Should You Ever Take A Pay Cut
We’d all love to have a constant upward climb in pay but if doesn’t always happen. There are some times when you should hold out for a raise but there are others when taking a pay cut makes sense. While more money seems like the best thing its not always feasible. Here are some situations when you should be willing to drop your salary:
You’re changing careers
Sometimes you can move seamlessly from one career to the next without taking a pay cut, but often you can’t make such a move at the same level. If you want to change your career from administration into accounting you’ll probably have to start on a lower level and that will come with a lower rate of pay.
You want to have less responsibility
If your job is affecting your stress levels and you feel you would be happier in a less pressured role, then you need to accept that a job with fewer demands will likely pay less. It’s a trade off, but it is worth it.
Do dress appropriately for an interview
When you are dressing for a job interview, image is really everything. The image you present to a potential employer is the first thing they are going to notice about you. You should present yourself smartly and professionally, casual attire is best suited for the weekend.
Don’t get to the interview to early
You should get to an interview ten minutes before you are due. No earlier and not later. If you get there too early you will make the employer feel uncomfortable and if you are late you don’t stand a chance of getting the job.
Do know what you are applying for
When you have an interview you should have a good idea of what the job you have applied for is all about and what the employer does. Google this information if you are not sure what the job entails or what the employers business is.
You want more flexibility
If you want a flexible working life, ie: you need a remote job or want to work on a hybrid basis you’ll likely have to buy the flexibility by accepting a lower salary. Flexible working hours or extra long holidays are all reasons to accept a lower salary.
You want to work fewer hours
Full time hours are generally 37 ½ hours a week. If you want to work less hours than this you will definitely have to take a pay cut. The fact is if you are working less hours, you are doing less work so it stands to reason you are going to get less pay.
You’ve been overpaid
If you have been employed with the same employer for many years and have received annual salary increases there is a good chance you are being paid more than you should be for the job you are doing. If you choose to change jobs you may find that in order to move on you will need to take a pay cut.
You’re starting to your own business
Most businesses that start up are run by people who have worked for other people for years. Starting a business of your own can mean that you take a huge pay cut until things get going. Sometimes it means earning nothing until the business starts making money.
So to summarize, there is no shame in taking a pay cut and many reasons as to why sometimes you must take a drop or will choose to do so. At the end of the day money isn’t everything as long as your basic financial needs are met. Doing a job you love, working the hours you want and having a job rather than no job at all is definitely worth accepting a pay cut for.