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Choosing Between Your Dream Job and Higher Salary

Choosing Between Your Dream Job and Higher Salary

Visiting Author: Laura Mason 

According to a recent survey, Americans saved just 4.4% of their disposable personal income — a significant decrease from the 12.6% recorded in April 2021, and the lowest rate since September 2008 in the Great Recession. As inflation rates reach record levels, people are struggling to make ends meet, pay their bills, and maintain their standard of living while resuming life post-pandemic.

To combat inflation, employees around the world are looking to take back professional control in this post-pandemic economy. Insights from Business Talent Group’s survey found workers faced with a high demand for talent as businesses and organizations attempt to recover from Covid-19 lockdowns. The more skills you have the easier it is to choose your desired jobs and roles. But should, employees choose higher pay over their dream jobs?

In this article, we’ll explore some of the questions employees should be asking themselves:

Is it engaging work?

Sometimes, the promise of higher earnings can be tempting, so much so that people are willing to overlook other aspects of a job in exchange for higher compensation. Results from a recent Gallup survey found about half of US employees are not engaged at work, while 18% admit to being actively disengaged. Many employees feel their needs aren’t being met and perform the minimum required work because they are so unhappy.

Being disengaged at work is often attributed to a lack of purpose or a misalignment with their personal beliefs. When choosing between a dream job and one that offers higher pay, it’s good to ask which of the two would match how you view the world, and generally, which one would makes you feel good.

Will I be able to grow?

Another problem plaguing employers is a worldwide skills shortage. 69% of employers in the US struggle to fill positions, which negatively impacts productivity at a time when businesses are trying to make up for recent losses. Many employers are training employees to learn new skills to fill the growing talent gap. Regular opportunities for structured learning and professional development can go a long way towards boosting your skills.

When choosing between the ideal dream job and a higher earning potential, it’s important to focus on  growth opportunities. Remember — your dream job decades might not make you as happy you once dreamed. Change is constant, and having an arsenal of skills to move in a digitally transforming world will ensure you employable.

Is the timing right?

Ultimately, while some aspects of finding the “perfect job” are within your control, sometimes, it boils down to finding the right opportunity at the right time. Insights by LHH on handling work bonuses and career moves demonstrates how some people are ready to switch careers but are hesitant to leave hard-earned bonuses on the table. Some wait it out, collect the bonus, and plan to move next year — which may get in the way of pursuing the perfect opportunity.

Finding a dream job takes time. Some people find it by chance, while others may take months or years to find their true calling. While you wait for that opportune moment, figure out how to become more competitive in the current job market. We’ve covered the tricky relationship between time and money before. And don’t forget, these are turbulent times, so maintaining an emergency fund is a necessity.