The Wall Street Journal
December 2, 2008
by Joann Lublin (an excerpt)
Earlier this year, Mark Cummuta walked away from a chance to become the No. 2 executive of a Chicago technology consultancy — for less than $100,000. As the sole breadwinner and father of triplets, Mr. Cummuta couldn't afford a nearly 20% cut in pay, compared with what he was earning as an independent management consultant. He's still looking for a permanent position. "Every now and then, I hit myself and say, 'I should have taken that offer,' " concedes the consultant, who has helped several firms navigate difficult times since 2003. Unfortunately, Mr. Cummuta is hardly unique. More battered businesses are giving new hires less money than they made in their last job. "I am seeing that a lot more," says April M. Williams, a career coach in Algonquin, Ill. Puny amounts flabbergast some of her clients.
"As the downturn deepens, an increasing number of job seekers will find themselves getting lower-paying offers," says Mark Royal, a senior consultant at Hay Group. "We are on the cusp of a trend."
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