With fewer jobs available, unemployed workers are taking any position they can find - even if it comes with a salary cut.
By Jessica Dickler, CNNMoney.com staff writer
NEW YORK (CNNMoney.com) -- Happy New Year and welcome to your new job. One that pays 30%, 50%, 70% less than your old one.
That's right: With more than three job seekers for every opening, more workers are having to take significant pay cuts to find employment.
"For people who have been laid off, this is obviously a buyer's market," said Ravin Jesuthasan, a managing principal at Towers Perrin. "We're seeing pay levels in new positions coming down." In fact, 63% of unemployed workers said they would be willing to accept a job offer that pays less than their previous job, according to a recent survey conducted by the National Employment Law Project.