Taking a pay cut with a new job - anyone made it work?

[funkyrobot]

I'm currently very unhappy at work and have been searching for something else. I managed to find another local job and have a second interview on Wednesday​. Taking the job (if I'm successful with the interview) will mean a 20% pay cut though.

I've done the numbers and we can still live on the reduced rate. Things will also be easier when my fiancee returns to work soon (daughter 3 in August so we'll get some childcare paid for).

Has anyone taken a pay cut like this and made it work?

The new role is interesting and the company is a small but growing business. I think they have about 11 employees. My current role is with an international organisation, so I'm just a number in a large office.

Thanks.

[funkyrobot]

Thanks both.

Have some more questions to ask at the second interview tomorrow just to gauge things. The first interview on Friday was a bit of a whirlwind, and it was at 6pm.

The team I'll be potentially joining is only a month old. So we'll all be in the same boat.

Will see what tomorrow brings. I may not get it yet. I'd rather be in a job where I'm busy and valued. Not like the current role which is quite bizarre.

[funkyrobot]

Indeed. The only real sacrifice I can see is the pay. The distance is a slightly further walk (20 minutes instead of the current 5). I still won't need a car.

The hours should be pretty similar. I think the new job requires you to put the time in when needed. However, my current job demands that so that isn't different.

Everything about the new job just seems better. The training, the team and the setup. I need to check this, but I don't think I'll be on call with the new job. That will be a major bonus.

[funkyrobot]

Vandenberg said:

I tried it once for a 30k pay cut, after getting drained by the mon-fri commute.

The novelty of a short commute quickly wore off and I resented every single second of it.

That's a hell of a lot more than I would be losing. I don't think I'd even consider the new job if the cut was that much.

[funkyrobot]

TTOBES said:

This similar situation (and 20% cut) is an issue I am thinking about at the moment. It sounds like you want to go in the other direction to me (big to small company). Further to my posts in the “does anyone work at VW UK?” thread, I am also looking for another job in the same industry (FX) in order to leave the place where I am now. Yesterday I was told about a new position with the 20% cut. However, there is a bonus on top of that and (which to me now is very important) a bigger office where all the departments are in one place.

The new role is front of house (currently I’m in compliance) and is at a much bigger company. My current company’s London office has four full-time employees (inc. me) in an office with just eight desks and the office atmosphere is like a library and I am tired of it. I can also tell how “busy” I am by the frequency of my posts/replies on the thread I mentioned above!

I have my second interview this afternoon, so I'm going to ask some specific questions to really gauge the job. I'm meeting the HR person and the head of the development team. As the initial interview last week was 6pm, nobody was around to meet.

I've had a good think about it over the last few days and I'm ok with the cut, so long as the job is better than what I'm doing here. At the moment I'm not doing a lot and I'm really, really bored. I feel that I'm pretty much rotting away. I'm also fed up with seeing my manager constantly fall asleep at his desk (apparently, he doesn't have a medical issue).

The MD of the new company told me last week that he does like to look after his employees. I'm hoping that is true as the current company couldn't give a st.

[funkyrobot]

xjay1337 said:

I went from £45k and working from home full time, to £32k and having to go to an office (I hate offices) due to redundancy and I manage, it's st but I manage even with bigger outgoings now.

The potential new job (if I get it) will be office based. However, I will be client facing so I'll be meeting new people, doing some training one day, testing another etc. Looks like quite a varied role.

There is nothing worse than being glued to the same desk all day, every day. Current job is terrible for that.

[funkyrobot]

xjay1337 said:

That's not too bad.

I agree, it just sucks the life out of you. It actually triggered my depression again and my hatred for social interaction. I'm hoping to be able to get some work from home time. I have the odd day from home, but it's by no means regular. The director seems happy with it but my line manager doesn't seem to like it, I have my 3 month probation review soon so will sort it then.

Hope you can get something worked out.

My current job has triggered my issues too. It's got to a point where myself and my colleague struggle to do anything for our manager. He's been so terrible for so long, it's difficult to want to work for him.

I finally started my training for the new system last week (4 months after the thing went live). I hate to admit it, but I've given up caring.

[funkyrobot]

TTOBES said:

funkyrobot said:

At the moment I'm not doing a lot and I'm really, really bored.

My sentiments entirely. I have Skype chats/video calls with my colleagues in Spain where there are five or six different nationalities and no matter how good their English, there is no substitute for being in the same office so that things/requests are not misunderstood.

My CEO, who is not based in the HQ, is not a fan of even the most basic of KYC/due diligence so I need to get out before it gets dangerous!

Great that you got an 1800 interview but not great if not everyone you could have spoken to had left the office. I hate two or three interviews for one job!

Good luck!

Thanks.

Was odd timing yes. MD said he needed me to go back because he couldn't work me out. Don't know whether that is a good thing or bad thing. He did then ask me how soon I could start though and even asked if I could shorten my notice from the current job. I said I'll ask.

Will see how today goes. I haven't even been offered the job yet. I know they had further interviews on Monday, but they still want me back in today.

