I've been talking with an acquaintance who was laid off six months ago (not from Nike), and he's still on the job hunt. He mentioned receiving a couple of offers, but the pay was way less than what he used to be paid, so he turned them down. He and I are in similar fields, so now I'm extra worried about what's to come.
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@1blu+1qHUefPO Nike pays above market for Apparel and FW, what bands are you referring to? Adidas, Lulu, On, Columbia all definitely pay less than Nike. Unless you're a U band in your role for 10+ years you are prob above market of what you will get elsewhere in the same industry.
Nike does not pay market (you are below market in pay & comp). I know black badges don't want to believe that, but they are. The swoosh sells you on the alure of working for the brand and keeps pay compressed accordingly. If you are competent in your role you will have no problem finding a job at same or greater pay. The win you have is the alure of the brand. No one outside of Portland Metro really understands Nike so you have that going for you and you will get interviews...no problem at all. If you are looking to stay in the Portland Metro area you may have to level set your expectations because all employers know the majority of people at Nike have inflated titles or view of how good they are and a miss-belief they have to work the 40 they are being paid for...because the brand hyped them up.
If you are good at what you do and willing to work 40 hours a week you will be fine.
I heard the true unemployment is at 50% when you consider zombie workers (they’re there in person but non-existent human beings)
Turned down a job? Hopefully other factors were at play too, like a questionable relo.
Wow! If the company is decent, and the role is decent, I would take the cut and view it as a temporary situation. On a parallel timeline, I would continue discreetly looking for something that was more compensation. Also might be a good time to explore entrepreneurial, self governed, gigs, and or supplementary streams of income (Property rentals, influencer social media) . Not sure I would turn offers down right now.
You’ll still likely have a notice period before severance, an, if you have a Non compete, Nike won’t tell you if they will release you until the notice period is over so you’ll be in complete limbo land legally for a while anyways.
You should be worried.
Read this:
https://www.cnet.com/personal-finance/low-unemployment-statistics-are-misleading-economic-hardship-is-much-worse/
The true rate of unemployment sits at around 23%.
Jeeze Op, your friend sounds like they have a case of entitlement blinders on. Sure hope that works out for them
Don’t turn down job that pays say 20 percent less as unemployment pays 100 percent less. Take the job and keep looking. If better comes up jump.
Not able to find jobs that pay the same as before is not the same as not able to find jobs. You can't expect to find a job that pays more right after a layoff. If you could, then you should've just switched jobs even before the layoff. People can always temporarily accept a lower paying job while continuing to search for a better paying one.
@dbb+1qHUefPO Salary correction is going on because corporations know they can get away with it when the job market is in their favor.
I totally get the thought process behind turning down roles that pay less, especially if the job requires the same amount of experience. When my previous employer announced layoffs a couple years ago, I had a "take my ball and go home" attitude about companies that low balled. Luckily the job market was good enough for me to get comparable pay somewhere else, although the work has been more demanding. Today, I would take the lower paying job and just not work as hard while I continued looking.
Your friend made a silly mistake. Why would you turn down a job when you need one?
You can take and keep looking then jump ship when you find better.
A job isn't like a lease, you can anytime you want.
@dpq+1qHUefPO I’m sorry but how TF is there salary correction going on when prices have gone up 20% and homes 40% in 3 years?
Hopefully you have nothing to worry about but if you are that worried, you should probably start looking for a new job NOW and not wait for the “other shoe to drop” (pun intended).
You should worry but the acquaintance turning down a job that pays less when he can still take the job and keep looking is d-mb too. There's a salary reset going on as well so finding more money will be very difficult with saturation.
Advertised salary ranges are noticeably lower compared to a year or two ago for sure.
yeah, the market su-ks for jobs right now. The system is broken. I know we like to speak positively at Nike but I will share an alternative view of reality based on some friends who were laid off..
First of all, the unemployment rate is misleading at best. 40% of the population isn't counted in the labor force (workers with disabilities, students, retirees, stay-at-home parents, etc.). It counts those who are trying to find full-time work but are stuck in part-time work the same as someone working a 40 hour/week salaried job. Once you're no longer on unemployment insurance, you don't count. Independent contractors don't count. A lot of people have been unemployed beyond their unemployment insurance from last year's layoffs so it's impossible to tell but the current numbers right now are definitely inflated.
This CNET article, while about a year old, explains why "Unemployment" is pretty misleading: https://www.cnet.com/personal-finance/low-unemployment-statistics-are-misleading-economic-hardship-is-much-worse/
Secondly, the market SU-KS. That your friend had a few offers is better than most in the last year. Estimate 6 months to a year to find a job if you have more than 10 years of experience. Some people are throwing out hundreds of applications and no bites. There are scams and fake ads everywhere. Thousands of people applying for every job by using AI so getting your resume noticed is more difficult. Recruiters and close contacts aren't replying because they are being spammed or contacted by everyone they know. Most companies have hiring freezes. And, there are anticipated more layoffs to come from other large companies because everyone is preparing for a tight year.
Separately, depending on your field (and level) you might be paid a lot less. I know competitors in product pay 30-40% less, especially as you go up the chain. A director in product should expect a paycut outside of Nike, in my experience. IDK maybe everyone I know is getting lowballed but I doubt it. My understanding is it's similar in tech unless you're going to FAANG, who are all laying off, so it might not be likely.
If you're willing to move, it might be easier to find jobs in SF, NY, or LA for the same salary as PDX Nike, but cost of living is higher. If you have to stay in Portland, as some of us do for families, it could be a rough ride if you are living paycheck to paycheck on your Nike Salary.
January is supposed to be when most companies open new jobs, look online right now. Do you see jobs in Portland in Apparel of Footwear? I sure don't.