The vast majority of our job candidates aren’t consumed with compensation. Sure, most want to be paid fairly for their contributions to their employers.
Beyond that, they cite many other facets about their careers and jobs which are equally or more important. It’s really about the employer’s entire offering including their responsibilities, growth opportunities, coworkers, and so on.
I thought it’d be fun to share a few non-compensation factors I consider more beneficial over the course of an entire career. Even if compensation were extremely important to you, I’m suggesting these nine career opportunities would be worth a pay cut because the return on their investment should be far greater than short-term cash.
Of course, I realize everyone’s situation is unique and only you can determine value. For example, it might be worth a pay cut for you to reduce your commute time so you can drop the kids off at school every morning before your dash into work. That’s a personal preference.
These factors, to me, are the greatest accelerators of learning and career advancement. I wouldn’t want you to overlook them if you have a chance!
When you get an opportunity to work at a market-leading or great start-up company.
You join a company. You never join a job. I’ve said those words thousands of times to job candidates. In the long run, the company you work for will influence you more than the day-to-day responsibilities you manage.
Specifically, the culture, environment, and people will shape your growth far more than the papers you shuffle around your desk.
If you join the right company, you’ll have many great opportunities. That company will grow and develop new and innovative products or services, which will result in more career opportunities for you. It’s a corporate law-garithm.
When you get the opportunity to work with (for) an absolute rock star.
I’ve written before that a mentor isn’t a requirement in life. I consider it a bonus. But, it can be a big bonus if you get the right one.
If you have an opportunity to work with someone who is a visionary and a great leader, take it.
Bosses manage people. Leaders build people. Leaders create more leaders, not more followers.
This rock star also doesn’t need to be your immediate boss. Perhaps it’s a great leader in the organization whose influence and direction will impact you. It can be someone managing the company, a division, or unit. Of course, this is a bit trickier situation, but one you should consider.
When you want to start your own company.
When you start your own company, you’ll experience personal and professional heartache, pain, and joy unlike ever before.
I’ve written about this many times and would like to share a few paragraphs from the first chapter of Interview Intervention: Communication That Gets You Hired titled The World Actually Does Revolve Around You. (You can download the book free.)
“Most people never act on new adventures. It’s my opinion they would rather live with unhappiness than uncertainty. Instead of taking a chance, they hold themselves hostage, with decisions they made during their twenties serving as the shackles. Consequently, they keep plowing forward until they collect their Social Security checks. There are certainly a select few who are fortunate enough to love what they do for their entire careers. Most are not. I’m not sure about you, but I certainly don’t want a twenty-two-year-old to pick my career for me—not even a twenty-two-year-old version of me.
Realize the absolute worst scenario in the event you “fail” is to revert back to whatever it was you were doing before you made the attempt. I’m not quite sure who invented the expression, “There’s no turning back.” Whoever it was, he or she was sorely mistaken when it comes to the workforce. I absolutely guarantee that if you take that new road in the fork and decide it’s not for you, the bridge back to wherever you came from will still be there. It might not be with your previous employer, but you will certainly find other suitors in your old field who would welcome you back.”
Sometimes people start companies on a shoestring budget. Other times, they start them with capital investors. Regardless of your situation, if you have the urge, give it a try.
Most people never act on new adventures. It’s my opinion they would rather live with unhappiness than uncertainty. https://t.co/E3QG4PnvzJ
— Andrew LaCivita (@arlacivita) March 22, 2016
You want to make a career change.
Most people are too lazy or afraid to make career changes. Many want to, but can’t wrap their mind around how they’ll support themselves financially (or live on less compensation in the shorter term).
I think the better question is, “Why would you continue to do something you don’t love?” Life’s too short. You’ll be happier if you’re more engaged in what you’re doing.
Take a peek at 5 Requirements for a Successful Career Change, How to Figure Out Your Purpose in Life in Fewer than 600 Words, and 7 Signs You Found Your Purpose.
When you’re about to go insane.
Your mental and physical health is the most important thing in life. While my previous suggestions are for the go-getter types, this one is for those who simply need a break from wherever they are or whatever they’re doing.
Perhaps you need better balance or structure to your day. Maybe you’re traveling and away from the family too much. Possibly the people within your company are a bunch of nut jobs. Who knows?
