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!

  • endlesslyambitious@alien.topBEnglish
    1·
    1 year ago

    If I was in this position I would first ask myself:

    1. Do I have enough saved to cover x of expenses? If yes, you now have flexibility.
    2. If I were to stay at my current job and they let me go would it be possible to get severence? If not will the amount of unemployment that I can receive cover some of my expenses? This will buy me time.

    I would aim to gather as much information as possible about this new prospective company.

    1. The salary = 100k but how are the benefits? Bonuses? Commission? Options? Stock?
    2. Is there potential for me to move up within the team and the company? Have they recently done promotions and have those promotions come with pay raises? (The reason this is important is because a lot of companies are still doing promotions in which you get a new title but no increase in pay)
    3. Is the company stable? Have they recently done layoffs? The more you know the better position you will be to make a decision.
    • adrenocorticotropine@alien.topOPBEnglish
      1·
      1 year ago

      Hi, yeah great questions. For the latter questions, the estimate I give is a hypothetical, so there is no specific job associated with that salary.

      As for the first couple questions, I would likely not receive severance as I anticipate that I’ll be one of the last to go. Unemployment benefits, yes. Savings are low, but growing. Will strategize based on my financial situation. Thank you for the advice.