Employment is now a sellers market.
Over the past couple of years, one of the major complaints from recruiters, has been the lack of quality candidates in the market place. How things have changed.
At present the market is now being saturated with quality job seekers, meaning that there are now a number of excellent and experienced people applying for the same role, and I foresee this for at least the next 12 months.
2 months ago, due to shortage of quality candidates, such candidates were able to negotiate better salaries, as the employer had very few suitable candidates to choose from.
No longer is this the case. With so many quality candidates now entering the market place, employers are now in the positon of being able to decide the salary and packages on offer.
Job seekers will need to understand and realise that such changes are cyclical, same thing occurred after the GFC, and they will need to decide are they better to accept a potential reduction in what they were earning, or 100% of nothing.
It is important to always have your own value of self-worth, but in the current climate the value is simply what an employer is prepared to pay. We saw a drop in real salaries after the GFC, and again, this will happen in this instance.
Once companies start to recruit again, they will be cautious, so yes, salaries will more than likely be less now for the same job, than 12 months ago.
And they will now have a choice of quality candidates to choose from