For whatever reason, a minor pay cut is nothing compared to your sanity.
When the knowledge and training mean more to you.
You’ll gain knowledge through working with a better organization, for a better boss, opening your own company, and so forth.
Some companies might not pay as much as others but offer great training programs. They might have fantastic in-house training or pay those expensive price tags for external training courses and certifications. Either way, these training programs can often be career accelerators.
When you want to travel.
Some people love it. Others hate it. But, traveling can be one of the most fun and rewarding experiences.
You’ll get a chance to see other cities, states, and countries. Oftentimes, employers are quite liberal with travel arrangements assuming any adjustments aren’t incurring additional expenses.
You not only get a chance to learn difference cultures, but you might be able to take those extra weekend days if you’re lucky.
As always, I’d love to hear from you: What would you consider worth a pay cut?
Click the picture below to check out the Free Stuff! section of the milewalk Store. It’s filled with great resources to help with your life and career!
That’s such a great post, Andrew! While all of your points are great, I can especially relate to two of them – starting a business and doing work I love. After many years in corporate America I left to start a business. I did so for 2 reasons: (1) to have a flexible work schedule while raising children; (2) to do work that had meaning for me and would allow me to make a difference in the lives of others. Yes, starting and building a business can definitely make your hair stand on end and will stretch you in ways you never imagined. But if you have a passion driving you and are willing to take a chance at being an entrepreneur, it’s an experience you shouldn’t miss!
For those of you who are worried about the inability to go back to your former line of work, stop worrying. The only thing that is permanent is death (or so it seems in most cases). If you start a business and decide you were better off as employee you can always go back. Always.
Life is too short to do work you don’t love. Sure, there are times we all do work we don’t adore because it’s a means to an end. But doing work you don’t enjoy, day after day, isn’t good for your health, your sanity or your soul. In the long run, it can literally suck the life out of you. Find your way to doing something that matters to you and makes you look forward to getting our of bed in the a.m. Not only will you be better off, your friends and family will thank you.
The only addition I have for the list (and it probably falls in the “going insane” category) is a situation where you find yourself working for a company whose morals and ethics aren’t aligned with yours. A friend of mine was working for a company where the bottom line was consistently given a higher priority than the quality of care the patients were receiving. The company was taking liberties with interpreting the terms of their license so they could make more money. At some point, my friend simply had to move on. The bottom line is that your integrity should never be negotiable for the sake of someone else’s bottom line. You may not need to take a pay cut in order to work for a more ethical company. But even if you do, it’s worth it!
Laura! First of all, thank you for the engagement and, more importantly, for such a thorough review. I love the points you make and am really thrilled you shared your own experience. AI also love that you kept the conversation going!
Thanks for backing me on the return to the day-job. It’s true!
I also really liked your point integrity. I wrote another article a week or two ago regarding the 4 most attractive and remarkable human traits. Integrity, of course, is one. It’s one that all companies should maintain too.
Thanks again for the kinds words and sharing your experience. I’m really glad you’re part of my community!
Hello Andrew. Thanks for your kind feedback. I am delighted to be part of your community and I love the way you write! I’ll be sure to check out the post you mentioned on remarkable human traits. Looking forward to future posts.
I can relate to the part about going insane. When the job is no longer fun and people are more concerned with covering their butts and communication among the leadership is non-existent it’s time to move on. Best decision I made recently and it may cost me some.
Good for you buddy. Sometime you just need to say, “I’m done.” 🙂
Once again, Andrew, you’ve hit the nail on the head for me. I am in the midst of leaving my current position and taking a huge pay cut. I will be starting my own business, I’m going insane in my current job, want to travel more, want more flexibility in schedule, etc. The biggest factor to me was happiness. When I woke up one morning and realized the only reason I was going into work was because of the pay, I knew I needed to make a move. My personal life was/is affected by how miserable I am at work. I have done all the “recommended” things to try and make it work, but to me, it’s just not worth it in the end. Thanks for reminding us that sometimes when your happiness is at stake, the money might not matter as much in the end.
Ashley, nice to hear from you and I’m thrilled you’re taking the leap to open your own business! Trust me, nothing is more satisfying than that. You’ll hit your bumps along the way, but the way you’ll approach it–because it’s yours–will be completely different. I hope you stay in touch and let me know how things pan out!