Employees willing to make sacrifices to avoid job loss

Nearly one-third of American workers would consider taking a demotion or a pay cut to avoid being laid off, according to a survey of 1,250 workers by ResumeBuilder.com. 

Of those willing to take a pay cut, 28% indicated they would accept a 1% to 5% difference, 33% would take a 6% to 10% reduction, and 18% would receive an 11% to 15% cut, the report found. Another 10% are open to a 16% to 20% decrease, and 8% are prepared to take a pay cut of more than 20%.

Other sacrifices employees are willing to make include working on the weekends (76%), taking less preferable work (58%) and forgoing time off (48%). In addition, about 43% would accept a longer commute, 38% would relocate and 37% would be willing to switch to a part-time or freelance role. One-quarter of workers said they would work more hours without additional pay and 20% said they would be willing to give up certain benefits, the survey found. Further, 1 in 8 survey respondents said they already have made sacrifices to keep their current job.

These findings come amid responses that indicate 1 in 5 workers could not sustain their current lifestyle for a full week if they lost their job. Most said they could sustain their lifestyle for up to three months and 10% indicated they could sustain their lifestyle for more than one year.

Losing benefits such as health care and paying for housing top the list of concerns workers have in the event they lose their job. Affording food is another major concern, according to the survey. Beyond financial concerns, workers also worry about disappointing their families and looking for new job leads in the event of a layoff, and the majority of workers believe a layoff would negatively affect their mental health.

Related: 8 in 10 hiring managers say recent grads will get laid off due to AI

“Employees understand that companies sometimes need to make difficult decisions that may adversely affect them, but knowing what to expect can help them prepare,” said Resume Builder’s Chief Career Advisor Stacie Haller. “Organizations that take proactive steps to redeploy at-risk employees into new opportunities are more likely to maintain trust and loyalty within their workforce. By being transparent about their plans and offering support, these companies can navigate layoffs more effectively and preserve their reputation in the eyes of their employees.”