I haven't been happy here for a while. I was offered a job recently but it comes with a 30 percent pay cut, which is not insignificant. I've been here long enough that a 30 percent less money than I make now will not hurt me too much in the long run. My wife is encouraging me to accept it because she knows how much I hate this place, so I know I'll have her support no matter what I decide. But it's still hard to accept. I'm truly not sure what to do.
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I was in the same situation at a different large insurance company five years ago. I was a 15 year employee and my company had turned into a rolling dumpster fire. I started hunting for a job in earnest and accepted a position with a 25% cut in pay. Immediately upon starting my new job, I could not have been happier. I literally had 1/10th of the stress at my new job compared to my old job. No more unreasonable and constantly shifting job expectations, metrics, etc. All expectations of job performance were clearly laid out. 5 years on I’m making more money than my old job and have far better prospects for future gains than would ever have been possible at the old employer. I have kept in touch with some of my old colleagues and the situation there has continued to deteriorate ( as I predicted) and I have encouraged them to leave. ( many have and ALL are happier having done so ) Ultimately this is your decision to make but the deciding factor for me was recognizing that the situation had become toxic and it was time to leave. I wish you the best of luck.
Considering PTO is factored in as part of our compensation (essentially WE pay for our PTO) leave for a company that gives you 2 weeks a year and THEY pay for it, that will make up for part of your 30% loss.
Run as fast as you can. 35 year employee, rated BTE and my JOB was eliminated - a job no one else in the company had. No assessment, no IDEA it was coming. My leader actually told me I woudn't be RIFFED.
I assumed I would retire with Allstate. But I was too old and making too much money in their eyes - they got rid of a lot of us with the same scenario. RUN! Do NOT trust anyone
Im in a similar position. For now, Im going to hang on and pray for an offer of severance. I just hope that in the next round of cuts they ask who wants out rather than taking jobs from good people who need them
Be sure you’re evaluating the full compensation package. Pay may be 30% less but is that made up in the benefits? Allstate’s medical is very expensive both in premium and deductible, and the 401k contribution is subpar.
Don’t forget about work life balance. For a 30% cut it should be MUCH better than what you’re at now.
It really depends on how miserable you are and how sure you are that the new place is better. It may not be.
I personally wouldn’t do it. It sounds like you’ve been around a fair number of years. I’d go to therapy to increase tolerance of the b—s— so as not to bring the stress home, and wait for a severance package or a better paying replacement job.
If you’ve found an exceptional workplace, you should absolutely do it. If you are lined up at another major carrier, however, just sit tight. There is nothing but drama and likely failure in store for Allstate over the next decade. All other major carriers will experience much of the same. The big players in the industry are racing to be the lowest cost provider, and we are the cost.
Hard to put a price on mental and physical well being, revamp your budget and run. The future @ Allstate is not bright.
It’s not how much you make it’s how much you spend. Tighten your belt and run like HELL from this place!
Yes. I would take literally any job over continuing to work at Allstate at this point.
I wish I were in your position where a 30% pay cut would not affect you. If you know for certain that you would still be financially stable, and your spouse is encouraging you, then I would leave. Money matters to a certain extent. At some point, your happiness and sanity have to matter.
Whatever you decide, best of luck to you.
Look at it like this. 5 years from now which place do you see a better future?