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Laid-off workers are leaving money on the table when scrambling for their next role.
That's according to a new Glassdoor survey of more than 1,700 professionals conducted in May, which found that 57% of respondents felt pressured to accept lower pay after losing a position.
Women and older workers were also more likely to report they felt they had to accept lower compensation, Glassdoor said.
"Recovering from a layoff takes time, with Glassdoor data showing it takes nearly three years for workplace anxiety to fully fade," Chris Martin, senior economist at Glassdoor, wrote in a blog post accompanying the survey data.
Read more: Worried about job security? Take these 5 steps now to protect your finances.
That tracks with previous research surrounding the lingering effects of layoffs, including on wages. More than 30 years ago, researchers found that displaced workers faced earnings losses averaging 25% annually, with pay cuts remaining deep even for those who landed new jobs at similar companies. Other research has shown that laid-off workers may face a roughly 20% hit to their earnings, with effects lingering decades after their displacement.
While the overall layoff rate is low despite high-profile job cuts this year at firms like Amazon (AMZN) and Meta (META), recently laid-off workers are facing an especially tough job market that may challenge their wages for years to come.
Long-term unemployment — the measure of those who have been out of work at least 27 weeks as a share of the total number of jobless people — remains above 27%, its highest level since December 2021. The quits rate and hiring rate are also moving very little, with the job market continuing to be described as "low hire, low fire."
Emma Ockerman is a reporter covering the economy and labor for Yahoo Finance. You can reach her at [email protected].
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