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You don't get top pay & top job stability, that's life. Job stability implies staying somewhere for a long period of time, and that's generally not how you max
by steveBK123 3y ago
You don't get top pay & top job stability, that's life.
Job stability implies staying somewhere for a long period of time, and that's generally not how you maximize compensation.
Compensation maximizing career management usually involves moving every ~5 years or so, depending on industry.
But I'd rather make more money AND have more opportunities/experiences than to rely on the continued benevolence of my single long term employer.
When they start sorting spreadsheets by compensation for layoff purposes, you are already in the wrong place at the wrong time. Being paid less for years and years so that you are lower down the spreadsheet isn't a career strategy.
- suoduandao3 3y agoI agree... but it's important to recognize that the smaller the difference between one's pay and one's expenses, the more impact any kind of disruption has. 'don't go bankrupt' isn't a requirement with a lot of leeway - the leeway to take risks comes when losing a job wouldn't lead to immediate bankruptcy.
- steveBK123 3y agoSavings is important no matter your income. However you'll find its a lot easier to save money as you make more money. My savings rate AND my absolute dollars saved have gone up as I progressed through 20s/30s/40s/etc. Increases in your rent or real estate taxes +/-5% don't matter as much when housing is a lower overall % of your income. This is a big hurdle in HCOL areas when you are starting out, so the faster you can move through that phase the better.
- eschneider 3y agoYou don't get job stability. Period. If you're getting paid more, you can at least bank more for the downturns. But in general, unless you're being unfairly underpaid, your salary doesn't have a lot to do with if you get selected for a layoff or not, all other things being equal.