ResumeBuilder.com, the online resume-building site, conducted a survey of American workers and found that a good portion would be willing to accept pay cuts and demotions to avoid layoffs.
“Being laid off can have detrimental effects on workers, who may receive limited severance pay and struggle to pay for basic needs,” the report says.
In June, ResumeBuilder.com surveyed 1,250 American workers to understand how a layoff would affect them and what compromises they would make in the workplace to survive a potential downsizing.
Key survey findings:
· 32% of workers would accept a demotion and 31% would accept a salary reduction to avoid being fired.
· 1 in 5 workers could only maintain their current lifestyle for a week or less if they were laid off
· The biggest concerns about being laid off include not being able to afford housing and losing benefits
· 1 in 8 workers have made sacrifices at their current workplace to remain employed
When asked what compromises they would be willing to make, 76% of surveyed workers said they would work weekends, 58% would accept a less preferable job, and 48% would avoid taking time off in the near future. In addition, 43% would accept a longer commute, 38% would move, and 37% would be willing to switch to part-time or freelance work.
Finally, 32% report they would accept a demotion, 31% would take a pay cut, 25% would work more hours without additional pay, and 20% would give up certain benefits.
“In the face of a potential layoff, negotiating to keep your position, even if it means a pay cut or more hours, can provide valuable time to explore other options, such as seeking additional income or beginning a job search. Staying employed while you evaluate your next steps can offer stability and a clearer path forward,” says Stacie Haller, Senior Career Advisor at Resume Builder.
“Ultimately, taking proactive steps can help avoid the immediate impact of a layoff and give employees the opportunity to make well-informed decisions about their future career moves,” Haller added.
For more details on the survey and its methodology, click here.
Keep reading:
· Survey shows 3 in 5 US companies could cut back in second half of 2024
· The 4 ways to fire employees in a correct manner
· Why mass layoffs continue at big tech companies despite record profits