FT.com | Dear Lucy | ‘Do I go for money or stay put in a job that I like?’

March 21, 2007

‘Do I go for money or stay put in a job that I like?’

Dear Lucy

I do interesting, rewarding work at a tiny specialised consultancy. I like the hours and the people, but the pay is measly. I’ve been told I can rewrite my job description, although it wouldn’t mean much more money. Instead, I could go for a bog-standard analyst position with a bank, with longer hours, but increase my salary by at least 50 per cent. What should I do?

Consultant, male, 26

March 21st, 2007 in Uncategorised | Permalink

8 Responses to “‘Do I go for money or stay put in a job that I like?’”

Comments

If I were you, I would definitely stay put. I am an analyst in one of the banks in Paris and I am planning to quit my job and start a new career in one of the fast consumer goods companies where I would have more reasonable working hours and a social life. Think of it like this: what can you do with the money when you do not have time to spend it?

Analyst, male, 24
Posted by: Anonymous | March 21st, 2007 at 1:41 pm | Report this comment
Stay with your job as long as you’re learning something. You make the alternative sound like selling your soul for no obvious goal, so I think you’ve already answered your own question. Unless you have a genuine financial need (e.g. starting a family) the worst reason to quit your job is for money. For big organisations it makes no difference whether you join them now or later, and indeed they may prefer you later as you will bring more experience - which they should also reward with more money, a win-win for you and the company. So no rush, enjoy your job while it lasts and don’t quit before the learning curve goes flat.
Posted by: Thierry Gregorius | March 21st, 2007 at 1:46 pm | Report this comment
Since you’re already questioning yourself, you need change for the sake of change. Change is good, plus you’ll be able to learn certain things in a bank that would be a good foundation for the future. Making more and working in a bank will give you ideas and make you think on how to spend your cash better, especially, start investing as fast as you can. When you get tired of the bank, go to b-school or start your business.

Male, 27.
Posted by: Gene | March 21st, 2007 at 5:13 pm | Report this comment
You’ll only know if you try it. Low pay also means low expectation of performance. You won’t know how good you really are until you’re put under the pressure that goes with a highly-paid job. You can always accumulate some cash as an analyst and then set up your own consultancy later. I was a journalist for years before becoming an analyst. Great fun, but ultimately less satisfying than working to the limit. If I had kids I might feel differently.
Posted by: Tim, male, 48 | March 27th, 2007 at 10:58 am | Report this comment
This is a question of priorities and what you value in your life at this moment in time. You are a consultant - approach your dilemma in a rational manner: analyse the situation - where are you now, where do you want to be, and how are you going to get there? How much longer can / will you stay in your current job/company - you’ll keep coming across these opportunities. Good luck!!
Posted by: Anne | March 27th, 2007 at 1:20 pm | Report this comment
If you think the low pay is to do with your current company’s performance (as opposed to profligate spending or meanness of the owners) then your own work may be part of the cause of the lack of cash in the business? Negotiating a profit-sharing deal that motivates you and other client-facing consultants to strike better deals with clients and identify other opportunities for work with existing customers (where up to 85% of additional revenue apparently lies, according to sales expert, Mike Southon) would help make more money and rewards for everyone, which in turn would free up funds to improve other areas like marketing on and offline, PR, systems, people etc to create a virtuous circle. A case of having your cake and eating it!
Posted by: Penny Haywood | March 27th, 2007 at 1:23 pm | Report this comment
People who move jobs purely for the money rarely stay put for long as whilst more money does pay for more, it doesn’t help you get out of bed in the morning. In any move you should consider the role first, the people and environment you will be working in second and then money third. If you are going to enjoy any existing or new role, and get on with the people you work with, then how long or hard you work becomes less of an issue. Hating where you work or the people you work with will make you want to move much faster, regardless of money. Please remember that long hours or hard work do not necessarily make a job a bad one, in the same way that a lot more money does not necessarily make it a good one.
Posted by: Matt, Head Hunter | April 5th, 2007 at 3:32 pm | Report this comment
You don’t want to do the job you do now because of the money. You don’t want to work in a bank because of the lack of job satisfaction. The question here is not ‘which is more important to you?’ because your question makes it clear that both are important to you. So you need a job that combines the two and I think that means neither of these options. How about working for yourself?

Jess Dunton, higher education administrator
Posted by: Jess Dunton | May 23rd, 2007 at 1:03 pm | Report this comment

Answers may be published in the Financial Times newspaper. Please include your first name (surname is not needed), email address, gender, age and job title. Want to report an offensive or unsuitable comment? Our comment guidelines, including reporting procedures, can be found here.