I have a good salary at a failing start up, and I can’t seem to find any jobs that provide a similar salary. I love my current job, but I’m worried that the company will not be able to secure enough funding to last us 6 more months.
Should I take a pay cut (150k --> 100k) to work at a different company? Or should I wait it out for another few months at my current company?
For context, I support my SO in a HCOL area and we don’t have much savings. Trying to build that up right now…
Any advice would be appreciated. Thank you!
It sounds like you’re making assumptions on whether the company will be able to fundraise.
Are you sure it can’t or are you just worried it can’t? Has the CEO been eluding to it? Do you know that they’re struggling to fundraise right now?
Startups are always in limbo. It’s very easy to conclude a startup is doing poorly: no money coming in, no users & employees working 9-5 pre Series A.
It is very hard to figure out if a startup is doing well: it’s making money, but not enough to cover its investment, etc.
Now that we have that out of the way, if you know the company is failing and will not be able to recover, as an employee, why are you willing to go down with the ship?
I would strongly consider leaving for the sake of your career. I’m not sure how old you are and what your career path has been, but making less at a company that’s doing better will be better for your career long term than making a ton at a failing enterprise.
If the market is offering you 70-100k, then it sounds like you got lucky you were able to find a job making double (I don’t know where you’re from).
For example, I too would like to make double my salary but it’s just not possible because nobody is willing to pay that rate.
When it comes to your SO, HCOL and your savings, it sounds like it would be smart to start having conversations on what a future of making 1/2 or even 0 is going to look like for you.
I wish you the best of luck!