Salary Negotiations in an Economic Crisis
Updated: Dec 13, 2020
Just a few short weeks ago, it was a candidate job market with the unemployment level at record lows.
How quickly things can change …. as the global economic impact of Covid-19 continues to increase, few companies are immune to the negative impact to their revenue stream in one form or another. The trickle down affect is impacting people at all economic levels.
So, how to negotiate your salary in a downsizing world? If you are fortunate enough to be offered a position it’s because the company needs you but in these uncertain times you may get a “lowball” offer that you would never have previously considered.
Even if it’s the job of your dreams a lower salary will have financial repercussions for your bank account for years to come.
Which brings us to what to do? The answer may depend on if you have a current job or not. Ask yourself a few key questions:
1. Do I need this job to pay my rent/buy food/pay my bills?
2. Can I afford to pass up the offer and wait for something better to come along?