Congrats?

Weighing the rewards and responsibilities of accepting a promotion

A friend of mine recently contacted me with an interesting question about her future. Her conundrum? Whether to take a promotion that offered a significant jump in salary. But along with the jump in salary, she would be required to take on more responsibility, more hours and, of course, more stress.

I instantly thought, “Congratulations! Everyone wants more money!” She wasn’t on the same page. Throughout the last five years, this column has largely been focused on money: how to make it, how to keep it and how to grow it. My friend’s question threw me for a loop. I decided to reach out to Erica Alini, personal finance reporter at The Globe and Mail. Here’s what she had to say:

Is it better to make more money at a more stressful job or put up with lower earnings in a less demanding position? At first blush, this seems like an entirely personal choice: Say yes to the bigger job if you value the extra money more than the extra time you’ll have to sacrifice for it.

But not so fast. While the choice will eventually boil down to your individual preferences and circumstances, there are a number of factors to consider.

First, more money could actually help improve your work-life balance, even if you spend more hours on the job. Higher earners have the luxury of delegating some of their unpaid household labour to others whom they can pay to do the work instead. So does a bigger paycheque mean that, for example, you can now hire someone to clean the house? More free time over the weekend may well be worth longer hours on the job between Monday and Friday.

Also, would you have support at home if you said yes to the promotion? Could your spouse or partner take on a bit more of the household and childrearing duties?

Bottom line: If you feel like you’re already operating at 100%, a promotion only makes sense if you can dial back some of the tasks that take up your energy and time outside of work. A supportive employer and partner can make all the difference in this regard. But if that support isn’t there, don’t feel guilty about sticking to the boundaries that you know will help you preserve your happiness and mental health.

COURTESY OF LANA SANICHAR

Lana Sanichar is president and editor-in-chief of Canadian Money Saver magazine.

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