Career Advice

How to Make a Career Change Without Taking a Pay Cut

woman on her phone

When we first start to think about our career path, we will be young, which means that we may end up going down a route that isn’t actually going to be right in the long term.

This is why the average person is likely to change their career at least once in their lifetime.

However, the trouble with this, particularly if we have been in a career or job for some time is that we are likely to have built ourselves up through the ladder, improving our position and of course our salary too.

This means that if you do find that you want to change your career, then you may be concerned that you are going to have to accept a pay cut.

However, this isn’t always the case, there are ways that you can switch your career and protect your salary too.

Think about which of your skills are the most transferable

You may not realise it, but some of the skills that you have developed and learnt in one career are perfectly transferable to a new career.

This includes leadership skills, problem solving and of course interpersonal skills. All you need to do is focus on how these skills make you right for any job and make sure that prospective employers recognise this too.

Tackle your CV, focusing on the gaps in your skill and experience

Your CV is a huge part of making a career move, which means that you have to make sure that you take the time to perfect it. The perfect CV highlights the skills that you have, the experience that you have and what you can bring to a new employer.

You need to make sure that you make a list of all of your skills and put this into your CV. If there is a skill that you are missing, then find a way to work on these, if you can.

Don’t be frightened to target your dream company

Do you have a particular company in mind that you want to work for?

If you do, then there is no harm sending a CV there. Even if you get a rejection letter then it is better than doing nothing at all.

You may even find that they come back to you and suggest other job vacancies that they have and that they want you to apply for. It also pays to do your homework on them and do your best to impress them.

Think about whether you could move within your own company

You may not realise it, but your own company could give you the career that you are looking for. If it is more the work or the role that you are fed up with, not the company then check out what internal vacancies there are.

This means that you are much more likely to be able to do a role that you love, whilst still protecting that salary you have worked so hard to achieve.

Be realistic about what could happen and reduce your expenses

Sometimes moving career is going to mean that you are going to have to take a pay cut. If this is a likelihood for you, then it is time to be realistic about what you can expect to achieve.

If you are likely to have to have to take a pay cut, then you need to reduce your expenses as best you can. This will mean that a lack of salary isn’t going to have as much of an impact in your life as it could.

Sometimes you just know that you need to change your career, no matter what this may mean for your salary.

However, if there is a way that you can change career and protect your salary, then go for it and see if you can make a move without affecting the cash flow.