I have seen a recent trend across the candidate market over the last 3 months. There has been a significant increase in candidates looking for work at the $200k + mark. These professionals have found that they have been the casualty of the economy and the variables at play. It has nothing to do with their performance, it is business performance and as a result candidates are left to find a job that will meet their current financial commitments – school fees, mortgages, car leases.
The bottom-line is the reason employees at this level are a significant payroll cost. Businesses cannot afford to sustain these levels of salaries in some instances. Retail and financial services I would say are the hardest hit at this senior level.
It seems ironic that the government is saying that Australia has defied the global downturn and that our economy is strong, No wonder we are confused about the future. New figures released that the unemployment level moved up to 5.1 per cent in May as more workers came into the market. Confidence in the market is down and that is why companies are sharpening their pencils and looking at the bottom line.
The package payout wont last forever so candidates need to rethink what is next as they renovate their houses, step in and help with their families, paint the deck they have wanted to do for ages but were too tired to get to because they were working around the clock earning a good salary.
Things to consider during these uncertain times:
Picking up short term contract work (it may be a lower rate but will keep you in the mix of work)
Reevaluating your salary expectations in line with commitments
Completing that course you always wanted to do (Project Management, Accounting. Law – skills and expertise that will make you even more valuable to a potential new employer)
What I can say is that with change comes opportunity – new roles will emerge in time – I don’t think many will be nudging that $200k mark but if they do employers will expect big bang for that buck!