Have salaries dropped?
I’ve been looking for industry jobs, and I’ve noticed that many companies are offering around $105k for senior tax positions. Just a year ago, I was making $115k at a company that admitted to paying below market rates due to significant losses.
So, why are similar positions now offering $10k less in the same metro area, especially at multiple companies? Has anyone else experienced this?
One response
It’s definitely concerning to hear that salaries seem to be decreasing in your field, especially for senior positions. There could be a few reasons for this trend.
Economic Factors: The economy can have a significant impact on salary ranges. If companies are facing economic uncertainty, they may be more cautious in their hiring practices and less willing to offer high salaries.
Market Adjustments: Sometimes, after a period of rapid growth, salaries can normalize as companies reevaluate their compensation structures. If they were previously offering inflated salaries, they may be adjusting downwards to align better with current market conditions.
Increased Competition: If there are more qualified candidates than available positions, companies might feel less pressure to offer higher salaries. It could also mean that there’s a larger talent pool willing to accept lower offers.
Remote Work Impact: The rise of remote work has changed hiring practices for many companies, potentially broadening their candidate pools. This could lead to more localized wage adjustments, impacting salaries across different areas.
It would be useful to keep researching the job market and see if this trend continues across other regions or industries. Connecting with industry professionals or salary benchmarking tools might also provide more clarity on the situation. Have you considered negotiating based on your previous experience or looking into companies that might be willing to pay more for your skills?