Friday, January 2, 2009
America now, Britain soon: Unemployed workers accept pay cuts to find jobs
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."