rich & REGULAR with Kiersten and Julien Saunders
Ep 183: The "Great Salary Reset" and the do’s and don’ts of taking a pay cut
Oct 7, 2024
This discussion dives into the challenges of pay cuts, both forced and voluntary, shedding light on the power dynamics at play. It reveals how these salary changes often disguise deeper corporate strategies and the emergence of a so-called 'Great Salary Reset.' Listeners are offered practical advice on safeguarding their financial futures and the importance of building a backup plan. The conversation emphasizes adapting to the evolving job landscape by valuing personal branding, lifelong learning, and strategic career moves.
42:25
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Quick takeaways
- Understanding the distinction between forced and chosen pay cuts is crucial, as both can subtly impact financial stability over time.
- Building a backup plan and evaluating the overall job package before accepting a pay cut can safeguard against financial risks.
Deep dives
Understanding Pay Cuts
There are two types of pay cuts: forced and chosen. Forced pay cuts are often perceived as abrupt reductions, such as being informed via email that one’s salary is decreasing significantly. However, they can also occur gradually through factors like maintaining a stagnant salary for years, loss of bonuses, or being reassigned to roles with decreased responsibilities or outsourced obligations. Employees need to recognize that these cuts can manifest in various forms, often hidden beneath corporate decisions that aim to trim costs without direct announcements.
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