Will You Lower Your Salary Expectations
If you do find yourself in the latter category, consider the following factors before deciding to lower your salary requirement -- and by how much.
1. Urgency: "If there's less pressure to find something immediately, then [job seekers] may be able to stick closer to their ideal salary expectation – it just may take longer to find something," says Greg Masiewich of IQ Partners, a Canadian recruiting firm. "If someone needs [a job] immediately, then often lowering salary expectations will help them do that."
2. Competition: "An industry where there is a ton of competition and candidates are plentiful may result in people needing to lower salary expectations," Masiewich says. "If they're in a specialized industry where their skills are still in high demand, then they may not have to ... it comes back to supply and demand."
3. Benefits: Consider what extras -- such as an excellent 401(k) plan, flexible scheduling or a family-friendly corporate culture -- are worth to you. Benefits can make up for a smaller salary.
4. Your bottom line: Although you may be willing to take a pay cut in order to get a new job, it's important to figure out your bottom line -- what you need to make in order to pay your bills and live comfortably -- before accepting a lower salary. If you accept too little money, you may find yourself unable to make ends meet or resenting your low pay, and you'll wind up looking for a new job all over again.
5. Negotiation: "If someone does have to accept a lower level position or take a pay cut, I think they should try and negotiate an offer that contains some sort of pay for performance provision," advises Linda Duffy, president of Leadership Habitude, a career strategy consultancy based in Irvine, Calif. "If they can show the prospective employer their added value and help the employer achieve some specific goals, then they would receive a bonus or bump in base pay on a date certain. Not all companies are willing to make that deal, but it doesn't hurt to ask."
