Ten Reasons to Consider a Lower Paying Job

Common business wisdom is that we all should strive to make progressively more money throughout our work lives. However, there are times when this may not be a reasonable goal. In fact, there are many times when an individual would or should gladly accept lower pay. Here are 10 reasons to consider a lower paying job.

1. It May Be your Best Option in a Tight Job Market. Especially during an economic slowdown or recession, good jobs can be difficult to find. If your savings are dwindling, your unemployment compensation is running out, and/or you have been out of work for an extended period and there are no other good options available, taking a lower paying job may be a wise decision.

2. It May Help your Job Search. Taking a job, even if it pays less, actually may help you find a better position in the long run. According to employment experts, it is generally easier to get a job if you already have a job. In addition, the longer you are unemployed, the harder it is to find work.

3. It Could Enhance your Resume. You might want to consider a lower paying job if it offers opportunities to improve your existing skills or to learn new ones and, therefore, has to the potential to enhance your resume.

4. Its Total Value May Be More Than You Think. The total value of a lower paying job with a top-notch benefits package may be greater than you think, so be sure to factor in the value of health, disability and life insurance; 401k matches; paid time off and other benefits when deciding whether to take a job. You may find that you are not taking much of a cut at all, even if your take-home pay is lower.

5. It May Result in Valuable Networking Opportunities. Working can create a wealth of networking opportunities, so, even a lower paying position could help you make the connections that will lead to a better job in the future.

6. It Could Boost your Self-Esteem. A job, even one that pays less than you made previously, can be good for your morale and self esteem.

7. It Can Pay the Bills. A lower paying job can provide much-need cash flow to pay the bills and keep your head above water financially.

8. It May be Necessary if You Want to Change Careers. If you are uninspired by your current work, want to follow a long-held dream before it is too late, or desire more fulfilling work, you may need to accept lower pay to break into a new field.

9. It Could Save your Job. During the recent recession, some companies have asked their employees to take pay cuts in order to save jobs. Accepting a pay cut in such circumstances can make good sense, especially if the chances of your finding a job that pays as well as yours (pre-cut) are slim.

10. It May Be Driven by Lifestyle Choices. Lifestyle reasons, such as the desire to spend more time with your family, the need to care for a sick or disabled family member, or a preference for more free time, may cause you to gladly downshift you career and to accept lower pay.

Sources:

http://www.aarp.org/money/work/articles/skladany_should_i_take_pay_cut.html