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.
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Nuance in Pay Cuts
- Pay cuts are common, but advice is often too simplistic, like "always" or "never" rules.
- Navigating pay cuts requires nuance, especially with new pay transparency trends.
Pay Transparency & Power Struggle
- 41% of job positions are unfilled because candidates want more pay than offered.
- 48% of companies have lowered pay for some roles, creating a power struggle with employees.
Lateral Moves
- Explore lateral moves in stable industries like sales, customer service, or analytics.
- This allows you to gain new skills and experience being a "cheaper option."