January 1, 2009

Job seekers adjust pay expectations

A majority of unemployed U.S. workers said they would accept a cut in pay if they could find a job, but most said even that could take some time.

The National Employment Law Project said 63 percent of those looking for work would accept a pay cut, CNNMoney.com reported Thursday.

But only 37 percent indicated they were optimistic about finding work in the next four months, the report said.

For people who have been laid off, this is obviously a buyer's market, said Ravin Jesuthasan of consultancy Towers Perrin.

With nearly 2 million jobs lost in 2008, people are more anxious and are willing to secure something even if it is less, said Jeff Joerres, chairman and chief executive officer of Manpower.

Adjusting to lower salaries, however, can be easier said than done.

When you recalibrate your earnings expectations that means you have to recalibrate your lifestyle as well, Joerres said.