As hiring continues to slow and the unemployment rate inches upward, workers are going to great lengths to ensure they remain employed — even in the face of layoffs.
According to Resume Builder, nearly a third of workers would be willing to take a demotion or pay cut to avoid being laid off; one in eight workers report they have already made sacrifices to stay with their current company. In other words, employees are willing to negotiate rather than face the job search while being unemployed. Given that the cost of living has gone up by record rates in the last few years, and American savings have fallen from the 2020 peak of 32% of their disposable income to 3.6% this year, it’s not surprising that workers are less inclined to roll the dice on today’s job market.
