During the recession, millions of Americans lost income due to layoffs and salary cuts. The economy is recovering now, but income levels haven't recovered for many of those affected. Will your income ever return to pre-recession levels?
It can take a long time for earnings to bounce back, say recruiters at MRINetwork, one of the world's largest search and recruitment organizations, but there are steps that employees can take to help speed up the process.
"Typically two-thirds of a company's overhead is concentrated on personnel costs," says Tony McKinnon, president of MRINetwork. "So clearly it's the area where cuts are made when things get tough. In today's employer-driven job market, it can be very difficult to return to pre-recession salaries, particularly in the case of layoffs."
For workers who have kept their jobs while sacrificing some salary or benefits, McKinnon suggests that an assessment is in order. "Look first at your company's performance. Is business steadily improving? Are profits increasing? Is market share being gained? If not, there's probably little hope of a salary increase at this time," he says. "In fact, you'll be perceived as looking out only for yourself if you ask for a raise at a time when the company is struggling."
