Here’s a part of the truth: most people work because they need the money.
Your earnings are the fuel you need to put a roof over your head, clothe and feed yourself, chase your dreams, engage in hobbies, and enjoy leisure time.
How much you earn dictates how much you can enjoy, so a bigger paycheck equates to greater happiness, right?
The rest of the truth is that a higher salary does not guarantee you’ll be happy at your job.
Drawbacks Of a Higher Salary
A higher salary is sure to get your attention, but before accepting an offer, look for these common drawbacks:
- Increased stress. We’re not talking about the occasional “oh-what-a-day-that-was” kind of stress, but the kind that makes your hair stand on end when you head to work. Lack of support, endless 70-hour work weeks, and apathetic bosses can lead to anxiety.
- Changed job responsibilities.Consider what the new job entails. If, for example, you despise making calls and having discussions with clients and your network, which will be 50% of the job, evaluate whether the pay increase is worth it.
- Fewer benefits. Most job seekers look for meaningful benefits before accepting offers. These benefits could take the form of insurance and health perks, financial portfolio planning and investment opportunities, or even flexible scheduling. If the firm tells you that the huge salary allows you to acquire those things on your own, they may not have their employee’s interests in mind.
Watch for red flag warnings. If you perform poorly under stress, hate cold calling, or find the lack of benefits appalling, turning down the offer may be the best decision you can make.
Focus on These Benefits Instead
Getting a higher salary offer may be tempting, especially if you’re paying down student debt, welcoming a baby to the family, or you have other expenses you’re dealing with.
Before accepting the offer, ask yourself:
- What type of people do I want to work alongside?
- Can I grow and learn in this role?
- Will I be able to leverage my background and skills to contribute to the mission of the company?
The Ultimate Deciding Factor
Good money and better benefits are hard for anyone to turn down, especially in these times. However, before you accept a job with more pay, you must determine how much you love the work involved.
If you don’t love what you’re doing, no amount of money will make you happy.
Are you just starting out in the commercial banking industry or are you planning to switch roles? Top-level search groups can help you find the company that’s the right match for you.