Career progression or just more money?

When discussing a jobseekers motivations for looking for a move, two of the most common reasons I hear are career progression and for a payrise. The two are closely linked, with the first generally taking care of the latter, but too often they are confused as one and the same thing.

In many circumstances it seems that a jobseekers idea of career progression correlates to earnings and earnings alone. Understandable that this is seen as a positive move, but if you’re really looking for career progression, the salary of your next position shouldn’t really come in to the equation. Naturally, very few of us are prepared to take a drop in salary, but when considering your career earning potential, the salary you earn over the next 12 months will have little to no bearing on what you might be earning in a few years time. It’s the work itself that will make the difference.

If you want to significantly increase your earning potential, be patient and don’t focus on what your monthly income will be over the coming year. Think about what your earnings will be over the next 5-10 years. A position paying £3k more than another has the short term appeal of the higher salary, but as a stepping stone will the position itself help you climb to the next step up in your career faster than the other? Of course it could, and if so – result! If not however, the role with the lower salary but better development could be the sensible option.

Consider a Sliding Doors situation. On one universe you take the role paying £3k more and 5 years down the line you’re doing the same job as you are now and are again looking for a step up in your career. Meanwhile in the parallel universe the other you, who took the lower paying role, has already gained 5 years experience in a more senior position, developing their skills and experience accordingly. Chances are they’ll have already overtaken your earnings and now they also start looking for a new job, but in this scenario they’re looking for a job two steps higher up the ladder than you are. If they stay on their toes they’ll remain the higher earner right through till retirement and their overall career earnings will dwarf yours.   

Of course, it’s not always as clear cut as in this example, and it’s not every day we find ourselves with two job offers on the table. However, the same logic should be applied if after resigning your current employer tries to persuade you to stay by matching the salary on offer elsewhere. A short-term win perhaps, but how will staying affect the long-term path of your career?