you could get a 5 yr. contract or one that removes the 'firing of an employee without cause'. Without clause varies from State to State.

I worked for the State in 1972 for 5 years while I worked on my Accounting Degree. It's a mundane job but you have job security.

Luci

[laurannm]

Thanks for the feedback

The state I live in is an employment-at-will state, and I am sure the company won't be willing to give me the type of contract you mention. They match 401k, up to $3k per year.

I just spoke with the manager (a friend referred me to this position and I also have worked with the manager before) via phone and we had an informal but very good conversation. The raise would be close to 10%, a lot more than I expected. It's a tough decision.....

[AngelinaCat]

Hi Laura: I truly feel for you.

You are correct. In an 'at-will' state, you have no safeguards at all. You could take the job with the cut in commute time and raise in salary, and all the benefits AND cons, and sever your ties with the former company, be totally happy, then *boom* in three weeks be notified that your new company has to cut costs.

Guess what? You as the 'new hire', will be the first to go. I think I would hang in where you are if you can. No one can predict what is going to happen in this economy.

Good luck~~

[LuciluS]

Thanks for the feedback

The state I live in is an employment-at-will state, and I am sure the company won't be willing to give me the type of contract you mention. They match 401k, up to $3k per year.

I just spoke with the manager (a friend referred me to this position and I also have worked with the manager before) via phone and we had an informal but very good conversation. The raise would be close to 10%, a lot more than I expected. It's a tough decision.....

Sorry about the Pros & Cons being co-mingled. Guess using the Tab key doesn't work. 10% Raise! Wow! Again, your decision. You might want get your hands on an Employee Manual or an Annual Report of their 401K Plan.
Possible to compare the ups and downs of your Pension Plan to their 401k.

If you decide to switch jobs, I would suggest you find someone in the Financial Field to assist you in thewho, what, when, where of your Pension Plan. When Dh and I left IN for a job offer he received in my home state, AR, he had a nice size 401k plan.

The company he went to work for didn't match any contribution in their 401k plan until employee had been employed for 6 months & then it was 1 1/2%. We found an Edward Jones agent & his plan is/has growing and remains with them today.

((((((((((((((((((((((Sending Good Vibes Your Way))))))))))))))))))))))

Luci

[JRScott]

This is not something we really can answer for you.

My advice, pray about it, see which path is best.

[banca rotta]

As Jrscott said we really can't answer this. I would say whatever moves you make in these difficult times you should do it if you have some sort of cushion to fall back on.

You can't stay in your current field if you are unhappy but if your current employer would allow you to come back (which in most cases may not happen) or if you have a huge savings, enough to survive a year in case your move doesn't work out as you thought.

Good luck whatever you do!