Monday, September 16, 2013

2008 - 2013 The Great Recession Check Up - Part I

This morning, on the news, there was a story about where we are, as a society and as an economy, 5 years after the great recession.

I actually started this blog during 2008 and went back to read some of my posts during that time.  So, I am undertaking our own Great Recession Check Up.  

Career and Salary/Benefits

In 2008, both Mr. Sam and I had a job change in that we each changed companies.  

While my job change was voluntary, I would say that my departure from my prior company was caused by the recession.  Meaning, I could see that my opportunities for advancement were low and the amount of work/projects that I was handling was reduced.  As such, I felt like I had to make a change and therefore took a pretty big pay cut in 2008 when I changed companies.  But, my career and my life vastly improved even with the big pay cut.  Then, in my new company, I ended up taking another smaller pay cut which lasted about another year (which was directly caused by the recession).  Since 2010 my pay has steadily increased and I am generally happy with my job, my company and my career.  But, I'm still making at least 10% less, I calculate it as 13% but I'm not totally sure, than I was before I resigned from my prior job in 2008.   

Mr. Sam also changed companies in 2008.  His change was totally voluntary and a good career move for him.  He increased his salary and his benefits were great (his awesome 401k match directly contributed to our progress in that area).   And, his health benefits were so great that I ended up switching to his plan and we saved about $3000 each year in doing so (over 5 years).

Now, due to Mr. Sam's layoff he ended up taking a pay cut with his new job.  He is not happy about the pay cut, but I'm happy he is employed in a job that is a perfect match for his education, skills and background and I'm hopeful that the pay will follow.

As a result, overall, between 2008 and 2013 our compensation from employment decreased.  

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