Until fairly recently, one’s success could be measured by the growth of one’s paycheck. If your salary didn’t increase with the number of years in your profession, then something was wrong.
Those days are receding into the past as the economy and workforce undergo some significant transformations. Gone are the days when people took a job out of college and worked there until retirement. Factors such as a weak economy, two-earner households and work-life balance have shifted the priorities of today’s job seekers. It’s no longer just about the paycheck, but also about fulfillment.
And with more fluidity on the part of both employers and employees, it’s easier not to settle on one job or career path for the rest of your life.
But let’s be honest, salary is still one of the top reasons for taking a job. After all, you want to love your job, but you also want to feel as if you’re compensated for what you’re worth. So when is it a good idea to accept a job offer for less money than you’re used to?
When You’re Offered a Job From Your Dream Company
Every industry has them – the companies where everybody wants to work. The Googles and Teslas of the industry. You probably wanted to work there first, before you got your current job. And now you have a chance to work there, but for less than what you’re currently making. Should you take it?
Your gut may have already answered yes to this question. And if that’s the case, then listen to it. But just make sure that the job is taking you down the career path you want to go. Sometimes it’s easy to get seduced by the idea of working for a particular company that you don’t stop to ask yourself if this is ultimately the best path.
When a Better Job Opportunity Comes Along
You’re getting a handsome salary and your supervisor appreciates you. You should be happy, but every day at work is like a chore. Maybe you’ve reached the limit of what you can learn or how far you can advance. Or maybe you’re just bored with the company. It might be worth taking a pay cut to work in much more fulfilling position at a much more exciting company.
A recent report by the Brookings Institute found that “almost two-thirds (64 percent) of millennials said they would rather make $40,000 a year at a job they love than $100,000 a year at a job they think is boring,”
Almost no amount of money is worth being bored and unhappy in your job. After all, you’re spending half of your waking life there.
When You Want to Change Careers
Some of the biggest decisions of our lives are made when we’re still young: who we want to spend the rest of our lives with; where we want to live and go to school, and what we want to be when we grow up.
The problem is, the things that are important to us in our youth are different than what’s important to us as adults. It only makes sense that at some point you may have outgrown your initial career choice and are ready for something more suitable.
When you change careers, you are, in a sense, starting over, with one notable difference: if you’ve been working for a number of years, you’ve accumulated a lot of skills and experience. Be sure they are accounted for in your resume and on interviews. Although you shouldn’t expect to be making what you’re accustomed to, that doesn’t necessarily mean you need to start your new career with an entry-level salary.
When You Want a Better Quality of Life
There’s been a shift in expectations over the last couple of decades about how a career should complement one’s life rather than rule it. Today, people are forcing change in work-life culture by seeking greater flexibility in work schedules to accommodate childcare, working remotely or other personal needs.
Sometimes it’s worth trading in a big salary for more time with your family or pursuing other interests and passions. And sometimes it’s worth taking a pay cut to work at a company that’s more geographically desirable to allow for a shorter commute, or in a city that offers a better quality of life.
When You Want to be Your Own Boss
Perhaps the most exciting and riskiest reason to work for less money is striking out on your own. But be prepared to weather a large financial setback in the beginning. On average, most businesses don’t start to turn a profit until after five years. But eventually the rewards can be very high, both professionally and personally. Nothing beats the feeling of being your own boss.
