Should you ever take a job for less money? Is a pay cut ever worth it? Salary isn’t everything, there are other things to consider like the work environment, job responsibilities, and perks.

We have entered a budget-conscious business environment where significant cutbacks have made pay decreases normalized. Usually pay cuts are not an option, and workers are forced into it because of the economic climate.

Other times, people are unsatisfied with their career and consider taking a lower salary to leave their old role behind.

Here are 4 times you may consider taking a pay cut, and it may be well worth it:

1. When you’re changing careers

If you’ve spent years climbing up the ladder in your field, switching industries can feel like a slap in the face. Typically, you have to start from the bottom because you have limited experience. You can leverage your transferable skills into your position and consider it a long-term strategy to be promoted within the next couple of years.

Salary expectations may be different altogether, so it’s important to do preliminary research to make sure this change is worth it.

2. When you need a work-life balance

You are not alone if you crave flexibility. Here are some stats to put things in perspective:

• 66% of American workers claim to lack work-life balance
• 25% of women are forced to work within 2 weeks after giving birth
• 91% said that they have experienced an unmanageable amount of stress on their jobs
• 46% of Americans are stressed by their workload
• Almost 19% had quit their jobs due to stress

Although some people may be chasing money, other people want time off. The U.S. has no legal provision for PTO, which results in many people burning out and struggling with their mental health. A study published in 2019 found that an average American only took 10 days off the entire year.

3. When a new opportunity has growth potential

Sometimes you need to remove yourself from the present and look out on the horizon. Where is the trajectory of your career headed? If a fantastic opportunity presents itself, the exponential growth potential should encourage you to take the leap. You don’t want to get pigeonholed into a role you don’t love. The sooner you get out, the sooner you’ll be able to take your career to the next level. And who knows? In a year, you may be making more than your current salary.

4. When you need work

If you’ve been forced into a pay cut, do not quit. Instead, start your job search. It is significantly easier to find employment when you already have a job. Not only that, but if the economic state of your company bounces back, you will have job security that you can use to leverage a pay raise.

If you’ve been unemployed because of the pandemic, sometimes it’s best to take a job for the time being to remove resume gaps and have active income.

At JDI, we are dedicated to engaging world-class talent and providing unparalleled service for our clients. We are committed to delivering service the JDI Way – with speed, quality, and trust. If you’re interested in making a move in the senior living or hospitality industry, reach out to one of our recruiters here.