The main upside is it gives you the freedom to invest in yourself without worrying about juggling freelance clients.
Want to travel? Long weekends are the norm, and it takes less pto to get extended vacations (particularly if your boss lets you shuffle your schedule between weeks).
Want to create a small business? You now have two days a week to do exactly that. This protects the weekend, and has saved me from the burnout of 'night & weekend' projects I've done in the past. My business is not ready to support me, but it is much farther along than any previous venture I've started.
Want to do random educational activities? I've taken up bread making and taken several woodshop courses in the past year. I also read 50+ books a year. You have time.
How do I negotiate this? I get a salary and health insurance. I do not get equity. I prefer it this way, as I'd rather bet on myself than equity in a venture backed startup. Just my two cents.
Are there downsides? If you consider missed pay a downside, then yes there is. You won't be able to buy a house in the bay area. You won't be able to keep up with the jonses. You won't have a fancy car. If that matters to you, don't take the pay cut. Personally, anything above $70k a year is gravy. I'd like to maximize my free time after hitting that financial milestone to actually live my life.
Let me know if I can help with specific questions.
I don't have much practical advice here, but my path was to have done good work in the past (reference checks), have an existing connection, and to not be afraid to negotiate hard at the beginning.
I've been contracting for 2 years now and lately I strongly prioritised the company culture and personal interest in the company over money. Turns out this way I found a really good cultural fit and people I can work with. They invited me to join as permie and I am strongly considering it as it seems it would allow me to do the most in my life while living comfortably.
Flexibility seems to cost you ~20% of your normal rate - at least I'm confident my daily rate could be 20% higher if I wanted elsewhere.
What I recently discovered is that in Germany you have a right to change your employment from full-time to part-time. So long as you've worked at the employer more than 6 months and the employer employs more than 15 people. The Employer can still turn you down under some conditions but sounds like it would be hard for them to justify.
https://www.gesetze-im-internet.de/tzbfg/__8.html - The applicable law for anyone interested.
Upsides: - Much more free time to do what you want. For me it is sports, health, pursuing my own projects and trying to get my business of the ground. Nothing seems to make me more happy than to go jogging on Thursdays after lunch while everyone else is in the office for 1.5 more days.
Downsides: - Being at a quite traditional company where people have similar values (finance house over 30 years, get a company car, have a nice bicycle, go a little on exotic vacation from time to time, vent about the free cafeteria food), they will not understand you and why you even want part time. I looked there at the statistics and some 90+% of who do part time are women. - I couldn't support a family alone. I am not even sure though that I could do that well if I have a full-time job though, especially not save up for retirement (this is another long discussion, I recommend reading Unscripted or Fastlane Millionaire by MJDemarco to get a more entrepreneuial view on that). - I am not sure how good it is for my career if I switched permanently to part time, especially switching job inside (and even more outside) the company seems much harder in that case.
Next month I will switch back to full time (as my part time period was limited to a year) and see how I like that again, but if I don't like it, I can fortunately switch back to part time.
In Germany there is a law that you can switch to part time, but soon there might even be a new law that you can switch back to full time again [1]
[1]https://www.deutschlandfunk.de/gesetzentwurf-beschlossen-von...
I could use more vacation time. Instead of 5 weeks I get now, I could use 8 weeks of vacation time and I would sacrifice 1/12 of my salary for that.
If I'm going to work on a business side project, travel, or continuing education, I would prefer a solid chunk of time to focus and accomplish something meaningful.
My goal is to work 8 months a year at a job I enjoy.
Basic process as employee is either:
A) Switch from full-time to part-time at current job. This is easiest.
B) Apply to full time jobs, negotiate after you get an offer.
Some resources if you're interested:
1. Different ways you can do it (from negotiation on the job to consulting): https://codewithoutrules.com/2018/07/03/35-hour-workweek/
2. Interview with someone who has negotiated 4-day workweeks for past 15 years: https://codewithoutrules.com/2018/01/08/part-time-programmer...
I use to work for a company that let you buy a week of vacation a year. They just reduced your pay accordingly.
I would joke I would buy the whole year if I could - and keep the vacation, sick and holiday pay :-)
Freelancing of course comes with its own challenges and downsides, if I was offered a salaried gig that provided the level of flexibility I want, I'd probably take it.
That aside, it's fantastic, I heartily recommend trying to find a way out of the 40 hours a week, 50 weeks a year lifestyle.
However for a good job I would love to do a 4 day or 3 day week.
50% (3 x 7h) would be even better, as I don't know anyone being productive 8+ hours a day.
I'd prefer working 4 days per week (10 hours per day).
Sad how much of a consideration that is in the US.