economy
March 25, 2026
Business Insider warns: If you look for a new job in today's market, your salary will be
Since losing his job in 2023, Scott has applied for 1,600 jobs, had 78 interviews, and spent his savings just to survive.
TL;DR
- Professionals are increasingly accepting jobs with lower salaries and fewer responsibilities after being laid off.
- 40% of white-collar workers who changed jobs late last year accepted a pay cut of over 10%, the highest in a decade.
- The number of people unemployed for at least six months has nearly doubled in three years.
- Companies are demanding more years of experience for job openings, particularly for mid-level and senior positions.
- Accepting a lower salary can lead to long-term earning potential reduction ('wage scarring').
- Recent layoffs in tech, citing AI and economic downturns, are adding to the pool of unemployed workers.
- Individuals like Scott are working to impress new employers to secure promotions or better-paying roles, though returning to previous salary levels remains a challenge.