The Wages of Re-employment
A recent story in The Charlotte Observer looks the issues that are driving increasing numbers of jobless workers to accept jobs that pay less than their previous ones. This is a function of weak labor market conditions. As South by North Strategies’ John Quinterno explained in the piece:
“You reach a point where, for some folks, they pretty much have to make the choice that some job is better than no job, even if they have to take a cut in pay or benefits,” said analyst John Quinterno of Chapel Hill research firm South by North Strategies Ltd.
Later in the same piece, he elaborated further:
Quinterno, the Chapel Hill analyst, said job seekers are becoming increasingly desperate. There are more than six candidates for every available position nationwide – and that means they’ll have limited bargaining power when it comes to salary, he said.