You should always go for the job that is offering you more money, right?
Maybe, not.
Yes, a large salary seems like the way to go, but sometimes it comes at a price. Location, benefits packages, flexibility and growth opportunities are all major facets of any job. Just because you can make more money at a certain company, doesn’t guarantee it’s the perfect career path for you. Alternatively, when people are unsatisfied with their career, they may consider taking a lower salary to leave their old role behind.
Here are 4 times you may consider taking a pay cut… and it may actually be well worth it:
1. You’re switching careers
If you’ve spent years climbing up the ladder in your field, switching industries can feel like a slap in the face. Typically, you have to start from the bottom because you have limited experience. You can leverage your transferable skills into your position and consider it a long-term strategy to be promoted within the next couple of years.
Salary expectations may be different altogether, so it’s important to do preliminary research to make sure this change is worth it.
2. Work-life balance
You are not alone if you’re seeking flexibility. Here are some stats to put things in perspective:
- 66% of American workers claim to lack work-life balance
- 25% of women are forced to work within 2 weeks after giving birth
- 91% said that they have experienced an unmanageable amount of stress on their jobs
- 46% of Americans are stressed by their workload
- Almost 19% had quit their jobs due to stress
Although some people may be chasing money, other people want time off. The U.S. has no legal provision for PTO, which results in many people burning out and struggling with their mental health. A study published in 2019 found that an average American only took 10 days off the entire year.
3. The job offers growth potential
Sometimes you need to remove yourself from the present and look out on the horizon. Where is the trajectory of your career headed? If a fantastic opportunity presents itself, the exponential growth potential should encourage you to take the leap. You don’t want to get pigeonholed into a role you don’t love. The sooner you get out, the sooner you’ll be able to take your career to the next level. And who knows? In a year, you may be making more than your current salary.
4. You’re saving in other areas
Gas, food and clothing are typical costs associated with a job. For example, if your new job is closer to home or allows for remote work, you can save on gas. Perhaps the benefits are double what they were at the old job and they offer a better insurance plan or 401(k) matching.
Although the pay cut may seem large at first, factoring costs with savings offset the actual pay reduction. Also, don’t underestimate the value of time in association with hefty hours and a long commute.
At JDI, we are dedicated to engaging world-class talent and providing unparalleled service for our clients. We are committed to delivering service the JDI Way – with speed, quality, and trust. If you’re interested in making a move in the senior living or hospitality industry, reach out to one of our recruiters here.