Changing Expectations for Six-Figure Executives

By Maureen McCann, BA, MCRS, MCIS, MCCS
Senior Consultant & Strategist, Graham Management Group

In the face of looming job cuts, general career insecurity, and today’s volatile economy, many six-figure executives are contemplating their future. The labour market is changing, as the economic forecast becomes a little less palatable each day. Executives who have spent considerable years building their careers are contemplating unemployment – possibly for the first time. As they look towards the future, they are considering pay-cuts and positions that are steps down on the corporate ladder – but this does not have to be.

What follows are two real life questions from six-figure executive clients who were faced with some tough career decisions that would affect their long-term career paths. The first executive pondered the benefit of taking a “fallback” position – something he did not necessarily want, but was compelled to consider for various personal reasons. The second executive had to consider the security of his family and his tolerance for unemployment during the economic chaos that took place in the fall of 2008. Both scenarios are ones I often hear from six-figure executives who are between jobs, but during difficult economic times, these questions more commonly arise.

The “fallback” question.

"Should I have two versions of a resume, one for my target position for which I am absolutely qualified and a separate resume for another position which is not my first choice?”

The up side of a “fallback” position is that you can feel confident knowing that you have something else to target. It is there – available to you to consider should things not progress as quickly as you might like. However, if you have a fallback position, you tend to fall back! So where does one draw the line? Would you resort to flipping burgers at the local fast food hangout - or to any other position of less interest?

Drive forward with the position that is most appropriate for you. You are likely to have the best chance for success if you dedicate yourself to a focused target job that is the best match for your skills, abilities, and talents. Give yourself a timeline to allow your job search to take effect. If, after a certain number of months, you feel things are not progressing as you had expected, you can once again weigh the option of targeting your fallback position.

You know your financial situation and your tolerance for unemployment best – so the answer to this question lies within you. What is your tolerance? How long are you willing to give your job search before you start looking at fallback positions?

Focus on the best fit, but prepare and commit to a timeline. Taking the time to prepare yourself in advance of job search will ensure you have considered all your options ahead of time, and prevent you from making an emotional decision.

The pay cut question.

“Is it realistic to be asking for a high-paying compensation package when companies are down-sizing?”This question is directly related to salary expectations in today’s tough economic climate. Earlier this year, a client came to me with this dilemma. He had been offered a job that paid $150k. Not bad, you might think – except he had just left a $300k job. When asked what had changed and why he felt he was suddenly worth half the value he was a few weeks ago, he explained that he wanted to “weather the storm” and find a nice secure job that would afford him some security during this economic downturn.

Before moving forward, we spent some time analyzing what had changed for him - why he felt he was suddenly worth significantly less than he was a few months previous. What came out of our conversations was not that his worth had changed, but that his tolerance for unemployment was low and that he needed job security. He expressed to me that he had a young family at home to support and that he needed the job to “make-ends-meet.”

This particular client followed the recommendation to negotiate his time in exchange for salary; ensuring a win-win solution was carved out of this situation. In his last job, this individual was a busy, travelling sales executive who yearned to spend quality time with his family. Knowing this, we put together a plan to respond to the $150k offer. He was aware that the company had designated a particular pool of money to this position, and realizing that this executive’s talents were worth double, the client successfully negotiated a part-time position for the entire, original offer. He took the job, and was able to dedicate more time to his family, interests, and hobbies.

A happy ending to this client’s story is that by working half the time for the full salary he enhanced his quality of life while maintaining his standard of living. However, not every story has a happy ending.
As an executive, you must be ready to leverage your expertise, and negotiate your value and your time in exchange for the things that are most important to you. Your personal situation is unique. There may be instances where it makes sense for you to take a lower paying job to gain financial security. When having to make this kind of decision, take into consideration that your choice will affect both your short and long-term career objectives.

Taking a lower paying job may lead to later feelings of resentment. If you accept a job where you know you are underpaid, you may also feel undervalued and underappreciated. This can lead to low self-esteem and even mental health issues such as depression.

If you allow your ‘career-stock-price’ to fall, you may find it difficult getting back to where you once were. Instead, consider ways to implement a plan that will bring you to successful employment and compensation that reflect the value your talent and wealth of knowledge.

The “fallback” question and the “pay cut” question are common concerns in a tough economic environment. You have built a career on hard work, dedication, education, and expertise. Our current economic turmoil is a short-term concern, as is your current job situation. So, before you consider answering “yes” to either question, consider your value and talents and how you can maintain your worth in the long term.

Maureen McCann is an award winning, inspiring, and resourceful master certified resume strategist and career consultant, and senior advisor for Career Professionals of Canada. As senior consultant for Graham Management Group, Maureen assists executives, managers, and six-figure professionals through the full scope of career transition. You can contact Maureen and find further information and articles directly at www.GrahamManagement.com.

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