Salary, corporate brand and work culture often push individuals towards accepting or rejecting job offers. But how should early career professionals, especially someone just starting out, choose the best company possible while starting their careers?
Let’s closely weigh the three factors — work culture, pay and brand image — against each other while answering this question.
What matters on your resume more
Anshuman Das, CEO and Co-Founder of talent solutions provider Careernet, says brand name and high pay are valuable aspects but they serve different purposes. While a brand name brings credibility and signifies that an individual has met certain standards and gained valuable experience, high pay serves as a value indicator of the professional and helps them negotiate higher compensation later.
But there is no guarantee that a reputed brand or high salary can lead to a successful career, says Himanshu Arora, Co-Founder of Social Panga, an integrated social media and digital marketing agency. Focus on increasing your exposure to get a better professional journey. “One thing that early career professionals should not excessively prioritise on is a hefty pay check. In the long run, money will naturally follow if you focus on acquiring the right knowledge and skills. When you look at a 10-15-year horizon, this approach becomes a significant equaliser, ensuring you earn well if you have the necessary expertise,” says Arora.
Accepting low pay = delay in growth opportunities?
In Das’s opinion, settling for low pay in the initial years of your career can have short-term as well as long-term implications — such as financial strain, delayed savings, lower baseline for future negotiations, and job dissatisfaction some years down the line. But employees can mitigate the long-term effects of this decision by following certain strategies around skill development, mentorship opportunities, improving financial literacy, and actively exploring avenues for career advancement. “While an initial low pay poses challenges, it doesn’t delay growth opportunities. One’s career path is dynamic and can be influenced by efforts, skills and determination,” says Das.
Arora has a similar opinion: A lower salary can limit your financial stability, make it more challenging to meet financial goals, make you feel undervalued, affect overall job satisfaction and decrease motivation.
But he points to the idea of opportunity cost. When considering a comparatively low pay structure, evaluating what we might be sacrificing is of utmost importance. If the potential opportunity is substantial, salary shouldn’t be the sole focus. Finding a middle ground between the two aspects is crucial, says Arora.
A strong brand name can matter more than pay
While elaborating on roles where an individual’s association with a strong brand name matters more than pay structure, Das says there are a bunch of roles where reputation, credibility and networking play a pivotal role. These roles prioritise the prestige and reputation of the employer over immediate compensation. Roles in certain legal firms, investment banks and consulting firms are held in high regard in academia, research, journalism and media, to name a few.
Arora says there are instances where individual connections and opportunities carry more weight than the reputation of the organisation. For instance, when it comes to startups, a compelling vision and strong leadership can offer opportunities where the potential impact on an individual’s career surpasses the initial compensation. There have been cases where individuals have climbed the corporate ladder to executive positions despite starting as interns, he adds.
Driver of job satisfaction: Healthy pay or nurturing work environment?
Das of Careernet says that while salary and work environment play indispensable roles, it is often the work environment that has a more significant impact. A nurturing work environment, characterised by supportive colleagues, a positive company culture, and opportunities for personal and professional growth can contribute more to job satisfaction.
Arora of Social Panga says: “While salary is undeniably crucial, it should never be the sole determinant of job satisfaction. Salary constitutes just one facet of the broader spectrum of factors that contribute to job satisfaction.”
Both experts say a person operating in a nurturing work environment and earning a reasonable salary may be better off than a professional receiving a fat pay check but having to deal with an unsupportive environment, burnout and constant stress. Clearly, both hold the opinion that a healthy salary, though essential, can never be a replacement for a positive, nourishing work environment and the growth opportunities it offers. Company’s culture ensures consistent growth and retention
In Das’s opinion, a company’s culture heavily contributes to ensuring consistent growth, employee retention and higher engagement. A positive and inclusive company culture fosters a sense of belonging and purpose among employees. Besides, when employees believe in the company’s values and mission, they tend to be more motivated and productive and — most importantly — are emotionally invested in the company’s success.
Furthermore, he says that talented individuals are drawn to companies where they can thrive and align with the corporate culture — one that prioritises work-life balance, mental health and employee well-being. This, in turn, improves retention, minimises absenteeism and enhances overall productivity, while creating healthier, happier and more resilient employees, he adds.
Talking about the significance of company culture in driving individual growth, Arora says that culture is not limited to the convenience of bean bags or free lunch. It is the DNA of an organisation and what one prioritises.
“Culture can manifest in various ways. What you prioritise could be excellence, customer service or other aspects. However, what truly matters is that everyone in the organisation not only comprehends but also embodies and upholds this culture in their daily endeavours,” Arora adds.
By Riya Tandon
https://economictimes.indiatimes.com/jobs/fresher/work-culture-brand-name-or-pay-cheque-what-should-matter-more-to-early-career-professionals/articleshow/105290754.cms
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