When could it make sense to accept less salary for your next job?

For a lot of people in the job market, salary and the total comp package are a top priority. They might even believe that taking less salary is always a bad move, a career misstep, because money should come first. 

And for others, money isn't even near the top of their new-job checklist.

Sometimes a salary sacrifice is worth it for your career. 

Certainly, in our world, making more money is a common goal. 

And there's a lot that gets tangled up in our thoughts about money as a measure of our worth.

That's a lot of pressure to put on yourself. 

You are not how much you earn. 

The truth is that similar jobs might bring widely different pay ranges. 

There are many factors are at play, including the company's size and stage, its profitability, the industry, and how hard they have to compete for quality people.

And sometimes your dream company, or that nonprofit career you set your heart on, simply doesn't pay the kind of money you're used to making.

This happens a lot when people realize they want their work to make a positive difference in the world but those jobs simply don't pay as much. 

So it’s possible you’ll find what seems like a dream job… but the compensation feels like a dealbreaker.

Or is it?

That’s when to look for the tradeoffs.

What can you get out of a job that could make up for taking less money?

What non-monetary benefits or advantages could you get?

Could it be worth it?

Here are ten situations where taking less salary could make a lot of sense:

1.  You are changing careers.

This is a bit of a no-brainer, but when you change careers, you will need to start at the bottom (or maybe the middle, depending on which of your skills are transferable) until you learn the ropes and prove yourself. That includes your pay package.

So if you are moving into a whole new field, while you might have been highly paid in your old career, you may have to happily accept less money in the new one.

2.  Your past pay is hard to match.

I talk to people all the time who have become accustomed to very generous salaries for what they do, and that makes it harder for them to realign their expectations for other roles. So they stick around.

They call that “golden handcuffs” because it can trap you in a job that you’re afraid to leave because of the money.

If you’re in this situation and feeling a little spoiled, remember why you are looking for a new job in the first place… a better boss? Easier commute? More chances to learn? 

Money is rarely enough of a reason to stick with a job when it’s time to move on. A better boss, commute and challenge may be totally worth it.

3. You’ll get valuable new experience.

I've talked to people who invested tens of thousands of dollars for a degree but then balked at taking less money for an opportunity to get on-the-job experience with a renowned expert, because they want to hold out for more salary.

Experience, a respected company name to put on your resume, the opportunity to prove yourself, to grow your network, the chance to work on an important project while you  build your skills. 

These are all immensely valuable to your career, even if it doesn't put more money in your pocket. 

4. You are getting stock options or equity that make it worth it.

In my years of executive search, I placed senior executives into very early stage startups, and in those situations, we were looking for people who would comfortable trading off some (and sometimes all) of their salary for equity in the company, counting on the possibility of a bigger payoff down the road.

Getting paid in equity brings risks but the rewards are the big draw, though few startups actually make it. For some people who can afford to invest their time, it can be well worth it in the long run. 

And stock is a key piece of compensation packages in many companies. I'm not an expert in how these aspects of compensation work, but there are people out there who are if you have to make a choice on this, get advice from an expert before you decide. 

5. You want to build something from the ground up.

Startup companies run on tight budgets, and salaries reflect that. If a startup is looking for funding, it's important to keep payroll low to preserve cash runway as much as possible.

But... the jobs can have a lot of possibilities and opportunities.

When you are one of the first employees, you have a chance to influence and put your mark on how things go in a way you just cannot get in a big company.

If you're ready to expand your leadership skills and test your strategic business talents, coming in early to a startup might be the way to go, and worth taking less money for.

6. You have the opportunity to work with a specific mentor.

When you are building your career, getting the chance to work with a leader who will mentor and teach you how to be great at what you do is priceless.

Don't let yourself get taken advantage of, and research just like you would for any job, and look for how  you can strategically use the opportunity for networking and building credibility.

7. You get access to tuition reimbursement.

Additional degrees and certifications can open up new career levels.

If a company has a good tuition reimbusement program, you could go to school part-time for an MBA, other graduate programs or earn expensive certifications, all of which adds a great deal of value  to your actual compensation package (as well as your long-term prospects).

Make sure you know the rules before you commit.

Many companies require that you’ve been there for a year first, require you to meet minimum grade standards, and if you leave your job within a certain period of time after you finish your program, you have to pay them back.

8. The job has a more flexible schedule or requires less hours. 

Freedom in your schedule is a huge bonus. Time really can be worth more than money.

The ability to set your own hours, waste less time commuting or work fewer hours will affect your bottom line in different ways, including the quality of your life.

9. You’ll be developing valuable new contacts.

In today's market, it's as much about who you know as what you know.

So when given the choice between a high-paying job where you’re isolated and a lower-paying one where you will be rubbing elbows with powerful people, the lower-paying job would be a better option for someone who is building a career and a network.

10. The benefits are great.

Some people work jobs with modest hourly wages because the company gives fully paid medical and dental benefits for employees and their partners, which was worth many thousands of dollars a year and would not be available to them otherwise.

Choosing to sacrifice money for other factors isn’t for everyone, obviously.

You might have high expenses, two kids in college, supporting your family, or clearing out debts. If that’s the case, getting the best salary should be high on your list.

But if you can, consider the value of some of the tradeoffs to make the package feel more appealing. 

You might find there are tradeoffs that make up for ess money in some jobs that would add to your career, even without a high paycheck.