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Taking a pay cut for new job

1,700 Views | 7 Replies | Last: 6 yr ago by Ragoo
cretzloff
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AG
Howdy all,
Just wanted to share my situation and get some feedback. I recently accepted an offer at an investment management company but am taking a small (~4%) pay cut in the process. My current, soon-to-be old, job was not challenging me enough and did not have a good career path. I feel like this change will benefit me in the long haul, but it's going to be tough to start over from the bottom at a new company. Has anyone ever done something like this? If so, how did it turn out?
Sims
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AG
I'm not certain what the total of your other considerations were but on face value -

4% wouldn't be enough for me to fret the decision based on salary alone.
agnerd
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AG
So 4% less than your current salary means starting at the BOTTOM of your next company and then moving up from there? Seems like a very reasonable decision to me as long as your ego doesn't have a problem being low man on the totem pole.
oldschool87
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AG
4%. Is 1 years raise at most companies. I only wish my pay cut was 4% after spending 15 years with the same company.

$30,000 Millionaire
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AG
Sometimes you gotta slow down to get into the fast lane.
BrazosDog02
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AG
I'd take a 4% cut if they were cool with 4% less work from me. To me companies get a great deal just paying fair market value and not giving raises every 6 months. Costs outpace salary very quickly. Ta king a pay cut might be ok if you knew for sure you would make it up by several factors very quickly. If you are working for a big corporation then that's probably not going to be the case. I'd change jobs for more opportunity but they would be having to eat the cost, not me. My position has always been to negotiate a lot more money for myself. If I can't watch out for my own finances and value, how am I going t watch out for there's?
The Lost
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I'm doing this in less than 2 weeks. Technically with bonus I'll be slightly above what I make now, but I won't receive it til 2019. For me it was about job responsibilities/skills (and happiness, I don't like my current employer). I'll move from just sql to actual analytics in sas so while I'll short term make less, 2-3 years of experience here and I'll be able to jump back up easily in my market.
jtp01
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AG
The thing is, while it may be a "pay cut", the end result is what you should focus on. I took a "pay cut" when I changed careers a year and a half ago. However, 3 months in, I earned a salary increase of 5% simply by the way I approached my work and now bring home significantly more than my old job.

Put your head down and work, you would be surprised how much work is noticed when you produce results. I have a unique situation as I fell into a position that I enjoy and it was easy to make the transition from Fortune 300 company to a company of less that 30 employees.
Ragoo
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AG
I am looking hard at making a change. I have been with the same employer for 9 years. I have little idea what the market place is like out there. Fully expect a chance could mean a 20% reduction which makes me nervous.
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