Should I stay or make a move in this economy?
I’ve been working in Financial Reporting at a Fortune 500 pharma/biotech company for a couple of years now, enjoying the predictable hours and the people I collaborate with. Recently, I received a lateral job offer in a different industry, specifically in FP&A, with similar overall compensation. However, my current role offers less cash, as I have RSUs/options that will vest at the end of the year.
The new company is also a large global firm, although it’s not my first choice of industry. At first, I was excited about shifting from Accounting to FP&A, but given the current economic climate and rising concerns about a recession, I’ve started to rethink my decision.
I handle SEC reporting and have a good amount of tenure at my current company, which gives me a sense of job security amid these uncertain times.
So, here’s the question: Is it wiser to remain in a reporting role for the sake of job security, or should I take the plunge into FP&A for nearly the same total compensation, especially considering the shaky job market and the potential for a recession?
One response
It sounds like you’re facing a tough decision, and it’s understandable to weigh the pros and cons carefully given the current economic climate. Here are a few points to consider that may help clarify your situation:
Job Security: You mentioned that your current role in financial reporting offers decent job security, especially considering the stability of the pharma/biotech industry. If the economy takes a downturn, this stability could be very valuable. On the other hand, transitioning to FP&A in a different industry might come with uncertainties, especially if the new industry is facing its own challenges.
Compensation and Equity: Although the all-in compensation numbers are similar, it sounds like you stand to gain from your current RSUs/options vesting at the end of the year. Make sure to factor that in, as it could represent a significant financial benefit. If you stay, you’ll also have the opportunity to potentially negotiate a raise or bonus based on your performance and tenure.
Career Development: While you have expressed interest in transitioning into FP&A, consider how each role aligns with your long-term career goals. Will moving to FP&A provide more growth opportunities, or would staying in reporting allow you to climb the ladder in a specialized area?
Work Environment: You mentioned enjoying your current work environment and colleagues. This can greatly impact job satisfaction and performance, so consider how important that aspect is to you. A positive work culture can outweigh other factors, especially during tough economic times.
Market Conditions: If the economy does worsen, companies often make cuts in areas such as FP&A, which may not be as secure as reporting roles. Staying where you are might provide a buffer against the uncertainties of a potential recession.
Risk vs. Reward: Every career move comes with risks. While the offer sounds promising and you are excited about the new role, weigh how comfortable you are with making a change during uncertain economic times versus the known stability of your current position.
Ultimately, it’s a personal decision that should weigh the financial aspects, job satisfaction, and your long-term career goals. If possible, consider discussing your situation with a mentor or career counselor who can provide additional insights tailored to your circumstances. Good luck, whatever you decide!