WHEN TAKING A PAY CUT CAN BE THE BEST THING FOR YOUR CAREER
So, you’re thinking of a new role. But rather than the role being similar to your role right now, you’re thinking of either completely changing careers or moving into a different area that you’re not so familiar with.
You’re excited, and you’re driven to succeed, but then the hard truth comes in – you’ll have to take a pay cut.
Understandably, you would worry about taking a pay cut due to financial concerns, or even – if you’re in sales – you got used to the commission you were earning. We all find comfort and stability in our jobs, so moving can be tough anyway, let alone when you know you’ll be earning less.
So now you’re probably stuck with the burning question, “is it worth it?”. Keep reading to find out when taking a pay cut can be the best thing for your career:
THERE'S NOT MUCH PROGRESSION LEFT IN THE ROLE YOU’RE IN
Maybe you’ve been at a company for years and although you’ve reached a good level of success, the success doesn’t feel enough.
Whether that’s to do with:
- A lack of opportunities
- A lack of job variation
- A lack of challenges
It can make the role feel mundane. If you’re a super ambitious person who constantly wants something new to work towards, sometimes a high salary just isn’t enough to stay in a role.
Or maybe you’re not even completely satisfied with your salary. I’ve spoken to candidates that are financially stable and don’t necessarily NEED a higher salary but they’re not satisfied with the fact that there’s not a higher salary to work towards. There are plenty of companies that will yes, offer you a lower salary than what you’re on right now, but they’ll be far more equipped to give you a clear progression plan and higher chances of even doubling your salary.
And this isn’t just about money. You might have had your eye on an industry that’s rapidly growing with lots of exciting things going on and you feel like the very nature of your role will be more interesting.
WHEN YOU CAN MAKE MORE MONEY IN THE LONG RUN
Okay… maybe it’s about money. In Arun’s article called “Progression Verses Salary”, he explained how “a good salary now doesn’t mean a good salary later”.
Maybe you’re in a position where you feel like you’ve chosen the money route and now feel stagnant… But you’re tied to the money you’re making.
If you’re content with staying on a similar salary for the rest of your career – that’s great! Moving purely for the sake of salary won’t be necessary. But if you’re not content with staying on a similar salary for the rest of your career – that’s not great. Remember that saying “no pain, no gain”? The same principle applies here. If making money is one of your biggest motivations, why stay in a role that isn’t going to make you more money?
As I said before, there are plenty of industries that are rapidly growing, have lots of opportunities, and naturally – you’ll make lots of money. And there are also plenty of companies that innovative and rapidly growing which means they might have a far better commission structure, and naturally – you’ll make lots of money.
So that salary you’re holding on to right now, may be just a taster to what heights you could reach in another role.
WHEN YOU FIND SOMETHING YOU COULD BE GREAT AT
You may be in a role that you’re good at, but what about that thing you believe you can be great at?
A career change can be hard but finding something you’re passionate about, whether it’s the job role or just an industry you’ve always been interested in, can be even harder to pass up on.
When you find something you’re passionate about, it’s important to look at it from two angles:
- If doing a fulfilling job is a priority, sometimes it’s worth taking a pay cut because you can be in a role you thrive in, have more exciting opportunities, and feel like you’re making a difference
- If earning money is a priority, sometimes it’s still worth taking a pay cut because the truth is, when you love your job, you’re more motivated, more creative, and more driven to succeed. This means promotions and sales because you’re truly driven
Personal fulfilment is super important. Maybe you’re in a job that’s stifling your creativity but there’s a job you’ve always been interested in – no matter your age, how far you are in your career if you feel like that change will be better for you and your career – take the opportunity!
THE PAY CUT IS THE BEST THING FOR YOUR LIFE
Maybe you’re in an insanely stressful job, at a company that has a toxic culture, or maybe you have to commute 2 hours every day to get to work and you struggle to find time to spend with your family – taking a pay cut can benefit you. Sometimes that pay cut is a lifesaver, a time saver, and a mental health saver.
- Written by Shannon Matthews