Listed below are five circumstances where accepting a pay-cut is fine:
1. You Want to Work Only
Consider that scenario that you're jobless and you require money to pay the bills, so it's better to capture a lower-paying job than to none at all.
2. Making a Shift into a New Industry
A job change could compel you to transfer your knowledge and skills to a new industry where you are more likely to accept a lesser salary. For instance, you used to sell software to human resources departments and while in the new position you are supposed to sell software to insurance offices, you will drop your industry expertise while preserving your functional skills.
3. You Alter Careers
It is also possible that the laid-off personnel bump into working in an entirely new meadow. So this again will need you to accept a pay cut as you generally aren't worth the same in your new career path as you were in the old career.
4. The New Job Charms You
It is important to realize that holding a job that pleases you stands more significant than your earning levels. So trading your present job for any other profile you like more, regardless of it being of low-paying in nature, is alright.
5. To Preserve Your Present Job
If you are compelled to opt among a pay cut or job loss, then accepting the former and initiating a job- hunt is an optimal strategy. As, employers usually favour to hire the one who's employed as to the one who's not. Also, performing finely despite a pay-cut is like making a good statement that saves you in tough times to come and also increasing the probability of a raise during the economic turnaround.
Coping-up with the Pay-cut Challenges
Doing the same job for less pay gives rise to emotional challenges. Thus, in the place of perceiving salary as an evaluation of your merit; refer to it as the market reward for your skills, knowledge and experience at this stage of tough times. Also, when in future the salary history questions are posed in front of you, being honest about it is important. Given the fact that the field you were employed in was harmfully affected by recession its' finely understood that you would accept a pay cut. Lastly, be optimistic and remember that as the economy recovers, so will your salary levels get back to previous heights.
