A common question is whether someone should move jobs if they have the opportunity to do so, but their new job pays less than their current job. This is a pretty challenging situation and one that can be tackled from a few different perspectives.
It might seem counter-intuitive, but sometimes you should move to a new job that pays less. Here’s our take on how to decide should you change jobs for less money and whether it is a decision worth making.
Should you change jobs at all?
The first thing to consider is whether or not you should move jobs at all, regardless of pay. If you’re not enjoying your existing job so much, is the lower-paying alternative on offer much more likely to be an improvement?
It is important not to make rash decisions after a negative experience at work. Everyone has them and often they can disappear as quickly as they appeared. Try and let situations settle and move on before jumping to handing in your resignation or applying for jobs elsewhere.
Should you be seriously considering a move of jobs, consider the following:
- How unhappy are you? Are you dreading going in to work every day? If so, you might be better off looking for a new job, even if it pays less money.
- Are you getting enough out of your job? Money is often seen as the primary motivator, but there are other factors to consider such as personal development and promotion opportunities. You might move to a job which pays less but it might offer job satisfaction in other areas.
- Are you being valued? Sometimes, employees and bosses alike can get into a rut and take their jobs for granted. This can lead to feelings of unappreciation when sometimes what we want is recognition for our hard work and successes. Not receiving this can lead us down the path toward seeking greener pastures elsewhere. Sure another job might be offering less but what if it has an outstanding company culture where it really values its team members?
If you decide moving jobs is the right thing to do, you might like our articles 13 Top Job Interview Tips – The Definitive Guide, The Ultimate Guide On How To Prepare For A Job Interview and 7 Things to do Immediately After a Job Interview.
Consider the overall cost of changing jobs
Just because a new job opportunity is offering a lower rate of pay doesn’t mean you will be worse off overall. When weighing up a lower-paid job offer or before considering applying for a lower-paid position, consider the following:
- Will you save money in travelling to and from work if the location is closer to home or if the position offers working from home?
- Will the new job provide additional perks such as health insurance or physical things such as a cellphone or company car which you would be able to use for personal use?
- Do you feel the newer job will have a positive impact on either your physical, mental or emotional health?
- Does the new job involve working fewer hours per week? Time that you could invest into a passion project or spending more time with the family?
- Is there the potential to earn more in the future with the new job/career path?
There is more to a job than the number printed on the payslip. Take the time to consider what is important to you when weighing up a move of jobs.
Will a lower paid job give you more freedom?
There is a misconception that lower-paid jobs might involve less responsibility and less workload, but this isn’t always the case. All job roles can be demanding in their own way and if for example, you are considering moving from a job that is purely desk-based to one which involves a lot of physical labour, you may be shocked by the difference in physical demand.
Respect each job role you are considering and understand the level of workload and responsibilities involved. A motivator for taking a pay cut for some will be to have an easier and stress-free life. Make sure this is something you are signing up to before signing on the dotted line.
Moving jobs to an industry that you are unfamiliar with is likely to bring with it a learning period where you will be expected to absorb a lot of information in a short period of time in order to do the job role successfully. Eventually, the job workload might be lower than what you’re used to now but be aware of this initial period which might involve a probation period where you will be expected to prove yourself.
If you are looking to take on a new role that involves working fewer hours then it could be fair to assume you will have more freedom in your life due to the reduced time spent at work. For those looking at starting a business from home or going back to school, taking on a job with fewer hours could be a great way to allow you to fit in these activities during the week.
Should You Change Jobs for Less Money?
Money isn’t the only thing to consider when deciding whether or not to pursue a job opportunity. There are plenty of other factors related to your lifestyle and happiness that you should take into consideration.
There are pros and cons to changing jobs. Calculate them and discuss them with friends or family before committing to a decision.