“How much should I get paid?” — people ask when they are looking for a job. The answer is what you can get in your field within a reasonable amount of time.
Being stuck on compensation sometimes stops people from pursuing viable job opportunities, and the delay creates another hurdle in getting a better one. This vicious cycle ends up hurting their careers and also their financial health. That is not to say one shouldn’t negotiate salaries and insist on a fair market-linked compensation. But if you are consistently getting offers that are lower than your expectations, you might be the one who is unrealistic. Going for extended periods of time on no income is the worst thing one can do to individual budgets. The risks are obvious — from accumulating debt to draining those savings. That’s why for anyone in-between jobs and still wondering whether to accept a job offer despite the lower-than-expected salary, consider the following:
Savings
Do you have a good cushion of savings that can help navigate through the unemployment phase? If yes, at what point do you need to drain your savings to a critical level? There is a point when the only options are to accept that job offer or find another source of income.
Unfortunately, thought must be given to worst-case scenarios. Would the savings cover an untimely illness or another emergency? Often, not having a job also means not having benefits such as health insurance. If unsure of having sufficient funds, consider taking a job offer as soon as possible.
Length of unemployment
While holding off for the right job and the right compensation is important, extending the unemployment phase could work against you. If out of work for six months, it is definitely time to take on a job. You may not be in a position to negotiate a salary if perceived to be struggling to find work. Consider taking the job that is on the table, even while looking for something else.
Growth opportunities
Think of potential raises or bonuses instead of the headline salary offered. In many cases, getting a foot in the door will allow the opportunity to grow and get more. Ask around to see if a prospective employer has a clear path to growth in terms of title as well as compensation.
Location
Similar to how the standard of living impacts expenses, it also impacts salaries. If moving to a new city, consider realistically how much is needed to live at the same level as at the last job. Lower salaries could be just a sign that living costs are lower.
It also might be in a competitive market where your profession suffers from an abundance of workers, which typically pushes salaries down. In this case, getting started with a job should be the priority. You would be lucky to have a job offer in hand, and you certainly should not pass it up.
If your profession is not thriving, expect employers to pay less. Think of anyone who works in the real estate industry during a down cycle. If you were making a lot more than now, consider what economic causes might be behind the decline.
Rania Oteify, a former Gulf News Business Features Editor, is a Seattle-based editor.
Consider how long you have been unemployed;
Think of economic factors and location; and
Research on the opportunities available with a particular employer.
Think of the savings and emergency fund;
Consider how long you have been unemployed;
Think of economic factors and location; and
Research on the opportunities available with a particular employer.
