I am at company less than 5 years. In engineering. I am in scope. I have been applying for jobs, an offer is in works. It’s 30% lower than what i am making right now. It’s not in Oil and Gas. Should i take it or ride it out?
18 replies (most recent on top)
@10t exactly, the useless and the arrogant. This should have happened 10 years ago.
If you get laid off, you can look forward to 5 months of salary I think and EI. That would be equivalent to 6-7 months of salary at your new job.
If you can cope with the risk of losing your Imperial job, I would stay with Imperial. No private job is for life, and it is true for your new employer unless it is a government job (and even then). If not, you need to reduce the risk and move to the new job. Baseline, can you live with the loss of job?
UNLESS, there is potential to advance YOUR PERSONAL SKILLS at your new job in which case that 30% cut would be equivalent to going back to school and reskilling and making you more marketable.
@st There is a reason these people are being let go.
Stick around milk it till the end, then find another job. If you can land one right now in this market condition, you can do it again in couple years when QP closes. 30% is too big a cut to ignore.
@fa no it's about information, not coming on here for feelings. Find a therapist if you need one.
You are young. Go do great things elsewhere.
@er I would say most people come here looking for emotional support. Isn’t that what this website is really about?
Hate to say that, but basically, you are just looking for "emotional" support from the internet. If it works out, you will feel proud of moving to another job. If it does not work out, you just blame the internet.
You are trained as an engineer, and have been working for 5 years.
You went ahead and apply for jobs, and went through a couple rounds of interview. Why you are doing this from day one ?
Engineers are having problems finding jobs all over Canada. Take what you can get if it suits what you need.
I wouldn't trade IOL for another oil and gas company with that steep a cut. I would consider it if it was a company that I was trying to get a foot in the door with and seen longer term options that provided the fulfillment and/or development. There would have to be some trade off. I think jumping ship and taking a pay cut for the right opportunity isnt a bad decision. To jump to another oil and gas where the job certainty isnt necessarily better just to be paid less, Id wait it out and see how it plays out/what better opportunities exist.
At 5 years you should be looking to a new job anyways. Usually these come with fatter raises than you would have gotten at your current company. Keep looking around.
@OP The Oil and Gas industry has been going through the bo-m and bust cycle for a while with increasing frequency. The economic downturn in 2015 left a trail of job losses with companies pivoting towards process optimizations and outsourcing. Imperial's influence and position in the Canadian Oil and Gas Industry has shrunk in less than a decade from being in the leading position to off the podium. So think carefully and do what is right for your family and then your career. It is never good to be without a job, especially in present times.
Is the new job long term? Do they see years of work ahead of them? Will you gain experience that can be transferable back to Oil & Gas or other industries? Does the other company have good reputation to work for?
Imperial Oil keep getting worse and oil prices will remain low for the foreseeable future. MEG and Cenovus will be merging so which will results in hundreds more layoffs, so those folks will also be looking for work.
I guess it depends on how safe you feel at IOL. I haven't been their in years and from the sounds of it, it keep getting worse. Do you or any of your coworkers things will get better?
Is that 30% lower on base salary, or 30% lower on total comp too? Many other companies provide lower relative base salaries, but more room for incentive compensation and progression. Definitely consider all the angles like morale, work life balance, and opportunities for progression and incentive compensation. With less than 5 years, probably a good chance to get out as early as you can if you can find an opportunity that you think you'd enjoy more.
@OP Do whats right for your family situation and risk tolerance. Some hate putting themselves at risky position with the impending layoffs we expect to see shortly and the quality of work conditions anticipated in Edmonton. Also consider potential for growth long term in the other company's offer and weigh that against the residual potential we have left in new EM new strategy for the "Spoke" centers like Edmonton. I dont think anyone outside can recommend what you should do - this decision is something you must find it out for yourself. Trust your instincts and manage risk!
If you can pivot away from here and start fresh then I’d take it. Do ask your potential new employer about their annual performance process, other perks that come with the job, and how they handled business/attrition during COVID. At the end of the day, mental health and happiness is most important. You have years ahead of you. Enjoy life and find stability.
Obviously everyone will say to take the offer. This way there is less competition during selection process
My suggestion is taking the offer. Competition in the job market intensifies over time once large-scale layoffs begin. The sooner you can secure a new position, the better.