Friday, January 2, 2009

America now, Britain soon: Unemployed workers accept pay cuts to find jobs

Life after a six-figure salary

Happy new year and welcome to your new job. One that pays 30%, 50%, 70% less than your old one. That's right: With more than three job seekers for every opening, more workers are having to take significant pay cuts to find employment. Shaun Chedister, 30, is one of those people. Chedister was laid off from his job at Washington Mutual at the end of last year. After eight months of actively looking for work to help support his wife and four children, he accepted an offer from Ernst & Young even though the new position as an executive administrator paid less than half of what he was making before. But the adjustment to making $66,000 a year from $125,000 has been hard. "For the last four to five years I'd been making six figures," Chedister said. "My lifestyle had been at a certain level."

Posted by drewster @ 12:10 AM (856 views)
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3 thoughts on “America now, Britain soon: Unemployed workers accept pay cuts to find jobs

  • Little Professor says:

    “In fact, 63% of unemployed workers said they would be willing to accept a job offer that pays less than their previous job, according to a recent survey.”

    Only 63%? Surely if you’ve been laid off, you’d take anything what was available to you, especially in the US where scrounging off the welfare state is not really a viable option.

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  • Poignant cartoon:

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  • northern bear says:

    Good cartoon Drewster – just about sums up the situation, and the reason it won’t get better soon.

    Wage deflation here next, mark my words.

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