Would you rather get a higher salary or a lower salary to make more time for yourself, for example?

Mostly, people will answer the first answer to get a higher salary, or this is what we might think before knowing the results of a recent research study that showed that a third of the workers who changed jobs during the Corona pandemic and included in the study got lower salaries in other jobs in exchange for achieving a work-life balance.

But what balance between professional and personal life did the people in the study look for?

Besides salary, what other things might people preoccupy when changing jobs?

And when is the preference for working conditions over a large salary the most appropriate option for some people?

Lower salary for working conditions

It seems that working remotely during the Corona pandemic period has made people reconsider the requirements of their lives, and according to the latest survey conducted by the Prudential Center for Business Administration Research, work-life balance and working conditions have become more priority than salaries for some American workers.

In February 2022, the Center conducted a survey of 2,000 full-time workers in the United States, and although 7 out of 10 said the pandemic had made them more anxious about their financial conditions, a third of workers who changed jobs during the pandemic (a total of 22% of those surveyed had changed their jobs during the pandemic) were paid less for a better work-life balance, and nearly 20% of them said they would be willing to take a 10% pay cut if they could get fewer hours.

Overall;

More than half (56%) of workers said they had considered or would consider prioritizing long-term job stability over salary.

Whereas a survey conducted by the US think tank The Conference Board found that about a third of workers who left their jobs during the pandemic earned 30% more in their new business.

However, a number close to them, specifically 27%, said that the wages in their new jobs were the same or less, which means that a third of those who changed jobs in this research did not receive any salary increases, but perhaps on the contrary received lower salaries.

like that;

Research by the job search site Linkedin indicates that about 1 in 3 Australian workers would consider a small pay cut of 2% to 5% if the job would provide a better work-life balance, or to get more work. Enjoyment or less commitment, according to the "Financial Review" magazine, which specializes in the field of business and economics.

In a fourth research from the employment agency, Michael Page;

61% of people surveyed in India say they are willing to sacrifice salary or bonuses for greater attention to well-being, mental health and happiness, but the CNBC report says money is not the only motivator for people to leave their jobs. .

Leaving a high paying job and moving to a lower paying job will affect your financial plans (Shutterstock)

Why do people leave their jobs?

According to research by the UK-based recruitment agency, the reason people quit, even if for lower salaries, is due to "soft stimuli".

According to previous surveys conducted by the agency during the "Great Resignation" wave that occurred in the United States immediately after the Corona pandemic, the main reason that prompted employees to resign was the search for better opportunities for a job or promotion.

The second reason was the change of the entire field, then came in the third place the employees' unhappiness with their current salaries, and in the fourth place was the dissatisfaction with the way companies and workplaces were managed, and the fifth reason was the search for other job roles and ranks.

When can you leave the higher salary?

There is no doubt that leaving a job with a high salary and moving to a job with a lower salary will affect your financial plans and thus your lifestyle, so it is not recommended and experts in the areas of financial planning or markets do not advise it to happen quickly.

If you want to choose a job with a lower salary, there are a number of things to consider beforehand, said financial planner Tanya Brown and founder of Financially Confident Mom. “First ask yourself: Why do you want to leave your current job? Are you Exhausted? Would you be in a different, more satisfying job?” She emphasized that thinking about the answers to these questions will help ensure that you do not make a hasty decision that the person may regret later.

Because if decisions are emotional and based on emotions, a person may find himself after months in debt, fail to make money similar or close to what he was getting, or may have to postpone or cancel certain plans due to low incomes.

A person who bases his resignation on emotional decisions may find himself after months in debt (Shutterstock)

For her part, Anita Samogednik, CEO of Paro, which provides accounting and financial solutions for companies, said that some people chose to leave their jobs to get more flexibility in working hours or change their role or job, but in the end they had to immerse themselves in several Freelance jobs and sometimes a full-time job to achieve a stable financial position.

If you are thinking of taking this adventure, experts give you tips that were reported by CNBC, which included the need to make sure to prepare a financial plan with your current budget to see if you can live the desired lifestyle with a lower income. Experimental Before moving on to this step, test your ability to spend the new, lower budget to cover desired needs.

Moreover;

It is important to take long-term plans into account, and it is important to think about how reducing production will affect your long-term goals. For example, if you are saving to buy a house or plan to have a child or educate your children in certain schools, how will your new income affect these plans?

Will you need to spend more time in the higher-paying job to save to achieve these long-term goals?