Would you take a pay cut to keep your job?
Money Magazine recently published an article about how to talk the boss out of giving you a pink slip. If you know your employer is hurting for cash, one might offer to take a temporary pay cut:
So if your job really is in danger (and you’d rather have less money than no money) you need to address that fear head-on. Let the big guy know you’re willing to work, contentedly and productively, at a lower wage than you currently receive.
Some possible openers: ‘œI don’t consider salary a final measure of my self-worth.’ Or ‘œMy friend Peter stayed on at his job at lower pay to help keep his company afloat. I really admire that.’
If your boss takes you up on this offer, then you have deliberately put yourself in good graces with the company. This action demonstrates loyalty and commitment and could pay off once the economy recovers.
Besides, you can always take the pay cut and look for another job. After all, most employers prefer hiring someone who has a job to someone who’s unemployed.
What do you think? Is this a good strategy during the down economy? If so, how can you guarantee that salary will return to its pre-existing level when things turn around? We’d love your comments and thoughts below.
Photo credit: stock.xchng.
Hi Nina, Im glad you posted this topic. Although Im not currently facing this dilemma, some friends of mine are. This basically depends on your relationship with your employer. If you are close with your employer, therefore it is likely that the cut won’t be too much, and that you will recover your original salary.
On the other hand, if you work for a big company, in a cubicle, and the only relationship you have with your actual employer is a Xmas standard greenting card, well, the only good thing is that you should consider yourself “lucky” that you didnt get fired.
Looking for another job is also tricky, especially now as companies use the crisis as an excuse for hiring people for a lower-than-normal salary.
Cheers!
Looking for a job is a full time job. It’s easier to do if you’re not strapped for cash. So in my opinion, it would be better to take a pay cut and look for another job than to take a pink slip.