What’s up with salaries?
A question coming up a lot among our clients these days is about salary: should I be taking a lower salary because the job market is terrible?
The answer is not a great one, but...it depends.
First, let me say that I always encourage people to negotiate, even when you're told they're at the upper range of the salary they can pay. That is often a tactic to stop people from asking for more. While the company may want to pay the least amount possible, the hiring manager wants the best candidate and is willing to do what they need to get that person.
However, I would not push it; if you've done your research and you ask for what you feel you should be earning / what you need to earn, and they come back and say they can't do it, let it be. The only exception to this would be if your skill set is in very high demand and low supply. Then I would ask for a signing bonus or another arrangement that enhances your compensation package.
If landing a job quickly is a financial necessity, then you should closely consider taking a lower offer. If it's not, you may want to keep trying, but you still may not get to your last salary or higher unless you have a unique skillset that's hard to find.
I know many of you are concerned that you could lose future earning potential by taking a lower salary, and I want to dispel that myth.
Many people have to take steps back in their career for all sorts of reasons but it doesn't mean you can't earn what you earned before again. We've worked with so many people over the years who've managed to go to a new job and get an average 20% increase in salary. There's no reason this can't happen to you too.
Employers understand this is a challenging market and that candidates have had to adjust their expectations, including the salaries they accept. You'll have the opportunity to explain the situation in the future as needed.
Photo credit: Alexander Grey