You have been working the same job, in the same industry, for the last few years but now you feel like it is time for a change. You may be looking for something more fulfilling, and flexible or maybe you just want to change things up. You finally find the perfect IT job but you will have to take a pay cut if you accept, what do you do?
Here are a few things you need to consider before letting a pay cut be your deciding factor.
Changing Industries
If you are changing industries, it may be worth taking a pay cut so that you can learn a new set of skills and gain more experience in different areas. This could improve your salary in the long run.
Work-Life Balance
Do you want more flexibility and a better work-life balance? According to a study by Flexjobs, the number one reason that people choose to change jobs is to achieve a better work-life balance, which is ahead of achieving a higher salary.
Benefits Package
Even if your salary is lower for your new job, if they are offering a benefits package such as health insurance or a pension scheme, this may save you the cost of providing these yourself.
Cost of Living
If you are moving from a city like Dublin, which has one of the highest living costs in Europe, to a city such as Limerick or Cork, there will be lower costs of living. Therefore you will be able to afford a pay cut because you won't be spending the same amount on utilities and rent to maintain the same standard of living.
No matter the reason, taking a pay cut is something that you need to think carefully about, weighing up all the pros and cons. 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 job.