Great power comes with great responsibility
Uncle Ben’s words of wisdom to Spiderman. Although I’m not a superhero, this sentence always crosses my mind when I think of getting a promotion in a company. Getting a promotion brings a lot of things to one’s life. To name a few:
- More money
- More power as you may have to manage a team or a department
- Opportunities to work on more challenging tasks or projects
- Opportunities to work with people who you didn’t engage before
Promotion at a workplace is often associated with recognition of your own talent and ability within the company. Everyone should be aspired to get a promotion; however, you should not forget having more responsibility could mean spending more time at work. Depends on where you are in your life or what you are looking for from the job, you may not want that promotion.
Time is money
UK tax authority charges high tax on the income. Based on 2018/2019 UK income tax rate, if you earn GBP 30,000/year by working 37 hours/week the take-home pay will be about GBP 457/week after tax and your hourly rate is GBP 12.35. Supposedly you get promoted and the annual salary is increased to GBP 40,000 with take-home pay of GBP 588/week after tax, but you find yourself having to work much longer hours. If on average you have to work 48 hours/week, your hourly rate will be GBP 12.25. Is getting extra GBP 131/week worth spending an extra 11 hours of your life behind the desk?
What is your career objective?
It is always best to consider if the promotion is linked to your career objectives e.g. will it give you the experience that you want? Money alone should not be the only factor to motivate you. What is the point in having all the money if you don’t have the time to spend it?