You've been working the same job, in the same industry for the last few years, but you feel like it is now time for a change. Maybe you are looking for something more fulfilling, more flexible or maybe you just want to mix things up.
You find the perfect IT role, however, you will have to take a pay cut if you accept, what do you do?
There are a few things you need to consider before letting a pay cut be your deciding factor. Think about the job itself, what will your level of responsibility be? Is there the potential for future growth? What are the compensation factors, e.g. holiday time, bonuses, flexi-time and health insurance?
If you are switching industries and discipline, it will be worth taking a pay cut so that you can learn a new set of skills and experiences that will broaden your skill set. By doing this, you are playing the long game and one or two years down the line, your pay scale should see significant improvements as a result.
Do you want more flexibility and a better work/life balance? According to a study done by career development firm Mom Corps, 45% of working adults are willing to give up some percentage of their salary for more flexibility at work.
If your new company is offering you a benefits package such as health insurance, or a pension scheme, it could work in your favour and save you the costs of adding to these yourself, even though your salary may be lower.
Cost of Living
If you are moving from a city like Dublin, with one of the highest living costs in Europe, to a city such as Galway there will be lower costs of living. Therefore, you won’t need to make the same amount as money as you were on in Dublin to maintain the same standard of living.
No matter the reason, taking a pay cut is something that you need to think carefully about. Although it has received a negative stigma, this article highlights that this is not always the case. If you are looking for your next job opportunity, our specialist recruitment consultants will assist in finding your next role.