Salary Expectations vs. Reality
According to a survey conducted by LaSalle Network of 500 unemployed job seekers residing in the Chicagoland area, 85 percent are willing to take a salary cut up to 20 percent. However, actions speak louder than words.
Unemployed job seekers are not acting on this alleged willingness to accept a lower salary. Currently, 4.4 million Americans have been unemployed for 27 weeks or more, with the average length of unemployment at 24.5 weeks.
“Candidates must re-evaluate their salary expectations to acknowledge the realities of this recession,” says Tom Gimbel, CEO and President of LaSalle Network.
“Companies are not offering the high salaries we grew accustomed to in the past. A lateral or decrease in salary is never ideal; however, lowering your salary expectations immediately in this economy could mean finding a job in three months versus nine months,” Gimbel explains.
“The salary scale, much like the housing and financial markets, has become increasingly inflated over the past 10 years. Job seekers must acknowledge the fact that they have been overpaid, and once they do that, they will secure a job that meets these new expectations,” says Gimbel.