Question: I am a highly qualified financial manager who just moved across the country for family reasons. The location where I am presently located has much lower salaries than the DC area from where I relocated. I cannot move back to DC to take advantage of the salary scale there. At the same time, what is offered in this jurisdiction is well below what I can afford. I am used to receiving between $150k and $175K per annum, and the offers I have received have come in at $80K or less. What can I do to address this issue?
Answer: First, it is accurate that salaries, for the same or similar role, widely vary by sector and also by location. Location affects cost-of-living indexes. In some parts of the country, it is definitely less expensive to enjoy a quality lifestyle. That being said, it is difficult to take a massive pay-cut even if you are in a location offering certain cost-of-living advantages. However, there are strategies to address the situation.
First, consider that a very real possibility in today’s world of virtual opportunities is that you find a way to import your job or telecommute to address the wage discrepancy. Contact your previous employer in the DC area, and find out if he or she would be willing to hire you as a consultant in the new geography at your previous rates. Also, contact others who might be willing to work with a qualified telecommuter/distant professional. These days, some employees can and will negotiate to work from a distance with periodic check-ins with headquarters.
Another strategy to take charge of your situation will sound very familiar and has been around long before computers provided the possibility of virtual employment. That strategy is: Networking. By networking, both in person and electronically, you open up more avenues to get leads, ideas and connections that might lead to a credible job. In addition to keeping current and involved with your online efforts, start attending professional association meetings in the area and connecting with local universities and think-tanks. These often sponsor events allowing for conversations about local career opportunities and how to access executive work.
You did not specify whether you work in a business or NFP organization. If you are open to working for a Fortune 500 company, many are national and employ on a national basis paying competitive salaries. Conduct research to see which national companies have a presence in your jurisdiction, and arrange for information meetings to learn more about their opportunities. Larger non-profits, like American Red Cross and the United Way, also have national offices. A similar process will work well for such larger organizations.
Contact Karen Alphonse at Karena@execSearches.com or visit ExecSearches.com for more information about our career coaching services.
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