Finance career questions are at the top of most candidates’ questions when we first meet them. Skill shortages are becoming a major issue in every industry but are particularly prominent in the financial sector. Rapid changes in the economic markets and evolving technological requirements are leading to significant talent gaps in the industry.
When deciding which company to work with, how do you determine whether you should prioritise salary or company culture?
While the remuneration offered by an employer is important, particularly in today’s world, where many employees are struggling with the cost of living crisis, the right workplace is crucial, too. The happier you are in your role, the more likely you are to achieve your career goals.
Here’s how to ensure you’re making the right choices in your finance career.
Exploring the Benefits: Salary vs Workplace Culture
First, let’s examine the benefits of a higher salary and a better workplace culture. The benefits of a bigger salary may seem obvious. The more you earn in your role, the better your quality of life will likely be.
Around 3 in 4 adults throughout the UK today are concerned about the rising cost of living. They’re worried about meeting their current financial obligations and being able to manage higher bills. A better income can help to eliminate that stress.
Additionally, a good salary ensures you can allocate more funds towards savings, investments, and your future, fostering long-term financial stability. Sometimes, a better salary can also mean access to additional opportunities within your financial career.
If a higher salary comes with a leadership title and more responsibilities, you may find you can develop new skills faster or unlock opportunities for accelerated career advancement.
The Benefits of a Better Workplace Culture
At first, the benefits of a better workplace may not be as obvious as the advantages of a higher salary, but they are significant. While ensuring you’re being paid what you’re worth in the financial sector is important, you should also feel happy and fulfilled in your role.
A better workplace environment leads to greater job satisfaction. If your employer creates a diverse and equitable environment where every team member feels supported and respected, you’re more likely to enjoy your time in the office and feel engaged by your work. This higher level of engagement can even improve your performance, making you more productive and efficient and opening the door to promotion opportunities.
A nurturing workplace can also help you develop new skills through coaching, mentorship, collaborative learning, and training opportunities. Plus, it can help to improve your mental and physical health. The more supportive your workplace is, the less likely you feel overwhelmed by stress.
You could even enjoy a better work-life balance. Many companies are committed to offering a good company culture that gives employees access to flexible hours, remote work options, and supportive policies, like the ability to adjust your work schedule to suit your life. Flexible work can even help you save money.
Evaluating Your Career Plan: Making the Right Choice
A higher salary and a better workplace environment can be extremely valuable to any financial candidate. The key to making the right choice is evaluating your options carefully. Instead of automatically accepting a role based exclusively on a great salary or flexible work options, consider how each available role fits into your career plan.
Examining your short-term goals is important. For instance, if you plan on earning a new certification or returning to school, you might need a higher income to pay for your education. If you’re struggling with debt, a good salary can help reduce stress and improve your quality of life.
At the same time, think about your long-term aspirations. What would you look for if money wasn’t a concern in a new financial role?
Are you looking for more opportunities to learn on the job and improve your skills? Do you want to improve your work-life balance or expand your professional network? List your short-term and long-term priorities, and examine how each role you’re considering aligns with your career trajectory and desired lifestyle.
Balancing Current and Future Needs
It is easy to make snap decisions based on short-term goals and requirements. However, every career move you make in the finance sector should be carefully considered. If your financial situation is problematic, avoid instantly accepting the role with the biggest salary without further investigation.
A high income could solve your financial challenges in the short term, but you might struggle more if it comes at an increased risk of stress and burnout. You may be unable to maintain your income if you become quiet-quitting or take more time off due to stress.
Additionally, a great salary might not be worth it if it limits your ability to progress in the financial sector. A great company culture might not give you immediate financial advantages. Still, it can lead to a better income in the future by opening the door to promotion opportunities and new roles.
Try to think beyond your short-term needs and consider your overall well-being and happiness during decision-making. More often than not, an excellent company culture will deliver more benefits in the long term than just a great salary.
Make the Right Decision for Your Financial Career
Ultimately, deciding between a higher salary and a fantastic company culture can be difficult. Both options have clear benefits, but it’s important to consider your priorities carefully before making your choice.
Thinking long-term and exploring how a positive company culture can benefit your health, well-being, and overall quality of life is crucial to making the right choice for your career. While ensuring you’re paying what you deserve is important, you must also put your long-term happiness and career aspirations first.
If you’re struggling to make the right choice, consider working with a financial recruitment agency to access more options. Your recruitment team might be able to help you find a role that combines a competitive salary with the ideal work environment.
Thanks
Rachel
About Rebus Financial Recruitment
Rebus Financial Recruitment provides a specialist and focused recruitment service to its customers, ranging from various organisations, including SMEs, to large PLCs.
We strive to offer both the client and candidate a seamless recruitment experience. Using our expertise, we understand employer and employee needs and match them perfectly.
To learn more, contact one of our team members today or call us at 01282 930930.
