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!
You must log in or register to comment.
My personal feeling is continue with your current job and continue applying. As you say, you can easily get a job of 80K-100K if need be so continue getting 150K till the decides to close or ask you to leave. Do not forget to continue saving.
May i ask what start-up are you working at? And what services do they offer?
Try to get closer to 120 but yea take it if the ship is really sinking. Try to delay start date. Then delay it again.
I was at a robotics startup “with plenty of funding.” We processed to lay off 75% of the company this spring. It’ll come quick.
Is more fun to stay. Like a six flags roller coaster.
Maybe it’s a cultural aspect to /r/startups, but I’ve gone through like the top 30 comments and I can’t see a single person questioning the morality of accepting a higher-than-market salary from a company that you know is doomed to failure.
If you truly believe that your company is failing, and that your input into the company can’t create success for that company, are you not honourbound to resign, so that the money can be used by those that could save the company, or alternatively so it could be returned to investors?
You know, and maybe your SO can get a job rather than pursue their artistic passions or whatever you said.
It’s actually the opposite. If I stay I can try to help the company succeed, which I am actively doing, and that is one of the reasons I do not want to leave. Morally speaking, I want to stay and do everything I can to help. The salary is fair for my title and my responsibilities, but I cannot find that title anywhere, and only lower positions (or much higher for which I’m not qualified for) are available right now, hence the paycut.
As for your last point, obviously that’s an option, but that is not my question. My question is regarding the start up decision given our current situation.
Why not shuffle your other costs? Stay somewhere cheaper and keep getting the high paycheck to build emergency funds if you don’t have.
I was in pretty much exactly the same position - startup, $165K comp (and higher title than I could’ve hoped for so early in my career), and seeing the startup have trouble fundraising.
I got laid off all of a sudden. Luckily my wife and I weren’t hurting for money, but I think it would’ve been better if i started looking earlier just in case
Get a second job and try to coast until you’re fired.
In my honest opinion, it’s better to jump than be pushed out. Even if that means taking a lower pay. If you’re laid off you have less bargaining power for a higher paid salary.
I’ve just narrowly escaped redundancy this week by taking a massive pay cut at a startup. This is the second time they’ve stripped back and laid people off this year and each time it comes as a complete surprise to those involved
Same situation here. Same numbers too. Also single income and not much savings. Best of luck to ya!
I would wait it out and in the meantime save money and build my network internally with coworkers. If things fall apart, everyone will be moving on and its more likely to find a job networking with one of them that moves to a new place than submitting applications to open postings. Many jobs are never posted publicly.
You should also build a network of recruiters that specialize in people with your skill set and tell them you are looking for $150k plus jobs.
ABA - always be applying
I find that when I’m looking for a job, it can take a few weeks for my applications to start getting me interviews, and another week or two for those to materialize into offers.
Start looking for a job, but turn down every job that isn’t what you want. This way, if you are laid off, you’ll already have some interviews lined up and then you can take a less-than-perfect job offer.
Keep interviewing and get better at it while keeping your job. If you are a software engineer or manager, FANNG can most likely give you a competitive salary or get you there in a few years (200k - 500k).
Fals dichotomy. Go work for big tech. Problem solved.
Best time to look for a job is when you don’t need one.
That’s so true!