By Peter Cohan
Management Guru, Author and Columnist
If you were among the millions of unemployed workers looking for a job in 2009, would you accept a 50% pay cut? That's the question that Shaun Chedister faced last year, according to CNNMoney. And his answer, after spending eight months looking for a new job, was yes. Unfortunately for Chedister, that pay cut meant giving up the lifestyle he had enjoyed before he got laid off.
Chedister had been making $125,000 at Washington Mutual but he was laid off from that job at the end of 2007. He spent eight months looking for a job to support his wife and four children. He ultimately accepted an offer from Ernst & Young as an executive administrator -- the catch? The job paid slightly more than half of what he was making before -- $66,000.
The problem was that Chedister's unemployment had run out and he still had bills to pay. Chedister is looking for a more affordable house and in December one of his cars was repossessed after he got behind on the payments. This hurts but once you lose a job you have two choices: keep looking or accept what's offered -- and that offer is likely to be less than what you made before.
Continue reading Would you accept a 50% pay cut to get a job?
Source: Bloggingstocks.com
January 2, 2009
USA: Would you accept a 50% pay cut to get a job?
NEW YORK / Bloggingstocks.com / January 2, 2009
By Peter Cohan
Management Guru, Author and Columnist
If you were among the millions of unemployed workers looking for a job in 2009, would you accept a 50% pay cut? That's the question that Shaun Chedister faced last year, according to CNNMoney. And his answer, after spending eight months looking for a new job, was yes. Unfortunately for Chedister, that pay cut meant giving up the lifestyle he had enjoyed before he got laid off.
Chedister had been making $125,000 at Washington Mutual but he was laid off from that job at the end of 2007. He spent eight months looking for a job to support his wife and four children. He ultimately accepted an offer from Ernst & Young as an executive administrator -- the catch? The job paid slightly more than half of what he was making before -- $66,000.
The problem was that Chedister's unemployment had run out and he still had bills to pay. Chedister is looking for a more affordable house and in December one of his cars was repossessed after he got behind on the payments. This hurts but once you lose a job you have two choices: keep looking or accept what's offered -- and that offer is likely to be less than what you made before.
Continue reading Would you accept a 50% pay cut to get a job?
Source: Bloggingstocks.com
By Peter Cohan
Management Guru, Author and Columnist
If you were among the millions of unemployed workers looking for a job in 2009, would you accept a 50% pay cut? That's the question that Shaun Chedister faced last year, according to CNNMoney. And his answer, after spending eight months looking for a new job, was yes. Unfortunately for Chedister, that pay cut meant giving up the lifestyle he had enjoyed before he got laid off.
Chedister had been making $125,000 at Washington Mutual but he was laid off from that job at the end of 2007. He spent eight months looking for a job to support his wife and four children. He ultimately accepted an offer from Ernst & Young as an executive administrator -- the catch? The job paid slightly more than half of what he was making before -- $66,000.
The problem was that Chedister's unemployment had run out and he still had bills to pay. Chedister is looking for a more affordable house and in December one of his cars was repossessed after he got behind on the payments. This hurts but once you lose a job you have two choices: keep looking or accept what's offered -- and that offer is likely to be less than what you made before.
Continue reading Would you accept a 50% pay cut to get a job?
Source: Bloggingstocks.com
