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It's not a new phenomenon in the recession era, it's just NYC. Jobs that are considered "hot" and "exclusive" do not pay a living wage in NYC- jobs like advertising, PR, fashion, journalism/ media, arts, music, etc - until you are a middle to upper manager or a breakout star.
Not everyone in NYC makes major bucks. The median (meaning 50% of people make more & 50% make less) wage in NYC IS $50k.
It's hard to say if you're qualified for a $50k job without seeing your resume, but if the only "bites" you're getting are for jobs that pay less than that, then that's probably what you're qualifed for in NYC - either due to companies only wanting/being able to pay that much or too many other workers willing to accept those salaries if you won't.
It doesn't surprise me...the really scary thing is that there are people who are more qualified than you are who are fighting for that paultry salary...it's crazy out there. I dunno if I would play the waiting game, unless you can comfortably afford it. Alot of people can't, and with mortgages, car payments, kids, credit cards, etc...$35K vs no pay makes it an easy choice.
Yes some companies are really low balling, they want you to have a BA, Series 7&63 and only temp job paying 40K, I was like what are you guys smoking? I completely refuse I feel like they are just testing waters eithers its the recruiters or the actual firms but once enough people start refusing than they have to start paying more. The market has to adjust itself, simple laws of economics.
Yes some companies are really low balling, they want you to have a BA, Series 7&63 and only temp job paying 40K, I was like what are you guys smoking? I completely refuse I feel like they are just testing waters eithers its the recruiters or the actual firms but once enough people start refusing than they have to start paying more. The market has to adjust itself, simple laws of economics.
That's exactly what I'm doing. Refusing. I rather take BS temp jobs and ride it out. I don't want to be job hopping. Employers are going to get what they pay for.
Anyone considering the possibility that the current "situation" re worker's compensation is the new reality rather than a temporary thing ?
Pinky,just as the market was "flooded" with nurses ,creating a glut,it has also been flooded with people with bachelor's degrees,creating a glut.A bachelor's degree is really the equivalent of a high school diploma a few decades ago.This has ramifications in the pay scale and it is why a bachelor's degree is now the minimum requirement.
Personally,I think it's going to take many years( maybe even decades) to work out all of the adjustments to the new world economic reality and I don't think things will ever be the same as they were.
It might not be a smart thing to stay on the sidelines waiting for things get back to where they were because that might not happen or you might age out of the job market completely before it happens.
In finance, not even a receptionist would make $25k.
Hedge funds are known for paying more even though the hours tend to be long. Executive assistants, if you are experienced, can make $100k. Entry level will pay significantly less - but never $25-40k in finance.
Where are you getting this info for finance? Since I work in finance, it's surprising to me to read this. We hire entry level college grads at $55k and within 5 years if they make the right moves they can make over $100k. That's $100k for people under 30 years old. Not all finance companies are the same, and some people consider "finance" to be different things, but these jobs are definitely out there... Is it competitive to get these jobs? Absolutely but it's possible.
40K is too low in finance, unless we're using the term "Finance" very broadly. High 40's is the lowest salary range I've seen for typical Finance positions...
Again my firm (Brokerage/Money Management) we're starting the Kids out at low 50's...Now top talent entry level is probably mid-60's max and we've only recruited one kid who commanded that out the gate. I remember top talent entry level at my firm would be 80k in the very good days of record low unemployment, but now there's no reason to pay that in this economy, Top Talent is a bargain.
It doesn't surprise me...the really scary thing is that there are people who are more qualified than you are who are fighting for that paultry salary...it's crazy out there. I dunno if I would play the waiting game, unless you can comfortably afford it. Alot of people can't, and with mortgages, car payments, kids, credit cards, etc...$35K vs no pay makes it an easy choice.
I can afford to hold off for about 4 months at this point. I'm giving it a month to see where I go. I'm taking temp jobs in the meantime to stay afloat...then I will be able to hold off longer.
It's simple supply and demand economics. There's more qualified and experienced workers than there are jobs right now, even in specialized fields like finance and healthcare, so naturally this will drag wages down.
My advice would be to not fore-go a decent full-time job that paid $40k in the hopes that a $50k job will come along sometime soon (as an example). From experience, this is a foolish move, and really playing with fire in a labor market like this. Worst case scenario is you get desperate a couple months down the line and end up taking a lower paying job anyway (that you could have had today/now and been making money at), which is a crumby feeling.
I would definitely take into consideration Bluedogs comment. It's not just that the economy tanked, we are also going through a radical transformation, and alot of the jobs are not only disappearing, but those that remain are changing. A BA really is the minimum requirement for anything, and it's all about creating value today, and not just about "a job." What does that mean?
Well you can work in "finance" (a very broad term) and not generate revenue for the firm and therefore be a liability, not asset, and those jobs are disappearing/pay rates declining. The job market itself is transforming into a knowledge based, global environment, so with the exception of a few locally driven markets dependent on local expertise/relationships (like Commercial Real Estate, Parking business, etc), you are competing globally.
Alot of finance jobs don't require you to be in NYC..they are leaving to other parts of the country like North Carolina or overseas...it isn't just manufacturing jobs leaving. The economic collapse only hastened this process by spurring companies to identify/segment "revenue producers" and those who are "cost centers" (accounting, back office functions etc). Where can we cut? Who can we move to a cheaper location/another state? What can we outsource so we don't have to pay for space/benefits?
And with the economy coming back in drips, there is no need to hire...and if they do...it's temp work with no benefits/job security and typically mediocre wages/part-time hours. The new economic model is Revenue Producers vs Not Revenue Producers....and if you are not a Revenue Producer, they have little appetite to take you fulltime and provide benefits...they prefer to outsource, or hire in low wage states/overseas.
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