Asked on 03 Sep 2019
I am fortunate to have 3 good companies offering me a job.
However, should I go for:
(1) Higher pay, but it’s a contract job and it ends soon in > 2 years, or
(2) Lower pay, but it is a permanent role, or
(3) Same pay, but less keen as compared to above
Ideally is option 2 as it is much stable and salary will increase with increment and experience over time, but I had been planning to increase my salary so I can save more for family expenses and wedding etc.
Any thoughts or advice?
I would look at the job prospects and the team unless the lower pay job is paying significantly less.
Given that you are saving for the upcoming wedding and family expenses, you should probably be looking at a job that 1) Allows you to expand your scope and rise up the ranks 2) Reasonable pay increment as you contribute more value 3) Longevity. You don't want to find yourself unemployed in the midst of having a baby and servicing your mortgage.
Additionally, what is your future spouse's earning power, and how much flexibility does it give you in your job?
If you're doing the same thing in similar environments, I'll take the higher pay as you can possibly renew your contract or move to another opportunity and ask for another pay bump.
To be honest, I think salary is the least of your concerns unless it's at least a 30% differential.
There are too many factors at play also. Do your family depend on you heavily to pay expenses? Do you have any cash savings buffer? Will the wedding result in kids coming soon?
Most people with high liabilities tend to take less risk with their career because they have bills to pay.
Late 20s is hard to tell and is definitely different for males and females. I would assume you are male and have been working for about 5 years.
From what I see, you are trending towards taking lesser risk, because you are looking more towards option 2. To be honest, there's no harm taking that, unless option 1 is paying 30% higher, or it is in a much bigger company.
When you are looking to do quick job changes, the name of the company, and the title of your job matters.
If you could give more details, it would be helpful too