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How a Recession Affects Career Salaries

July 30th, 2010

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We have all been upset by the lasting consequences of the recession this year.  Many of us have not received the bonuses we were entitled to, and even more of us no longer have a career in which to receive bonuses because of the layoffs that have occurred.  Career salaries in general have taken a drastic turn, which has not helped the unemployment rate at all.  While we are not nearly in as big of a problem as we were in during the Great Depression, many of us are still unemployed, and those of us who are, are barely making enough of a salary to get by.  Therefore, the question remains: what will happen with our career salaries in the coming years?

Career salaries will hopefully begin to look a little better as the economy rights itself.  Many of us already feel like the economy is back up and running since there are no longer “doomsday” news reports of the bank crashes and stock crashes, but the unemployment rate is still higher than ever.  Foreclosures are still occurring every week, and the unemployed are running out of government funds to get by.  Our salaries have not seen any noticeable increase (unless of course you work for an oil company), and many of us are concerned that we will not be able to pay off the student loans we worked so hard to start to pay off.  How will we pay off college (which was supposed to earn us a high paying job) if salaries are less than the salary of a retail store manager?

The recession has brought down the average career salary considerably, but we also have to keep in mind, that many of these averages are computed because of the new jobs that have also sprung up.  You will not be paid as much your first year and people who have been in the company for ten years – this has made a big difference in computing the statistics for career salaries.  While we continuously hear about the many jobs that have been lost over the past months, we rarely hear about the new jobs that have sprouted up.  However, new companies are gaining their footing in the economy and therefore have produced many new jobs, increasing the average career salary nationwide.

While the recession has been a dark point in our economy’s history, there are many clear signs that the economy is getting back on the right track, and with this shift, career salaries will also shift and produce higher wages for everyone!

 

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