I had to have multiple interviews for the current job. However, when I turned up for the second interview, they had already made their mind up and just wanted me to confirm I was happy taking the job on.

[funkyrobot]

CAPP0 said:

I dropped my salary by 40% when I moved from my last place to where I am now. And MrsC resigned from her job and went part-time elsewhere for a 75% drop shortly after!

Would I go back to my old job? Not for a 140% rise! Hated every second of it, whereas here I'm valued, respected, and good at my job.

Good to hear.

I'm hoping my pay cut will be easier to manage soon as my fiancée should be going back to work after August (when our daughter is 3).

[funkyrobot]

Well, I've had the second interview. Everything I have been told is promising. Proper support, lots of opportunity to grow with the business (as they are growing a lot too), nice and friendly team, proper training plan etc. It also has the added bonus of being 9 to 5 Mon to Fri (with more work when required), and no on call at all. That, for me, is a brilliant thing as it means when I go home I can properly relax with my young family.

I finished the second interview and they called me ten minutes later to offer me the job. Just got to get it in writing now before I get carried away and hand my notice in.

Yes, there is a pay cut. However, I've discussed it with my fiancée and she is happy for it to happen. I have been told that the company does reward hard workers though.

Edit to add - even with the pay cut, I'm still earning just shy of twice the cost of running our house a month (mortgage, electric and gas, council tax, etc.). If we are careful, we can make it work.

Edited by funkyrobot on Wednesday 10th May 16:05

[funkyrobot]

xjay1337 said:

Twice the cost of your house should be easy life

Glad you have a positive outcome. Money isn't everything.

It's one of the positives of being a boring person.

You are correct, money is not everything.

Saying that, I may need a car for work now as I may have to do client visits from time to time. Gives me more justification for chasing down a nice BMW e39.

[funkyrobot]

CAPP0 said:

Nice one, well done. And you've given it plenty of thought, and you're moving for all the right reasons. If you're happy you can cover the financial side, all good!

Thanks. Let's see how this one works out. The current job has proven to be nothing like it was advertised as. However, the new one should be as it's a small team and people like my current manager couldn't work somewhere like that.

[funkyrobot]

TTOBES said:

Nice one, congrats!

Thanks.

[funkyrobot]

Thanks.

I woke up at 4:30 this morning wondering whether or not I had done the right thing. On reflection though, I have.

Yes, it's going to be less money and we will need to be careful. However, I simply cannot stand another day in the job I'm currently doing. Some people think I'm mad. They don't understand the mental anguish this role has put me under since week 1 though. I have never got up to speed in the role, I've been constantly hampered by a really bad manager, and it's been making me feel down and depressed for a while now.

I handed my notice in yesterday afternoon. My manager looked a bit taken aback, simply asked where I'm going, responded with 'never heard of them' and that was that. I asked him today about negotiating my month's notice (as the new company want me there asap) and he said it will have to wait until tomorrow when he talks to his manager. They had a chat yesterday afternoon about it. I don't know why I have to wait until tomorrow to find out. Anyhow, my contract states four weeks notice, so I will be leaving here four weeks from yesterday at the latest.

He is so dillusional he has asked me if I have any site familiarisation tours booked yet. This is the stuff that was supposed to happen in the first few weeks, not when I'm blooming leaving. He really cannot think about anyone other than himself.

[funkyrobot]

Well, that's annoying. Was pointed out to me earlier that my notice period is 3 months, not 1 month. There is a clause in my contract that overrides the standard notice term and takes it to the longer time.

I have to wait until tomorrow to have a meeting with the department head to sort it now. The MD of my new company said just walk if they get difficult at the current company.

Trouble is, if I just walk I'll be in breach of contract. Not good really.

What an absolute pain!

[funkyrobot]

Thanks all.

Just waiting for my meeting with the head of the department. I thought something would have materialised by now, but I guess I need to chase.

In terms of references, yes it could bite me later, but the new job is too good an opportunity to miss. Also, I've never had to provide the two previous employers as references anyway. For the job I had now and the job I want to go to, they have only really asked for previous employer and someone else (the new job company told me yesterday that they won't even bother with the current company if they get funny).

I feel I can justify an early exit based on the fact that I am not doing anything at the moment. If the current company need to recruit, the new person will be coming in at pretty much the same level as me. I had my first day of training on the new system last week. Apart from that, I load the odd PO and then spend the rest of the day twiddling my thumbs. It's probably the main reason I want to leave, absolute boredom.

The company I am at now has just had a big raft of redundancies too. If anything, me leaving would help them as I contribute nothing and I'm costing them 'x' amount a month.

Will see how the meeting goes.

Thanks again all.

[funkyrobot]

That's the thing about my new job. Mon to Fri 9 to 5 and no on call. Brilliant family time.

Current notice finally sorted today. Leave next Friday and start at the new place on 30th May.

Wooooooooooo.

[funkyrobot]

Thanks.

3 month notice was dramatically reduced to about a week and a half. Didn't need to negotiate much in the end.