Shawn: I am looking for a new job and am shocked at how low the salaries being posted are. Just two years ago, jobs for my skill set were around $80,000 a year. Now, I’m seeing the same jobs listed for $50,000. What is going on?!
J.T. O’Donnell: You’re not alone in noticing this troubling trend. Salary reductions have left many job seekers wondering why the numbers don’t match the market we were seeing just a couple of years ago. Let me break down what’s happening and how you can still position yourself to get the compensation you deserve.
Jeanine “J.T.” O’Donnell
- The pendulum swing: why salaries are dropping. The job market is like a pendulum, swinging between favoring employers and favoring candidates. Two years ago, we were in a post-pandemic hiring frenzy where companies were desperately seeking talent, and employers were willing to pay top dollar to fill roles. But today, the pendulum has swung the other way. With economic uncertainty, layoffs and more people re-entering the job market, many companies feel like they have the upper hand again.
- The law of supply and demand. Right now, companies are adjusting their salary bands downward because they believe there are plenty of qualified candidates who will accept less pay. But job markets are cyclical, and eventually, things will stabilize. The key for you right now is navigating this temporary low in a smart and strategic way.
- Become a must-have candidate. So, how do you stand out and get the salary you deserve when employers are trying to lowball? It’s all about positioning yourself as a “must-have” candidate, someone so valuable that they can’t afford to lose you over a salary disagreement.
- The aspirin vs. vitamin approach. Right now, companies are hiring like they need aspirin, not vitamins. A vitamin is something that’s nice to have. It improves your overall well-being, but you could live without it. Aspirin, on the other hand, is what you reach for when you’re in pain and need immediate relief. It’s essential. You need to show companies that you’re the aspirin. You are the candidate who will solve their most immediate and painful problems.
- How to prove you’re the aspirin. Before you walk into an interview, do your homework. Research the company’s challenges and the specific pain points they’re facing in the role you’re applying for. Then, when you interview, don’t just talk about your qualifications — talk about how you’re going to solve their problems.
When you position yourself as the person who can alleviate the company’s pain, that’s how you justify a higher salary.
Remember, the pendulum will swing back — it always does. Your job right now is to navigate this market smartly, position yourself as an indispensable asset, and make sure you’re getting paid what you’re worth.
