£70k wage cut. Am I mad ?
Discussion
Have just landed a new job, at last I`m dumping the North sea and will be home every night. Great shifts and very , very much less stress.
£70k less than last year for maybe 6 months training or so then 10k in shift allowance .
TBh it`s maybe more like a £50k cut, lessening to a £40k cut, but as last year included a big bonus then the reality for this year compared to last, is £70k less.
Am I mad
£70k less than last year for maybe 6 months training or so then 10k in shift allowance .
TBh it`s maybe more like a £50k cut, lessening to a £40k cut, but as last year included a big bonus then the reality for this year compared to last, is £70k less.
Am I mad
Congratulations.
It all depends on what you perceive as wealth? The fact that you're home every night.. less stress (until you've been under the mrs's feet for a month you'll know stress lol) or money.
In my case I have a lot of time to spend at home but i'm broke lol so I would love your salary but whether I could give that time up with my kids, I doubt it.
So no you're not mad. You may have just seen sense.
It all depends on what you perceive as wealth? The fact that you're home every night.. less stress (until you've been under the mrs's feet for a month you'll know stress lol) or money.
In my case I have a lot of time to spend at home but i'm broke lol so I would love your salary but whether I could give that time up with my kids, I doubt it.
So no you're not mad. You may have just seen sense.
As touched on above, only you can put a 'value' on being home.
With regards to your query; knowing the % drop would give more of an insight as the cut you describe could be tiny (or huge) in comparison to your overall remuneration package.
There's also the aspect of your future earning potential to take in to account. If you're a one-trick pony in a very niche market then of course that may hamper future prospects. If on the other hand you're more of a generalist with transferable skills and have the personal drive to gain further qualifications/experiences then you should have greater prospect of recovering your position.
Good luck!
With regards to your query; knowing the % drop would give more of an insight as the cut you describe could be tiny (or huge) in comparison to your overall remuneration package.
There's also the aspect of your future earning potential to take in to account. If you're a one-trick pony in a very niche market then of course that may hamper future prospects. If on the other hand you're more of a generalist with transferable skills and have the personal drive to gain further qualifications/experiences then you should have greater prospect of recovering your position.
Good luck!
My wife finished working offshore last week (marathon oil) and starts work for Edf next week. Nearly 40k pay cut. Bear in mind the recent helicopter crashes I'm glad she's finnished. I get to see her every night, she is still earning a very good wage and her chances of falling out the sky have drastically reduced. In my opinion the North Sea oil and gas is winding down. Maybe another 10 years plus decommissioning. So I reckon you have bailed at the right time.
I did exactly this. I went from an offshore role to working for a public sector utility company. Once bonus' etc are taken into consideration, I am down by around £70k per year.
Three weeks into the role, and I am loving it. Different pace of work, and a bit of a culture shock, however the ability to come home of an evening after work is incredible. I worked away for 20 years and for the past couple of years I have been making plans to move to an onshore role. Made adjustments to lifestyle etc.
I am now in a position where I have genuinely flexible hours, get to come home every night to have dinner and get to put my young children to bed. It's amazing.
I had a real struggle convincing employers that I genuinely wanted an onshore role. Some employers are actively dismissing any CVs that have oil and gas experience on them, on the basis that they assume you will be off when the other l and gas market turns around.
In short, go for it. You can never get time with your loved ones back.
Three weeks into the role, and I am loving it. Different pace of work, and a bit of a culture shock, however the ability to come home of an evening after work is incredible. I worked away for 20 years and for the past couple of years I have been making plans to move to an onshore role. Made adjustments to lifestyle etc.
I am now in a position where I have genuinely flexible hours, get to come home every night to have dinner and get to put my young children to bed. It's amazing.
I had a real struggle convincing employers that I genuinely wanted an onshore role. Some employers are actively dismissing any CVs that have oil and gas experience on them, on the basis that they assume you will be off when the other l and gas market turns around.
In short, go for it. You can never get time with your loved ones back.
Go for it, only you know all the details of old salary vs new but I expect it's £100-120k to £30-50?
