01 October 2002
Downsizing takes its toll
You can't have a legitimate salary survey these days without talking about the effect of downsizing.
Of those responding to the "National Society of Professional Engineers 2002 Income & Salary Survey Report," 71.3% said they have never lost a permanent job due to downsizing. Going in the other direction, though, 12.7% said they had lost one job, 4.3% had lost two jobs, and 1.1% had lost three jobs.
The trends show you have a better chance of getting a new job but with lower pay. Of all the respondents, 19.8% took on a new job but a 20% pay cut, 13.1% took a 10% to 19% cut, and 6.4% took a 5% to 9% drop.
When will the poor job market turn around? With his crystal ball firmly in front of him, William Radin, president of Cincinnati-based industry search firm Radin Associates, said he sees a turnaround, but when that will happen is totally up in the air. "It could be in the fourth quarter this year or the first quarter next year, or it could be in two years. I just don't know."
Richard Hucke, president of Richard W. Hucke Co., an industry recruiting firm based in Raleigh, N.C., said from his perspective, this economy has not been as bad as during the early part of the Reagan years and the tail end of the Clinton administration.