Take a pay cut for future benefits.

This week’s subject is on when to take a pay cut.

If you stay in the consulting world for long enough as a Business Analyst, eventually you will find your pay stagnates. It is like hitting a brick wall. If you keep hitting it hard enough, eventually you may break through but there are easier ways if you are willing to take a cut in salary for up to a year.

Why would you take a pay drop?

Let’s first look at the reason why you would not want to take a pay cut. If the job on offer is not going to benefit you in anyway – such as: closer location, new experience, work life balance, really need some cash – then walk away. If you can’t find any benefit then as soon as a better option comes along you will leave anyway and possibly burn a bridge in the process by your short stay.

As for the future benefit reasons to take a pay cut in the short term:

  1. Offers new experience that will make your more marketable to current trends.
  2. Closer to home so less time wasted on commute allowing you to build up skills, attend training after work. This also includes going part-time.

Point 1 – New Experience

As Business Analysts we are supposed to keep our eyes on trends in the market for our business clients. We need to also remember to do it for ourselves. This may mean as a Web Business Analyst you may need to take on a Mobile Project, as a Sales Business Process Analyst you may need to learn about Human Resources etc.. Search the job boards for your location and see what is in demand and aim to get experience in the subject.

Point 2 – Closer to home / Part-time

Anytime you can free up time that leaves the opportunity to expand your skills. The extra time can be used to start new personal projects, formal studies, make yourself available to other clients etc.. Expanding your skill set will ensure a future stable income.

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