Getting a promotion and a pay increase may be the answer to your prayers. You might use this extra cash to start a retirement account, build your cash cushion or pay off debt. But unfortunately, a pay increase can come with a few strings attached, and you may quickly realize that you were better off without the promotion. Here's a look at seven possible consequences of getting a pay increase.
1. You May Have to Work Longer Hours
If you're fortunate enough, your pay increase will not involve too much additional work, and you won't have to work longer hours. But sometimes, a pay increase comes with additional responsibilities. This isn't a bad thing, especially if you like a challenge. But if your work weeks shift from 40 hours to 50 hours or more, this can cut into personal time with your family and your life may start to revolve around work.
2. Your New Job May Involve a Lot of Travel
Some people love jobs that involve travel. They can visit new places on their company's dime and have a completely new experience each week or month. But if you have a family or a lot of responsibilities at home, frequent travel can complicate your situation. You might spend several days away from home each week, or the job might involve several weeks of travel throughout the year. Depending on how much time you spend away from home, you might miss important family events, such as anniversaries, weddings, graduations, etc.
3. You May Have to Relocate
If you're promoted to a new position within your company, you may be required to move to another location. Change can be good, but you have to consider whether the move makes sense for you and your family. Moving away from your friends and family can create new problems. You'll have to uproot your family and start over in a new place. The salary might be attractive, but seriously consider the sacrifices you'll have to make.
4. You May Have to Go Back to School
Your boss may offer you a higher salary and a new position, but only if you agree to return to school and continue your education. If your company is paying for the schooling, it might seem like a no-brainer. But ask yourself, do I have time to return to school? You'll have to attend classes and spend several hours studying each week, which can be difficult if you have a family or other commitments.
5. You're Bringing Work Home Every Night
Occasionally bringing work home is tolerable, but if there is never enough hours in the workday to fulfill the duties of your new position, and you're forced to bring work home, you might have been better off without the pay increase and promotion.
6. You're Dealing with More Stress
If your former job was stress-free, getting promoted to a high stress position can affect your happiness and trigger burnout. Before accepting a new position, make sure you understand what's involved. Speak with others in this position to determine if it's the right job for you.
7. You Know You Won't like the New Job
You might be better off without pay increase if you know you won't like the job you're being offered. Some people will accept any opportunity as long as the price is right, but given how you'll spend 40 or 50 hours doing this job each week, you owe it to yourself to choose positions you won't despise, or else you could end up miserable and unhappy.
Being offered a promotion and pay increase means you're doing a good job and your boss feels you're competent to handle new responsibilities. But just because you're offered more money doesn't mean you have to accept a promotion. When do you think it's a good idea to decline a pay increase and promotion?