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Employment

Work Poll: Salaries Are Slumping

Gone are the days of quick IPOs and found millions. In the wake of bankruptcies and financial problems in the optical networking space, most of the people who are lucky enough to still have their jobs aren't likely to be getting rich any time soon.

In response to Light Reading’s latest work poll, the Salary Survey, only 1 percent of the 495 respondents claimed to bring home more than $190,000 a year. In comparison, 6 percent said they made less than $40,000, while a large plurality, 36 percent, made between $70,000 and $100,000 a year.

But the true sign of the times is that salaries don’t seem to be rising much at all. Half of all respondents to the poll said they are still working for the same salary they had one year ago.

And they are among the lucky ones. Many people actually saw their salaries decline over the last year. While 5 percent of the respondents said they had received a raise of more than 20 percent since last year, 6 percent said their salaries had dropped by more than 20 percent in that time.

Even more dramatic than the downward curve on the salary scale is the decline in perks that people used to expect and count on when they took a job in the industry. A staggering 83 percent of polltakers say they received absolutely no perks like a company car or interest-free loan (obviously not many CEOs took the poll), and 61 percent claimed they received no bonus at all last year. Only 3 percent of respondents said they had received a bonus worth more than 40 percent of their salaries.

Stock options are also among the perks that seem to be disappearing. Whether it’s because the options simply aren’t worth anything anymore, or because companies have stopped handing them out, all of 36 percent of respondents said they had received stock options worth zero percent of their salaries, while 16 percent replied that their options weren’t worth more than 0 to 5 percent of their salaries. Only 2 percent had received stock options worth more than 40 percent of their salaries.

With dreary numbers like this, perhaps it’s no wonder people are pessimistic and bracing for tough times ahead. Very few seem to anticipate their salaries picking up over the next year. 39 percent of respondents said they expected their base salary to remain the same for the next year, while 30 percent don’t expect a raise of more than 5 percent. Only 3 percent expect to get more than a 20 percent raise over the next year.

Take the poll yourself by clicking here.

— Eugénie Larson, Reporter, Light Reading
http://www.lightreading.com
Milano 12/4/2012 | 10:24:22 PM
re: Work Poll: Salaries Are Slumping This is the law of supply and demand at work here. No one will be suprised by these results.

It may lead a lot of people to leave the industry altogether, which means better conditions for the survivors. For those who stick around till 2004-2005, there should be great conditions by then.

M.
lightengineer 12/4/2012 | 10:24:20 PM
re: Work Poll: Salaries Are Slumping Majority of people are still bring home $70K- 200K under such a brutal economic situation. What can we complain?
wbe 12/4/2012 | 10:24:10 PM
re: Work Poll: Salaries Are Slumping It may lead a lot of people to leave the industry altogether, which means better conditions for the survivors. For those who stick around till 2004-2005, there should be great conditions by then.
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Reminds me of COBOL programmers. Those that remain are at high demand now.
heydidileeho 12/4/2012 | 10:24:08 PM
re: Work Poll: Salaries Are Slumping Most of the people who are leaving the industry are being CANNED!! Realistically, there is nowhere else for people to go if they are not happy with the fact that they are still making only $100K.

I suggest that you get your head out of your ass and take a look around. Even Harvard and MIT grads are having trouble finding positions in the current economic climate. You may experience this yourself soon enough, unless you are in the nursing profession or you work for Daddy's company...
scooby 12/4/2012 | 10:24:05 PM
re: Work Poll: Salaries Are Slumping The Category: The Freaking Obvious

Next Poll: Is your car a year older than last year?
kokoro 12/4/2012 | 10:23:33 PM
re: Work Poll: Salaries Are Slumping The problem is that we have a weak memory, even for the weather, I let you imagine for our everyday job reality.

You can easily hear people complaining for dry weather all of the days for one month, and then complaining again for, if not hurl abuse at, wet weather in the first rainy day.

Another interesting thing is that everyone knew in the golden days that everything was inflated and overinflated, and now we get surprised at what happens! Shame of us!

And most of us are engineer!!! We're supposed to know sinusoidal functions, and to be rational enough to analyse and comprehend reality.

The problem is that when it comes to our own pocket, we forget every balanced view, and we perceive that we deserve more, in both the golden and the rusty days. And we tend also to forget what we got, if any, in the golden days!

Next time, since it's gonna happen again and again, let's keep in mind what shining CFOs and visionary CEOs can do when they've their feet hanging in the hair!

Take care.
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