What are you willing to pay to get paid?

I have thought about this question many times over my years. Sometimes, this question was for me only and at other times I have tried to answer it for others.

In the last few weeks, this question has come up again many times, so I thought to capture what I have been discussing with folks in my in-person discussions.

It's surprising how many, even those with extensive experience, fail to consider all factors, making emotional choices influenced by peers, which may not always be in their best interest.

This becomes even more important in today’s times of economic uncertainty, marked by layoffs and frozen salary hikes.

Before we discuss other factors that should be considered, the assumption is that a job change inherently leads to better pay, which I believe is a fair assumption even in current times.

Disclaimer: I think it’s important to clarify my stance on the pursuit of financial rewards. I firmly believe that money does facilitate happiness , especially in the early stages of one's career. Yet, it's also true that the correlation between happiness and income tends to plateau beyond a certain salary threshold. I am not mentioning any amount here as the exact figure may vary by individual circumstances and life stages, but a lot of research has been done on this. A recent study which also has links to previous research.

Following are the factors I think are important to think about when making these decisions.

• Experience: This is one of the most important factors.
• Early Career: For those at the beginning of their careers, exposure to diverse technologies and opportunities to collaborate with variety teams are invaluable. Such experiences usually help in future growth and higher income potential.
• Mid to Late Career: For more seasoned professionals, the emphasis shifts towards growth opportunities that lead to new roles and responsibilities.
• Learning Opportunities: The scope for learning is critical, influenced by the organisational environment and the projects that the org is working on or plan to work on soon. Larger organisations may offer stability but can sometimes limit exposure to varied assignments outside one’s core team.
• Organisational Culture: A supportive culture, characterised by understanding peers and managers, contributes significantly to job satisfaction. There comes a point when no amount of extra pay can compensate for a toxic or stressful work environment.
• Compensation Complexity
• For Juniors: Increase in in-hand salary can significantly enhance lifestyle and satisfaction.
• For Seniors: At higher income levels, the day-to-day benefits of additional cash diminishes, shifting the focus to equity or stock options as a form of compensation.
• Work-Life Balance: I find this a very debatable topic, which is why I never talked about it in public forum, but with this context, I thought it would be a good idea to share my thoughts.
• The concept of work-life balance is evolving, particularly among Gen-Z professionals. They are smart and they value their time. But at the same time, I also think that most don’t even understand what work-life balance means and go by what social media influencers say about it.
• Adhering strictly to a 9-5 schedule, followed by a complete disengagement from work, is a very loose definition of work-life balance and may serve a limited few who find no alternative path to balance. It’s effectiveness is also questionable to me.
• True work-life balance is achieved when one can be present and responsive to demands—be they professional or personal—whenever and wherever necessary, yet still manage to accomplish both work-related and personal tasks effectively.
• Sometimes I can't work few hours during weekdays because of personal commitments, especially around kids, but I make up for it by working late nights and weekends. I still believe this gives me a good work-life balance.

Sometimes, the decision to stay or move might be clear-cut, especially if most of your core criteria are met. Yet, it's essential to ponder the question, "What else will you pay to get paid?"

This reflection can help ensure that your career moves align not just with your financial goals, but with your broader life aspirations and values.