If you haven’t lost your job in the pandemic, you may be feeling a little insecure about your position or your company in light of the recession we are in. What if your current company came to you and asked you to take a pay cut? Is it worth taking a pay cut for a more secure position elsewhere? We used to say it was almost never good to take a pay cut, but in our current environment, don’t eliminate any options.
Economic Challenges
If you are currently unemployed and a new job offer is made at a slightly lower salary, it probably makes sense to seriously consider it. The recession is supposed to be a short one, but the pandemic may have more impact on the economic climate than is currently being factored in. If the pandemic has a new surge and 30% of the country remains unemployed, that will have to have a negative impact on our economy. There are so many variables to consider when taking a job, don’t let a pay cut be the only determining factor.
Doing Good
Even though the pharmaceutical industry’s reputation has taken a hit in recent years over pricing, many candidates like to work in the industry because you have the chance to assist in developing drugs that save lives, not every job offers that perk. Perhaps you work in the non-profit sector, or want to, and that means taking a pay cut. Weighing the benefit of loving your job and being fulfilled by your work against a pay cut, may not be that hard of decision after all.
Advancement Opportunities
Taking a new role or switching roles at your current company for the possibility of attaining a preferred role down the road, isn’t a bad choice. To get to the very senior levels of an organization you need to be exposed to and have experienced multiple parts of the company. Lateral moves may be necessary. Market Research Executive Recruiter, Lindsey Bartlett, says, “Every company has a different organizational structure. It’s pivotal to your growth to understand what the levels of trajectory are at your organization. Sometimes making a lateral move into a new company with higher advancement opportunities or more frequent reviews or merit increases will end up being worth it, quickly.”
Work/Life Balance
Maybe the new job is in a preferred location, near family or other things you love like fly fishing, skiing or warm beaches. Yes, you can make more by traveling 80% of the time, but working 9-5 five days a week near home has its perks, too. A reduced commute, or maybe no commute if it is a remote position, is the secret to work/life balance for you, and to do that you have to get off the fast track. At different times in your life that is okay, too. Data Science and Analytics Recruiter, Nancy Darian says, “Often data scientists and analysts spend the early years of their career in traveling consulting roles. This strategy offers a great opportunity to work with clients in multiple industries and tackle diverse challenges, but long-term, this lifestyle can lead to burnout and isn’t as glamorous as it once seemed. You’ll know when it’s time to bail, and when you do, you’ll find your skill set and experience very attractive to employers.”
Other Financial Incentives
Salary isn’t the only compensation you receive. A blog on Glassdoor.com says to factor in premiums and deductibles on health care coverage because they can have a significant impact on your annual income. Bonuses tied to the company performance and/or your performance are often a significant part of an offer. Ask about annual raises. Are they tied to performance or also inflation or promotions? Don’t forget the 401K match and how, over time, that can equal a better retirement. Pharmaceutical Commercial Analytics Recruiter, Eda Zullo, says, “Long-term incentives for professional positions within the pharmaceutical industry are significant negotiating points in any offer I’ve worked on. Whether leaving non-vested stock behind or anticipating healthier stock appreciation in the new company it can be critical in deciding whether to accept an offer.”
