Big salary or permanent job- what should you prefer?

It is a conundrum which many have faced before. A big salary does seem lucrative to start with. However, many times, it comes with the risk of job security. The recent global recession of 2008 is example enough of that. in a bid to cut costs and stay afloat, many companies resorted to job cuts. Very often, people with high salaries were the ones who were fired. Those with comparatively lower salaries were retained. The economy is still unpredictable, with many parts of Europe still reeling in the aftermath of the global recession.

What is the right choice then- big salary of permanent job? There are pros and cons to both the situations. At the end of the day, it all boils down to your priorities. Let's take a closer look at both the options.

Big salary versus permanent job

1. If it is just a job for you- Sometimes, you have to do a job for the sake of survival. For example, if a person wants to be a musician but does not have the financial support from his family, he would have to do a job in order to sustain himself, until he finds a break. In such a case, a job isn't a career option for him. It is just a job. Thus, a big salary would be more preferable for him than a permanent job. With a big salary, even if he gets fired, he would have plenty with him in order to sustain himself and go after his passion.
     
2. If fast growth is what you are after- Big salaries can almost guarantee fast growth, financially, as well as professionally. If you are looking for fast growth in your career, you have to take the risk of a big salary. If you are lucky enough, the risk will pay off. If you are not, well, it's just a part of the game.
     
3. If you have long term plans- Many people have long term plans. They want to have a nice house of their own, give their sons or daughters the best of education etc. If you have long term plans too, it is wise to settle for a more permanent job than risk going for high salary. With a relatively permanent job, you are sure of a certain amount coming to your bank account every month. With that surety, you can plan your financials better with your long term plans in mind.
     
4. Whether a brand is more important for you- Sometimes, people dream of working with a certain organization. For example, for some techies, working with Google is a dream come true. However, when working with prestigious brands like Google, you may have to compromise on the financial bit in these uncertain economic times. Again, it boils down to your priorities. If a brand is more important to you than financials, you may have to bid adieu to high salaries.
     

The recent trend

According to a recent survey conducted by a staffing firm, most employees are looking for companies which offer better job security. According to the survey, more than 60% of employees are giving preference to a more secure future than a higher salary. This is in contrast to the trend about 5 years ago when salary and benefits ranked as one of the top criteria for candidates when looking for jobs.