In an era of rising gas prices, gas shortages, and raise caps, considering when to accept a salary cut can seem ridiculous. However, an increasing number of job seekers have found themselves impacted by the Pandemic Profession Phase Out. The Pandemic Profession Phase out is the alarming decrease in job availability and the complete decimation of whole professions due to the pandemic. This has made the remaining job market more competitive.
Candidates are faced with the fear of negotiating salaries, they fear demanding too high of salary. Demanding a “too high” salary is anxiety filled because candidates think that doing so will disqualify them from being hired.
If you are considering taking a pay cut and feeling conflicted about doing so, here are some conditions where taking the cut can be a career power move.
1. If the Benefit Package Is Right: What some companies lack in salary, they make up for in benefits. If the company can save you money or time, they are enabling your lower salary to stretch and meet the demands of your budget. Some great benefits to consider with a lower salary is transportation, education for you and your dependents, access to mental and physical health resources, training, retirement, and career coaching.
2. If the Peace of Mind Is Right: A high salary can be synonymous with high stress. This power move is best activated when you are clear on what the mission of your unique skills is and what you value most. If the company is an exact match for what you need from an employer and none of what a toxic work environment looks like for you, it is a viable option.
3. If the Location Is Right: Wear and tear on your vehicle can quickly add up. If you find a company that offers telework, is close to your home, or close to significant locations (kids ’school, family, gym, hobbies, etc.) they are worth considering taking a pay cut for. You will be saving on gas, be near locations great for your wellbeing, and can make exploring profitable passion projects easier.
4. If the Schedule Is Right: The traditional work schedule of 9-5 does not work for everyone. It can make people who thrive at night miserable. It also may not be feasible for working parents and caregivers. Taking a pay cut from a company that offers flexible schedules is a power move because it allows you to control your time; so many people are in high paying jobs and complain of not having time to do what they truly want to.
5. If You Are in A Timing/Budget Crunch:Taking a pay cut in a gap in work experiences is a power move because it allows you to continue to fine tune your skills and get you some cash flow until you find the ideal career. If you have a monetary goal,or need employment to be eligible for a resource, taking a pay cut will allow you to get closer to your goal quicker than not having a salary or employment.