Should I Take A Pay Cut With My Next Job Offer?

As many employers feel the need to cut expenses, some are opting to offer less pay to new hires.  So what should a job candidate do if they receive a job offer that's paying less than what they were making before? Consider the pros and cons to accepting that job offer before you make any definite decisions.

Reasons Why You May Want To Accept That Lower Paying Job

1. There's an opportunity to make more money over the next 3 - 5 years.
2. There's an opportunity to advance in the company.
3. The culture of the company is more conducive to your personality than similar, but higher paying gigs.
4. The job is paying less; but there's an opportunity to do more exciting work or work that you're passionate about.
5. The job is less stressful, offers shorter work hours or has a shorter commute time.

Reasons Why You May Not Want To Accept That Lower Paying Job

1. The lower pay will require you to make significant changes to your lifestyle.
2. The lower pay comes with a less prestigious job title.
3. The job doesn't offer solid benefits that compensate for the lower pay.
4. Accepting the lower pay may make it difficult to demand higher pay at your next job.
5. The job doesn't offer pay increases that are in line with your financial goals.