Monday, August 2, 2010

Title vs. Salary: Which is More Important to You?

In the corporate world, which is more important: your job title, or your salary?

Your job title should reflect your roles and responsibilities within the organization. Some people may make a lot of money, but they may not enjoy the work they're doing. As a result, they may prefer a different job within the same company, even if that means a reduction in salary. Different job titles may be more appealing, even if they don't signify a movement "up" the corporate ladder.

Some people who are currently looking for new job opportunities are looking specifically for jobs where they will have a different title. A job change may seem like a good time to pursue a promotion. Why not go after a new job if you can also move up the corporate ladder?

The issue of salary is fascinating topic because so many people have presumptions and assumptions when it comes to salary. Most doctors make a relatively "high" salary. When you look across the board of different medical specialties, you'll find that doctors make anywhere from $80,000 to over $500,000. That's quite a range, isn't it? It surprises many people when I tell them that there are many physicians who are willing to accept a 20% or even a 40% reduction in salary if they can achieve a better work/life balance. Some physicians are willing to earn much less if they can achieve career satisfaction. The reality is that many physicians are overworked (even after residency) and they simply burn out. They want other options. Therefore, salary drops on the priority scale as other factors rise to the top.

So, how about you? What's more important to you?

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