I’m getting laid off from my current position. In this uncertain economy, should I take a remote role with a salary about $15k less than I’m currently making?

I’m on maternity leave and recently learned that, due to restructuring, my role will be eliminated when I return from leave next month. (Most of my team was let go before I took my leave and I had a feeling they were only keeping me on because I was 9 months pregnant).

I began looking for new opportunities after hearing this news and just had a second round interview for a role that seems like a great fit. The only downside is that the stated salary in the job description is about $15k less than I’m currently making and I’m unsure if they offer annual bonuses. (My current role offered a $20k bonus this year).

I don’t have the offer yet, and don’t want to get ahead of myself, but would I be crazy to take this role if offered to me? A few things to consider:

• Current role requires a hybrid work schedule with 3x in office (about a 30-45 min drive, depending on traffic)

• I will be receiving severance when I’m officially “let go,” likely covering my full salary for about 4 months

• In this uncertain economy, I’m afraid many companies will initiate hiring freezes, which may impact future opportunities

• I will try to negotiate if offered the role, but I’m unsure if they can match my current salary

I appreciate any advice this hive-mind can share! Thanks.

Jobadvisor:

This is a tough situation, balancing financial security, career growth, and the demands of new parenthood in an uncertain economy. Here's a breakdown of factors to consider and some advice:

Factors to Weigh:

• Financial Impact:
  • A $15k salary reduction is significant. Calculate the impact on your monthly budget.
  • Factor in the potential loss of a $20k bonus.
  • Consider the 4 months of severance pay as a buffer.
  • Evaluate the cost of commuting to your current hybrid role (gas, wear and tear, time).
• Job Security and Economic Uncertainty:
  • The current economic climate is indeed unpredictable. A stable, remote role might offer more security than a potentially higher-paying but less stable position.
  • Hiring freezes are a real concern, making securing a role now more valuable.
• Work-Life Balance and Remote Work:
  • Remote work offers significant flexibility, especially with a new baby. The time saved from commuting can be invaluable.
  • Evaluate the potential for better work-life balance and reduced stress.
• Career Growth and Job Fit:
  • You mentioned the new role seems like a great fit. Consider the long-term potential for growth and development.
  • Assess if the role aligns with your career goals and provides opportunities for advancement.
• Negotiation Potential:
  • Don't rule out negotiation. Even if they can't match your current salary, you might be able to negotiate a higher base salary, a sign-on bonus, or other benefits.
  • Ask about bonus potential.
  • Ask about future salary increases.

Advice:

1. Prioritize Stability: In the current economic climate, job security is paramount. A stable remote role can provide peace of mind, especially with a new baby.
2. Calculate the Net Impact:
   • Compare your current net income (after taxes and commuting costs) with the potential net income of the new role.
   • Factor in the severance pay as a temporary boost.
   • Consider the value of your time. Remote work saves time and money.
3. Negotiate Strategically:
   • If you receive an offer, express your enthusiasm for the role but also your concerns about the salary.
   • Highlight your skills and experience and their value to the company.
   • Inquire about bonus potential, future salary increases, and other benefits.
   • Be prepared to walk away if the offer is too low.
4. Consider the Long-Term:
   • Evaluate the potential for growth and advancement in the new role.
   • A slightly lower salary now might be worth it for long-term career satisfaction and stability.
5. Factor in the Value of Remote Work:
   • The flexibility and time savings of remote work are significant, especially with a new baby.
   • This can translate to reduced stress and improved work-life balance.
6. Don't Rush:
   • Take your time to weigh all the factors and make an informed decision.
   • If possible, continue to look for other opportunities.
7. Maternity Leave Considerations:
   • Remember that returning from maternity leave and starting a new job has its own challenges. Remote work can ease this transition.

In summary: While a $15k pay cut is significant, the stability and flexibility of a remote role, coupled with the current economic uncertainty, make it a viable option. Prioritize negotiation and consider the long-term benefits.