Taking a New Job for Less Pay
When is it Right, When is it Wrong to Accept a Lower Salary?
Jun 19, 2009
Taking a pay cut is not for everyone. However, sometimes the need or desire to accept a lower salary becomes part of the decision-making process when looking for the right employment opportunity.
Consider the Reason for Accepting a Lower Salary
Naturally, the ideal career path is one where employees’ salaries grow along with their level of responsibility. However, especially in today’s economy, opportunities for career growth seem to be dwindling. Therefore, accepting a cut in pay might be the only choice.
When employees are laid off, take time out to raise their family, or temporarily leave the work world for other reasons, finding a similar job at similar pay might not be an option. In this instance, flexibility will be important, especially if retraining is in order.
Another reason that employees may decide (or have) to take a reduced salary is if they choose to move into a new industry or train for a new career. Making this kind of a move more than likely means taking an entry-level position.
Finally, voluntarily taking a cut in salary to get away from a demanding job or rotten boss may be a difficult decision, but it may be necessary to keep a career from crashing. Sometimes, taking one step back now may mean taking two or three steps forward later on. However, make sure it is the right move. Some employers may question the decision and the motive.
Consider the Impact of Taking a Cut in Pay
Before ever making the decision to take a cut in pay, it is important to give careful thought to the situation first. Employees who decide to jump ship before it sinks or the crew mutinies need to take a hard look at why they think their current situation is so bad.
First, employees should consider if their discontentment can be corrected by moving to another department, another position or speaking with their boss. Second, it’s important for employees to be very clear on why they want to leave in order not to wind up back in the same (or a similar) bad situation. Finally, employees need to be able to articulate why they want to leave in a succinct and straight-forward manner, otherwise potential employers may question their motives, loyalty and tenacity.
Next, before ever leaving a job or moving to one that pays less, employees need to make sure their finances are in order. That means either having a nest egg to live off of for several months while looking for a new position or being sure that the lower pay at the new job will still cover their current financial obligations.
Keep in mind that it is always important to check out the market conditions before quitting because choosing to leave any job without having a new position in place can be a very risky decision, especially given today’s economy. So it is important to ask around and network with colleagues and classmates to get a handle on what is happening in different industries and careers.
Whatever reason employees have for looking for a new position, it is important that they are properly prepared and understand how taking a new job for less pay affects them personally.
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