In what cases would you ever take a pay cut?
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when Work >>> Life 😅
Hi Fishes, Can Anyone please tell, one of my friend joined Tech M in August, At the time of joining she was 3 months pregnant and now shes worrying about her manager. She wants to inform them about her pregnancy; is it right time to inform? Or she needs to wait for 6 more months for that to inform? Anyone please clearify.. HCL Technologies Newco Tata Consultancy Accenture Deloitte
What jobs are currently paying 85k?
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Lifestyle improvement, prospect of future growth, less commute/travel time, better benefits, developmental opportunities
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If my company wanted to strategically move me to a different country with free healthcare, provided company housing, and covered all commuting and travel expenses I would consider taking a paycut.
Same here. If the firm would pay all my living expenses for the rest of my life, I would take a pay cut.
I am with EY1 - was not an answer to OP.
As a single income family with 2 kids. There is nothing that would cause me to willingly take a pay cut. I got kids schools to pay for and a wife to support..the mortgage ain’t going to pay itself
I'm shocked you can get a private school for $10k. In the UK even the worst private school would be the equivalent of $25k a year, and that's paid with after tax income so $45k of your before tax income would go on paying that
Almost never - all the typical stuff people tradeoff like better WLB, better growth trajectories, etc - they aren't guaranteed.
Countless stories of colleagues who left for industry and ended up in bait and switch situations.
I took a 10% pay cut for a 10% cut in my hours target. Totally worth it in my opinion, but I used to a FIRE person so I have close to $2 million already saved.
My company is very straight forward with this. As long as you get approval you can go “part time” in increments of 10% of your salary for a reduction in 10% of your hours target down to 50% FTE. The math all lined up in my end when I checked my first paystub so it just is what it is.
Consulting is a high margin business. I don’t think they’re too concerned about things as long as you keep your target at or above 80%.
I will take a pay cut as long as it gets me out of KPMG.
Long term chiller company where multiple friends work at (solidly in upper middle management) - can likely stay there in perpetuity and eventually run the upper levels of the biz
anytime it was proposed
after all, we’re family- so help where I can
Retirement.
Unemployment
Does anyone else wish our employment was more like professional athletes? You know, multi-year contracts, if you feel you are underpaid, you can hold out (even if you are under contract) and you can negotiate a better deal. Now, it’s “take it or leave it” unless you are going to a new company.
Our contracts are like professional athletes if you are as rare as they are. The reality is most people in an office are replaceable where as your Ronaldo's or Messi's just aren't (and same is true of the others in that grouping, whereas the low level professional athletes are as subject to the take it or leave it whims just like us)
There are no scenarios - at least with the current company.
The choice is always your to go to a different company for better lifestyle improvements, growth, etc…
Needs to be a trade off to something - e.g., better hours, future accelerated growth, better benefits, better alignment to long term goals, etc.
If it’s across the board, including senior leadership, justified by external factors. And you’re still making fair market. And you really enjoy working for your manager and the organization.
All 5 days to maybe 3 days or remote yeah. I took only 5k pay cut to switch so it’s not huge lifestyle change at all but worth it if I get to be home 2 days.
On the other hand, I took a bigger pay raise once switching to 5 day company when I was hybrid and it was not worth my mental being, and that company destroyed me.
Equity or deferred compensation to make up for it.
I was 🤏 close to getting cut
When you are unemployed.
During one of the economic downturns a while ago, I was laid off as a SM and was out of work for 7 months. Ended up taking a contract project manager role at 1/3 less pay and no benefits. It ended up working out over time and only took a few years to get back to my old salary, but at some point, less money is > no money (and your ego).
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Ooh! I thought of a second scenario where I would take a payout. Let's say I make 250K and was eligible for a raise. Tomorrow, you paid me the equivalent of 350K and it was put in the system in error. You recognized your error as supposed to pay me 35K more (not 350K total) and cut my pay back to 285K.... I'd be good with that pay cut as well.