I've been working for my current employer for about seven years. I've been promoted along the way and earned small salary increases. Because the economy is troubled, my superior has told me that we'll need to take a 5% to 10% pay decrease for the next 12 months. I'm not happy about this, but don't know how to counter his argument since the bottom line is falling revenues. What should I do?
You don't want to throw away seven years of work with steady advancement too hastily. It's just a reality that the economic picture isn't as bright as it was in the late 1990s. Some companies are asking their employees to accept salary freezes or decreases to help them make it through this rough period. We think your best bet is to accept that this step is needed to ensure that you, and others in the company, keep your jobs, rather than lose them entirely. When part of a team, it's important to hang in during difficult times.
While no one relishes the thought of earning less for work they've already been doing, try to keep the bigger picture in mind. One year of a somewhat small sacrifice may mean that this company keeps its head above water and you'll have a job for years to come. Further, if you trust that the company will restore you to your former salary (or better) once the crisis passes, we think you're better off to stay the course and keep a good attitude. A job is far more than the money it pays. Don't discount all the other factors that make a job meaningful and important.
If you can't live without the extra income, then you'll have to consider looking for another job or a second one to supplement your income. However, under no circumstances should you quit this job before finding another. One month of being unemployed could cost you far more than the cut you now face.