I took a similar cut. I need to be more careful with money but my previous salary was good enough to save a bit, buy some toys and some shares to give me a little financial comfort.
It's easier that my new role is a better work life balance with a decent enough group of people.
I took a similar cut. I need to be more careful with money but my previous salary was good enough to save a bit, buy some toys and some shares to give me a little financial comfort.
It's easier that my new role is a better work life balance with a decent enough group of people.
I'm going for the exact opposite point of view...
You're mad OP!
I've (involuntarily) gone from a take home of well over £120k to £40k before tax (this has involved a forced relocation back to the UK)
You will miss every aspect of your old life, especially the freedom that your income gave you to do what you wanted, when you wanted..... want to Astroturf the garden?... old days, no issue - write the cheque for 7k and enjoy the results, nowadays... save for 6 months before deciding that £7k is better off in a "rainy day" fund.
Forget about flying anything other than economy on your (now only one) holiday
Bitter, me... not half.
You're mad OP!
I've (involuntarily) gone from a take home of well over £120k to £40k before tax (this has involved a forced relocation back to the UK)
You will miss every aspect of your old life, especially the freedom that your income gave you to do what you wanted, when you wanted..... want to Astroturf the garden?... old days, no issue - write the cheque for 7k and enjoy the results, nowadays... save for 6 months before deciding that £7k is better off in a "rainy day" fund.
Forget about flying anything other than economy on your (now only one) holiday
Bitter, me... not half.
K50 DEL said:
You will miss every aspect of your old life, especially the freedom that your income gave you to do what you wanted, when you wanted..... want to Astroturf the garden?... old days, no issue - write the cheque for 7k and enjoy the results, nowadays... save for 6 months before deciding that £7k is better off in a "rainy day" fund.
In other words it's stopped your poor taste from manifesting itself. Classic PH thread. OP I am sure the butler can learn to cook and you can let the chef go.
Only joking. As said above whether you are mad or not depends on how much you actual earn, and I am not asking you to tell us. If you are earning 150K+ then its big but you are still earning a lot. If you are earning 90K then that is a serious lifestyle change.
Only joking. As said above whether you are mad or not depends on how much you actual earn, and I am not asking you to tell us. If you are earning 150K+ then its big but you are still earning a lot. If you are earning 90K then that is a serious lifestyle change.
944fan said:
Classic PH thread. OP I am sure the butler can learn to cook and you can let the chef go.
Only joking. As said above whether you are mad or not depends on how much you actual earn, and I am not asking you to tell us. If you are earning 150K+ then its big but you are still earning a lot. If you are earning 90K then that is a serious lifestyle change.
Indeed. But of course depends hugely on other income (It is possible/likely on +100k he is likely to have at least have 1 x BTL property / a good amount of shares / other investments), perhaps his wife earns a lot/doesn't work. Perhaps he has a lot of outgoings (big mortgage or no mortgage?) with private schools or perhaps none. Too many variables.Only joking. As said above whether you are mad or not depends on how much you actual earn, and I am not asking you to tell us. If you are earning 150K+ then its big but you are still earning a lot. If you are earning 90K then that is a serious lifestyle change.
Last year was 100k this year will be 30k.
Have no outgoings though as pre planning meant I now have no debt.
I suppose I know the answer to my own question anyway as being home every night is worth more than money to me. I was only offshore 10 yrs so am not tied into the big money lifestyle and have just enjoyed the cash for a decade, and cleared my feet. Bought the toys, spent on the house, etc etc
The North sea is dire just now so my timing could not be better, and by coincidence I too am leaving oil to work for EDF.
Just convincing myself I`m not mental !
Have no outgoings though as pre planning meant I now have no debt.
I suppose I know the answer to my own question anyway as being home every night is worth more than money to me. I was only offshore 10 yrs so am not tied into the big money lifestyle and have just enjoyed the cash for a decade, and cleared my feet. Bought the toys, spent on the house, etc etc
The North sea is dire just now so my timing could not be better, and by coincidence I too am leaving oil to work for EDF.
Just convincing myself I`m not mental !
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