A higher paying job can bring a positive change to your life. However, it may not necessarily be a better job option if you are not confident that you can keep it for a long time.
If your current job or another job offers better security, you may want to think twice before diving headlong into the more lucrative job.
Here are the pros and cons of turning down a higher paying job for job security:
Pros of Choosing Job Security over Higher Pay
Lower Risk of Losing Your Job
A high paying job is generally more sought after, and therefore, it may offer lower job security.
If a company is willing to offer a high salary for a certain position, it should not have difficulty finding suitable candidates.
As such, there is a higher chance that you will be replaced if you do not meet your employer’s expectations satisfactorily. Sticking to your current job or getting a secure job puts you at a lower risk of losing your job.
Less Stressful
Salary is usually determined by job requirements and responsibilities.
If you decide to take a better paying job, you have to be prepared to assume greater responsibilities.
Playing a more important role and working in a new environment can make you feel uncertain, anxious and worried, and contribute to your stress level. Stress can affect your work performance and make it more difficult for you to hold on to the job.
If you feel that you will be more comfortable staying in your current job or getting a less stressful job, it may be a good idea to turn down the higher paying job.
Enhance Your Resume
Being employed by a company for a long time shows that you are a loyal employee, and it will make your resume look better.
If you cannot hold on to the high-paying job for long and have to look for another job, it may give your future interviewer the impression that you are a job hopper.
Also, if your current employer is not happy with your decision to leave the company, he or she may not give you a good reference.
Cons of Choosing Job Security over Higher Pay
Miss Out On an Opportunity to Improve Your Quality of Life
Getting a higher paying job enables you to meet your financial obligations more easily and improve your quality of life.
If you have a family, you can provide a better life for your spouse and children, and enjoy greater financial peace of mind. However, the improved financial situation may not last long if your new job is not secure.
Give Up a Possible Chance to Advance Your Career
The higher paying job you are offered may be a career advancement opportunity.
Other than offering a higher salary, it may also provide a chance for you to learn and perform higher-level tasks or assume a leadership role. It may be your dream job if you are able to hold on to it.
Making the wrong career move can have a negative impact on your life.
Just as many smaller companies worry about their small business reputation, those job hunting and/or changing careers need to be resolute to the fact that different jobs offer different possibilities.
Make sure you weigh the pros and cons above before you decide whether you should accept or turn down a higher paying but less secure job.
As a professional, what is more important to you in regards to a career, your salary or your security?
Photo credit: thinkbigmagazine.com
About the Author: John McMalcolm has written a wide variety of blog posts and articles for many websites, from resume tips to running a small business.
Yes, you are right, companies pay high for a purpose, it might risk, huge scope (TOR – terms of ref.), commitment and the similar situations. In the same analysis security might imply a policy to retain employees quite for planned time etc. Therefore, we need to evaluate in a detailed manner before pursuing career move.
I would take the higher salary. These days there is no such thing as “job security.”
I turned down a job which was playing almost double the CTC which I was earning. Put the Job required lot of stress and extended long hours of work too. There was no job security, Firm was famous for Hire and fire, aka revolvng door policy. Hence, It was better to weigh down Pros and Cons, And Money shouldn’t be the only criteria to take the decision.
From my personal experience, I would recommend “competent” job seekers to take the higher paying job. Five years ago, I was working for an institution that paid me a low salary for one year but my job was secured. I knew I deserved better because I knew I was capable of doing better than everyone else in that institution. A job offer came along and I seized the chance. It has been five years since I took that high-paying job with a triple salary and I am still working for them. More working hours teaches you more and improve the quality of your life.
One last thing, if I get another job offer with even a higher pay than the high-paying salary that I am currently getting, I would not hesitate for a second and I would take it.