I took a demotion
Got hints that I’ll be fired
I presented them with an option of taking a lower level position
The next lower level options top band was 40 percent less than my current pay
I took the demotion given the market and personal circumstances.
If I search for opportunities outside I would have to ask for 60 percent hike
I guess, my salary is corrected forever 😪
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I always think that if you have two choice getting laid off or getting fired Getting laid off is better...assuming you are doing your job well and you did nothing wrong.
Hey I hope you're all right
While the mkt is definitely in downtrend demotion would be difficult for you in long run. Let's connect over DM
Strong move I am assuming the personal circumstances was a big factor.
Hope this pays off for you, it does take some thought process and guts to do this!
My demotion happened in my designation (remained the same but many others now got the same designation this diluting mine)
Compensation wise no demotion though I have time and again offered to lower my CTC and maybe give me esops for the amount that I leave off the table.
Call me under confident or a cynic, but every appraisal gives me more stress, more stress that there will now be even fewer companies and roles that could afford me. Fewer exit options for me if things go south.
I am privileged enough to be a DINK couple and have housing sorted. My lifestyle hasn't changed much in the last 3-4 yrs while comp has increased by 30-35%.
Hence OP I hear you, and to save my job and to avoid the rut of looking for jobs elsewhere in this tardy market, taking a salary correction makes sense and something that I'd do in a heartbeat.
Designation drop has some social issues, people look at you like a loser, talk behind your back, and motivation goes for a toss.
That's very hard to adjust to.
And like I always have maintained that, I don't believe in the whole company loyalty concept. They won't be loyal to you. But don't always be on the lookout either. Try and add as many service years you can to your job. Some smaller layoff events might not touch you if you have laid low and have spent a good amount of years at the company.
Yeah they were concerned about social factor and team dynamics
So they decided to move me to a totally different dept, which is totally cut off from the current one.
@AnonBC Thats still good.
Remember they are not your friends but necessary evil for you to survive than sending messages to random people on LinkedIn when looking out.
Ups and downs are part of life. Don't fret too much, this too shall pass.
If you really want to get back on track, develop skillsets for it. Starting up your own business for example. Biggest asymmetric bet that you can take to increase your income drastically within 5-10 years.
Start looking for next job asap so that you can show your main salary slip
I don’t want to go through a probation during the most important period of my personal life
If you've like 4-6 years of experience, it's not tough to find the job. Upto you Bro. This 40% down is gonna affect your next salary. Don't expect current company to give increment of more than 10%