I'm at that point where I'm considering changing jobs. After a string of trampoline-like moves from one place to another, I quite frankly feel I'm only doing it for the money. As I search for options, I realised jobs I would find more fulfilling typically pay between 30-40% less. Still have not decided what to do.<p>What pay cut would you accept to do something you like?
> I quite frankly feel I'm only doing it for the money.<p>I think this describes everyone's relationship to work. If your current employer stopped paying you would you keep showing up? If the more fulfilling job stopped paying you, would you keep showing up?<p>Usually if I decide I want to change jobs I am looking for something that is both more fulfilling and higher pay rather than one or the other. If I did not have to work, I wouldn't.
I probably wouldn't take a pay cut at my current salary, but I would definitely settle for a lower salary ceiling. I find people have a different definition of fulfilling though, it seems to most people to he defined as work having some sort of positive impact on society, but I really just want to work on domains / problems I'm interested in.
> the primary goal for many [new professionals] becomes, in essence, getting compensated sufficiently for sidelining their original goals. Robert H. Frank, a Cornell University professor of economics, tried to find out exactly how much compensation people deem sufficient for making this sacrifice. He surveyed graduating seniors at his university and found, for example, that the typical student would rather work as an advertising copywriter for the American Cancer Society than an advertising copywriter for Camel cigarettes, and would want a salary 50% higher to do it for the cigarette company. The typical student would want conscience money amounting to a 17% salary boost to work as an accountant for a large petrochemical company instead of doing the same job for a large art museum.<p>-- Schmidt's book Disciplined Minds, p 131
I already do something I like, so not much.<p>That said, a FAANG or bank would pay twice as much, at least. And I’ve deliberately avoided that out of preference for startups. So perhaps in that sense I’ve already taken a 50% cut.<p>And only regret it when looking at time-to-retirement projections.
Depends on my asset base.<p>These days, I have a comfortable base of assets that generate growth/cash. Because of that, I can afford to take jobs that index better on qualities other than just pay.
I would do 20%, but each persons number is based on how much they feel they are paid beyond their need / want level.<p>Like you I do not care for my current job, but for a variety of reasons I am stuck for the next 2.<p>There is an old saying 'Enjoy your job and you never work a day' (because you are having fun). But if you are not meeting yours needs, then they become the golden handcuffs that keep you working because you need the gold.
What parts to you find fulfilling? One approach would be to assign a value to aspects of a job you find fulfilling. This could include things like a short commute, casual dress, flex hours, remote work, low politics, good/smart coworkers, and challenging projects. For some challenging projects may be worth a lot, for others remote work to be with family could have the highest value.
I work at an investment bank as a senior SWE. I'd take a paycut to work at a FAANG or other upper-mid to top tech company. In fact, I'd be ecstatic to join such a company as a junior or mid engineer - and the paycut (if there would be any at all) would probably be very minor. Meanwhile the long term benefits (monetary, skill, and career) would probably be far superior.
I wouldn't take a paycut currently. However, I would take a job without a raise. I have found my personal equilibrium for effort vs income. I could make more money, but it would be with significant more work and time spent.<p>30%-40% sounds like a lot. But it depends if you are sacrificing luxury or saving and retirement.<p>The equation I used is:
income = monthly expenses + savings + retirement fund.
I would probably be willing to settle for 0.75x, if needed, and depending on other benefits/ factors (e.g. if I would receive multiple job offers at the same time etc.).