Wow! What a busy market for jobs! There is opportunity everywhere and inevitably it is driving behaviour….and salaries. Of course, it is really important that businesses are competitive with their offering but there also comes a point when candidates need to be responsible.
Salaries do need to increase after a couple of years of being stagnant but we are seeing 20-30% increases in some sectors and you have to ask if this is sustainable. Candidates will invariably talk about value, no one is denying your value but driving salaries now will have a negative impact further down the line. At some point the economy will not be able to cope. There is no point high-fiving on a pay increase of £10-15k if it means there is an economic squeeze, and you are made redundant in 12 months.
A great example of this was the Oil & Gas market in Aberdeen where rates went through the roof, where Buyers rates went from £26 per hour to £50. This was fantastic until the cost of exploration was so high the majors stopped bothering and then became a scramble for a low number of roles or the need to move into different markets.
Before taking an offer purely driven by money, You need to consider other factors
In my opinion, every move needs to be considered with money ‘off the table’. So agree what you’re looking for at the start of the process. When I work with candidates, I am very clear of establishing salary at the beginning of the process and the expectation that there wouldn’t be a
Is the offer on the table a sustainable for the business you’re joining. Do they have enough business / projects for them to retain you long term?
Why is this business willing to pay so far above market rate? Is there a retention issue?
What do they expect for their money? Some businesses will pay high but will drive a culture of significant work hours.
Apart from the cash, what’s changing? Will you just be doing what you are doing now but at a different address?
What are the long-term personal prospects, accepting the same job as you do for more money will feel good for a while but it’ll wear off, you will be left asking what’s next, everyone has seen the Maslow pyramid and it’s true.
Does it satisfy other personal/practical needs such as location and flexibility?
What’s the overall package like?
I am not saying you turn down the salaries but to consider everything in front of you and work out if long term it’s the right move before taking the plunge.
Feel free to contact me if you want to discuss any of the points covered.