Welcome to Edition #10 of Ask Gorick Anything. This AMA is part of Gorick's Newsletter, where Harvard career advisor and Wall Street Journal bestselling author Gorick Ng shares what they don't teach you in school about how to succeed in your career.
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→ Read time: 4 min
ASK GORICK ANYTHING
“Should I take a lower-paying job?”
Subscriber’s question:
“My company is doing frequent layoffs. I am in active search mode. But what do I do if I get an offer that's much lower pay than my job today? Take it and resign with the hope of at least having something in case I’m laid off? I feel like I’m trying to time the market. (I’m a single mom of 3 and must have income continuity)”
—“Riley Partosh” from New York City, NY, USA
Gorick’s response:
Hi Riley,
Thanks so much for your question! But my goodness: What an emotional roller coaster! The uncertainty that comes with layoffs is challenging enough, especially in this economy. I’m sure having 3 other mouths to feed only makes things more stressful.
Given how proactive you are, though, I have no doubt you’ll do just fine—it’s only a matter of time.
Firstly, a disclaimer: It’s hard to give specific advice without knowing what job you have, where you are in your career, what jobs you’re looking at, and what your goals are—but I’ll try my best.
Secondly, I actually see 3 questions bundled into 1—so let me tackle them one at a time:
- Should I actively job hunt if my company is doing layoffs?
- Should I pre-emptively accept a job offer?
- Should I take a lower-paying job?
Here’s my take: (1) Probably, (2) It depends, and (3) It depends.
I’ll elaborate.
1. Should you actively job hunt if your company is doing layoffs? Probably.
Unless…
(A) you really want to stay in this organization long-term, and
(B) you know you’re insulated from layoffs (because you’re the favorite of leadership and because you’re in a growing and/or “mission critical” division)
… the best thing you can do is to be proactive—and to take control of the situation.
Best-case scenario:
You find an even better opportunity that you’re even more excited about.
Worst-case scenario:
You get to practice your networking and interviewing skills, learn what’s out there (and what you’re worth), and lay the relationship groundwork with recruiters and hiring managers you can call up again in the future if/when you’re ready to make the jump.
2. Should you pre-emptively secure a job offer? It depends.
Yes, if…
(A) you feel like it’s only a matter of time before you make the jump, and
(B) you feel like this new opportunity gets you closer to achieving your goals.
Just because you can jump doesn’t mean you should. Many people switch jobs, only to “boomerang” back to their old positions or to find themselves stuck—and even less happy.
Why? Because they knew what they wanted to run away from but not what they wanted to run towards. So, before you take this other job, make sure it’s actually better and not merely different (or, worse, the same). (What counts as “better”? Keep reading.)
3. Should I take a lower paying job? It depends.
If all else is equal, no… unless you don’t have any other options and are running out of financial runway.
Why? Because your current salary is your “base” for future salary negotiations. It’s a lot easier for someone who used to make $64,000 to ask for $65,000 than for someone who used to make $60,000 to do the same. People lower their “base” all the time—especially if they’re switching careers. It’s just important to do so tactfully.
Life isn’t this straightforward, of course, so “all else equal” situations don’t really exist. In reality, you may be comparing dozens of variables
At a high level, I like to ask myself 3 questions:
1. Will I get to meet and work with the right people?
(I call these “Network-Building Factors”)
2. Will I get to collect the right experiences for my resume?
(I call these “Portfolio-Building Factors”)
3. Will I get closer to living a happier and fulfilling life?
(I call these “Life-Building Factors”)
Your pay is only one of many “Life-Building Factors.”
What also matters? Here are just a few:
- Direction: Will the organization be well-run and thriving? Or, is it only a matter of time before they do layoffs too?
- Management: Will I be reporting to leaders who know what they’re doing? Or, will I be just as frustrated as in my old job?
- Peers: Will I be working with people I get along with? Or, will politics always crowd in?
- Exploration: Will I be able to test a hypothesis about myself? Or, will I not learn anything new?
- Balance: Will I be able to keep doing the things that I find important? Or, will I have to make some non-negotiable sacrifice?
- Compatibility: Can I be myself in this environment? Or, will I have to keep pretending to be someone I’m not?
- Enjoyment: Will I actually enjoy my day-to-day life? Or, will I only be happy when my paycheck arrives but otherwise find myself miserable?
Money matters—don’t get me wrong! But money is only one element of many that matters—and I hope you’ll find the most favorable opportunity possible.
You didn’t ask this question, but here’s something else to consider:
Do you work in a field where it’s easy to become a freelancer, contractor, agency, consultant, or “fractional” whatever (such as design, copywriting, bookkeeping, law, coaching, engineering, etc.—basically any field where you can offer a certain “deliverable” to a bunch of different clients instead of to a single organization)?
If so, another option is to try some contract work, get paid to network, and then jump to the client you’re most compatible with.
Contract work isn’t for everyone, though. You may not like the income uncertainty, for example. But contract roles can often be easier to get than full-time jobs. And many contractors even get paid more than full-timers. Just something to consider!
Hope this helps—and see you next week,
—Gorick
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