Nickel wealth note: I think that in our culture we are all created in order to climb the corporate ladder at any cost. But is this really the right decision?
I personally struggled with this a few years ago and decided that I was okay, I stopped my corporate career in favor of a better work-life balance. There were many things I wanted to do without sitting in my booth:
- time with my family and being close while my children are small,
- I do a hobby
- spending time with friends,
- and, of course, I am doing business in the real estate industry.
The next promotion is a very personal decision. It wasn’t worth the money for me, but for you it might be your dream job.
There is no right or wrong answer, but you must consider your options before taking the jump.
With that said, Michael has a lot to say about this. Read on to find out about the pros and cons of such a major promotion …
One of the main leverage you can use to achieve financial freedom is the amount of money you make.
For most people, it takes a promotion to make more money. Maybe even get a few promotions.
Most promotions usually take you to a higher level in the organization or increase your remuneration. They usually require you to take on more responsibility, take on additional projects, or even lead some employees.
However, in a traditional company, there is a special type of promotion that takes you into a completely different area of responsibility. This is where the rules of the game change and your preconceptions about what you are thought you wanted to get tested.
I’m talking about raising to senior level within the organization. This is usually the goal of many aspiring people seeking to climb the infamous corporate ladder.
What is senior level?
The names may vary slightly depending on the company and industry. Traditionally, a senior level in an organization will have a title that may include the following:
- Head of department (CEO, CFO, CIO, etc.)
- The president
- Vice President
- Director
- Some combination of the word senior attached to one of the above titles
I am not including headings containing the word “manager” in the above categorization; I’ll see why in a minute.
I have not been able to find an accurate figure for the number of individuals holding such titles compared to the overall employee base of the organization. Based on personal experience, I expected about 3-5% people to match the top-level categorization in the organization.
In my company, which has about 15,000 employees, there are only 400 people in senior management and related positions, from the standard director to the top level. This is almost 3% of the total employee base.
It is possible that if you follow a similar line in your own company, some top managers will make reductions, but this is not likely to be universal. This is why I have not included managerial positions on my list.
I’m talking about the highest levels of an organization, which usually take many years to reach. Not to mention the huge sacrifices, persistence and, in some cases, luck (like time, networking, etc.).
Do you think you’re ready ???
I’ve already covered some of the reasons why you might not get the promotion you’re chasing after in a previous article. The purpose of this article is to explain why getting such a high promotion might not be the best career step.
Again, when I talk about big promotions, I directly mean promotion to this higher echelon of the corporation.
This type of promotion really has a number of advantages:
- Higher pay / Sometimes much more, but not always
- Confession / Material proof of your professional achievements
- Prestige / This is a selected number of people by definition
- Hard work / Ability to solve complex problems
However, the benefits listed above come at a price. Before embarking on one of these roles with both legs, you should consider not only the disadvantages, but also whether you want this promotion.
Here are some signs to look out for and take into account before crossing the upper tier threshold.
Your BS tolerance is low
If you are easily frustrated with bureaucracy and having to jump over hoops for every decision, keep your hands on. Working at the highest level requires a lot of patience and the ability to put up with other people’s nonsense on a daily basis.
If you’re the type of person who likes to get things done quickly and doesn’t rely on others to get things done, it will be difficult for you to hold a leadership position. At this level, the main thing is to achieve consensus and eliminate false fears.
Working with bureaucracy is indeed common at all levels of the company, but the higher level takes it to another area. Be prepared to spend a significant portion of your time in this category.
Don’t cross the threshold unless you’re ready to pounce on some serious Kevlar bullshit.
You refuse to play politics
I understand you have principles and strong beliefs. Why should you compromise on a solution or settle for an imperfect location? Unfortunately, when you work at this level, you are surrounded by people who care about their interests.
Every statement you make and every decision you push will need to be coordinated with your peers to make sure they have the right level of support. Gaining this support may require compromises and concessions that are not always in the best interest of your team.
If you think you can act without playing politics, I can confirm that it is possible. But only if you have achieved financial independence. Otherwise, you are strongly exposed.
You hate making tough decisions.
One of the most important responsibilities of people in these positions is the ability to make difficult choices. There is a reason why most people trust their boss to make decisions and more. Some of these solutions can be quite tricky.
Most people don’t want the kind of responsibility and pressure that comes with it. It could be a career choice, a risky sales decision, or a change in company strategy. The possible pitfalls are endless.
The stress associated with this level of decision making is overwhelming unless you’re a psychopath.
You value your time
For most people in leadership positions, their time is no longer theirs. The line between working time and family time is blurred and very little is prohibited. You are expected to have both your company and your employees available at all times, regardless of the existing culture of work-life balance.
While this can be controlled, it is difficult to do. If you prioritize your personal overwhelming work in one of these roles, you are indirectly limiting your progress.
It is always important to weigh the benefits gained from such a role versus wasted time, which is usually greatly underestimated. This is one of the biggest pitfalls when climbing the corporate ladder. Most people justify the sacrifice by convincing themselves that they are doing it for their family, but in the long run it is often the other way around.
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You don’t like openness and uncertainty
Whenever you take on one of these roles, your job is inevitably at risk. In an organization, it is easy to hide deeper and go unnoticed. There is a certain level of safety in this reduced impact. But once you get into the spotlight and do this big promotion, you are faced with all the elements.
Companies fill these senior positions more than any other level in the organization. One day you think you are doing well, and the next day the political tides turned against you almost overnight.
This is another great reason to be financially independent in these positions. You never know when things might turn south.
Do you like what you do
If you are happy with your role and are doing a great job, think twice before making such changes. It is often seen how people are promoted to leadership positions and become unhappy. This usually happens because the work at this level is very different from what they are used to.
Top-level roles tend to be very administrative, and the problems that need to be addressed are more complex. The work also tends to be more strategic. Very little work is really “finished”. Instead, it moves on to the next step.
If you enjoy the instant gratification and sense of accomplishment that comes from completing tasks, you may have a hard time coping with adjustment.
Should you leave?
Most people are blinded by the increase in promotion rewards. They never care about the impact on their lifestyle or even the personality changes they need to accept.
I do not mean that you should give up a promotion. This is, of course, a purely personal decision. I’m just pointing out some elements of promotion that many people either ignore or only guess in hindsight.
All good decisions are made with eyes wide open. As someone who has had to learn some of these ideas first-hand, I can tell you that they are real and difficult to understand.
In my opinion, developing a financial independence strategy before taking on one of these roles should be mandatory. These types of roles are unstable in the long run because they are too demanding. Something must eventually yield, be it your love life or your career.
Make sure you have a clear exit strategy if you are considering this type of position in your career. It is also important to have a very open and frank discussion with your family before considering this type of work. They will need to support you during your journey; otherwise, it will be difficult for you to succeed.
Ultimately, you will need to balance the desire for financial independence and the sacrifices that may be required to achieve those goals.
This article originally appeared on The Money Mix and has been republished with permission.
