Thinking About a Business Promotion? Here are the Pros and Cons to Consider
Applying for a promotion in the world of business can be a fantastic career move; it could secure you a higher salary, more experienced, and responsibility and push your career forward. However, while there are many obvious positives attached to a promotion, it’s also important to explore the potential downsides and ensure that promotion at this time is right for you. You may even be surprised to learn that there are cons attached to a promotion, but once you set aside the potential for higher pay, there may be negatives you need to explore before making the right decision for you.
This guide is here to help with the top pros and cons you should always take into account when you are considering the next steps in your business career and going for that next promotion.
- The Potential of a Salary Increase
This can be one of the top advantages for a lot of people, as a higher salary is the natural next step in career aspirations, especially if life changes and you find yourself needing more income from the job you’re pursuing. Even a small salary increase is always an advantage when you’re looking for extra savings.
- It’s the Next Key Steppingstone for Your Chosen Career Path
If you’ve set out a dream career position for yourself, there may be many steppingstones required to get there. This next promotion may not necessarily be the specific position you’re looking for, but if it’s a key next step to gaining the experience needed to achieve your long-term goal, then it’s a logical (and necessary) step to make.
- It Provides Extra Experience and Qualifications to Add to Your Resume
Any extra experience, responsibilities, and role progressions will look impressive on your resume, so this is also something to consider if you’re thinking about future gains. Not only does this extra experience look good on paper, but it also shows that you’ve been committed and hard-working enough to both apply for and gain promotions within the workplace.
- The Opportunity to Work with Different People, at a Different Level
Some promotions may see you rising to a top-level and working with a completely different team of people, such as corporate seniors. This, in turn, can provide a whole new viewpoint and experience within the business, all of which can add to your skills and background. New opportunities like this in a business setting can be valuable and teach you a lot about a new way of working.
Not only that, but you can also find further opportunities to work at a different level by pursuing new qualifications that can work hand-in-hand with your business promotion, such as an MBA online in Canada. This will allow you to work and study alongside a whole different host of people.
- Increased Job Satisfaction
Any employee needs positive recognition for their hard work to feel appreciated and satisfied in their job position. Securing a promotion can be one of the biggest nods towards a job well done when you have been working hard for a long period. Gaining a promotion can then help you to gain a new positive perspective, knowing that your work is seen, appreciated, and rewarded.
- You May See an Increase in Your Working Hours
While it’s important to check that your new working pattern would fit for you, it can also sometimes be impossible to know what your new position would expect from you. For example, those in senior positions may be required to stay behind unexpectedly or put in extra hours when problems arise. Does your salary increase take into account the extra hours you would be working? For instance, set annual incomes may not factor in overtime.
- Added Responsibility May Mean More Pressure
Those in higher positions can have extra pressure on them. You may be required to solve problems in a way you never had too before. You may be directly responsible for a key part of the business. This, in turn means a more pressurized work environment for you.
- This Extra Pressure Can Lead to Stress or Health Problems
With this in mind, highly pressured working situations may leave you considerably more stressed than you were in a previous role or may even negatively impact your health in a huge way, such as physical or emotional exhaustion, burnout, anxiety, and depression alongside stress.
It can be very difficult to know ahead of time how the extra responsibilities of a new job role will affect you mentally.
- Extra Working Hours May Impact Your Free Time and Personal Life
If you do have to work extra overtime hours unexpectedly or longer hours in general, this will leave you with less personal time. Last-minute changes if you need to stay behind can also impact plans you may have made in your free time, whether you’re a single professional or you’re raising a family.
- Working at a Higher Level with Others May Not Always be a Good Thing
In higher levels of business, more patience and networking may be required, if you’re constantly meeting with other business professional, senior contacts, or waiting for a team of corporate people to make the big decisions. This may shock the system whether your previous role saw you working independently or not needing to rely on others to make decisions. Working with a large team of people may even be a hindrance if you prefer to work at your own pace.
The cons discussed here don’t mean that business promotion is bad or the wrong choice for you. All it means is that it’s important to weigh up the general pros and cons and those specific to the position you’re considering. Then, be sure that the positives outweigh any challenges you may face.
Especially in business, increased responsibility with promotions may see you making tough decisions and being more responsible for business success, so make sure you’re ready for that.