Everybody loves money. But the decision of whether or not to accept a job offer should not be solely based on how much it pays.
Myths and Mistakes
Many people believe that it doesn’t matter whether or not you like a job, as long as it pays well. But sooner or later, you’ll find that your work and personal life will begin to suffer as the stress and negativity of being stuck in job you hate overwhelms you. At some point you’ll realize that this sort of ‘practical thinking’ is not practical at all.
A common error for job seekers is to decide on a monetary figure even before the job search begins. Doing this will affect your decision when an offer is made. For example you’re offered a job with a company you like. You’ve decided on a figure of $85k but after negotiations the offer is $75K. Because they haven’t matched your predetermined salary, you turn the job down. But if you do the math, that equals $145 more per week, or $29 more per day before taxes. Is that really worth turning the job down for?
Factors That Affect Salary
Your job title and the size of the company are important. Pay is related to experience, meaning that if you move into a field that you are not experienced in, your pay will decrease. If you move to a different industry but perform the same tasks your salary is more likely to remain the same.
Remaining in the same job and industry but moving to a bigger company usually results in a salary increase. Likewise if you stay in the same sized company but take on additional responsibility. Geography can also affect the market range.
Low Risk Wins
A company will consider the risk/reward of hiring you. Less experience equals higher risk, and the higher risk you present, the less likely they are to hire you. If they do hire you, they will pay you less because of your lack of experience. If they make you an offer, it means that you’ve sold them on your ability to learn, your genuine interest in that field or function and your interest in their company. The company also believes that you intend to remain with them for a reasonable period of time.
It’s important not to be drawn in by a higher salary. Many companies with high turnover and bad reputations pay poorly, while others use the offer of a higher salary to find someone to stick into a dreadful working situation. The irony here is that perhaps the better company is the one offering the lower salary. There are many companies who practice this ploy because our egos can become focused on a high salary. When thinking clearly, you might realize that the better company, while offering less money, is the better choice overall.
Stay in Balance
No matter what type of work you do, money should never be the determining factor of whether or not you accept a job. Your decision may be influenced by power, ego, and experience, but it should also be balanced with working in a field you enjoy for a company you like.