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As someone who is looking for a new position, it is clear that it is an "employer's market" with many more candidates than jobs available right now. It seems to me that employers are reducing starting salaries by quite a bit to take advantage of this. Good for employers, bad for professionals who have been in the business for many, many years. Would anyone care to comment? Is there any reliable source out there that can provide information that I can use to determine a reasonable salary expectation in the current market? I haven't been able to find anything for qualified retirement plan professionals.

Thanks to all who respond.

Carolyn

Carolyn

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  • 2 weeks later...
Guest Twitch

The Monster.com website has a handy salary tool which you can manipulate a bit to give you a good idea of the going rate of similar positions in similar geographic locations. I am pretty confident that they regularly update their data, as well.

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It's the old supply vs demand which usually doesn't happen to employee benefits people. It happened to me once because we did not want to relocate. So, I took a position with a lower salary and worked my way up again. I understand how you feel but guarantee you it's better to get in the door than insist on a salary that employers won't pay. Best of luck to you!

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  • 3 weeks later...

ljr

I know you are right about getting a job, even if it pays less than what I would like. However, I'm wondering how potential employers would view someone who is willing to settle for substantially less than what they were previously making. Would they think the person is settling for that job to get by for now and would be looking again immediately hoping to find something that pays better? Would they wonder what deep dark secrets the person might be hiding about past employment that they can't get a better job? I know I would be suspisious if I were doing the hiring. Hence the need to get a good idea of my worth in the current job market so I can get a better idea of what might be too large a drop.

Twitch

I'm not having any luck with the Monster.com salary calculator. Can you give me any hints of what you did?

Thanks!

Carolyn

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Having done the taking a job at a lower salary deal, all I can suggest it to discuss the matter frankly with prospective employers. Yes, some will wonder if you'll bolt to a higher paying position, but there aren't any out there now. They need help and you need a job. At the same time I was taking that lower paying job, an attorney friend of mine had set a salary he had to have and would not even consider a position for anything less. He thought I was nuts. I've worked my way back to more than I was earning before and in a position I like a lot better. He's delivering mail for the Post Office. You may want to try reputable recruiters, the emphasis in on reputable.

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Anecdotally, I have industry friends who are getting job offers and multiple interviews now - not the case during most of 2003. Something's changed, even if it's less competition for the jobs that are out there.

Be careful your not applying a 2002-3 analysis to current conditions.

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Burn no bridges.

I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.

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Burn no bridges.

Always sound advice. With all the mergers and acquisitions going on, you never know when you might be working with (or for) someone you never expected to see again.

I've been seeing an increase of job postings, but I haven't seen any indication that starting salaries are improving.

Carolyn

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