The word promotion stirs up a lot of emotion in people. It could mean that big break they were finally looking for to gain some more responsibility, it could mean a better office view, or it could simply be worth it because of the money alone. Whatever the word stirs up in you, you want to be sure that promotion is actually a good idea.
Before taking any promotion, you need to do some careful considerations on the actual value of that position and title change. If you’re unsure, then you don’t need to jump into it too quickly. Here are some ways to tell if that job promotion at work is actually worth it.
Pay increase is worth it.
The one thing that most notably strikes people as important when it comes to a job promotion is the pay increase. While the large numbers look nice on the contract sheet, it might not be all it’s cracked up to be. Using the calculator at https://taxfyle.com/income-tax-return-calculator, you can see if the job is actually paying more. It will change what tax bracket you fall under, so that $80 000 job is actually going to be paying you roughly the same as a $50 000 job if you account for the amount of effort and taxes. Still, if the money does offset these worries, it could be worth your time.
The work is more rewarding.
You might be toiling away at a job you love doing, and work what you hate, and then along comes your boss or manager with an offer for a job promotion because of your merit. Knowing that the work you’re doing is going to be something you actually want to do is a huge reason for signing on the dotted line as fast as you can. Even without the money involved, the work you might be tasked with could make the promotion a lot more desirable because it’s something you know you’ll enjoy.
It’s vertical career growth.
This one can be tricky to argue because vertical vs. lateral career growth isn’t always black and white. When you think of vertical career growth, you imagine moving up to a better position, more pay, and more responsibility, while lateral could mean moving to a new position with different responsibilities, but the pay isn’t all that much different. Sometimes, vertical growth might not be all it’s cracked up to be, and sometimes, lateral moves could end up allowing you to do something you love with a comfortable salary. If you value moving up the corporate ladder, then vertical growth potential is a good thing to look for in a promotion.
You plan on sticking around.
Lastly, if you truly love the company you work for, and love the people you work with, then taking that promotion can allow you to stick around for a long time. Deciding on a promotion can be as simple as wanting to remain in the same workplace, so if this is a goal you have, then that promotion would serve you well.
When choosing a promotion, you want to be mindful that you’re making the right choice for your personal well-being and career. Ask yourself these questions before signing your name on that contract sheet.