Job-Hunting Execs Find It Tight at the Top

Financial crisis leads to surplus of six-figure jobseekers

By Rob Quinn, Newser Staff

Posted Nov 29, 2008 12:39 PM CST

(Newser) – Laid-off execs scrambling to find new six-figure salaries are facing fierce competition, Time reports. Thousands of high-end white-collar jobs have vanished recently, and many more are expected to go. Some top-level vacancies are still appearing, as execs retire or change jobs, but companies looking to fill their most powerful positions are finding it's definitely an employer's market.

As the glut of talent grows, execs are calling in contacts, scouring job sites, hiring résumé writers—and increasingly taking whatever they can get. "When those looking for high-end jobs are struggling, they become amazingly tolerant," the chief of one research firm said. "They'll take work for which they're underpaid and overqualified. In that respect, they're just like everyone else."

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In this Oct. 2, 2008 file photo, a man walks to work on Wall St. Many bankers and brokers are scrambling to relocate to far-flung venues to find a job. (AP Photo/Mark Lennihan)

Thousands of highly paid executives have lost their jobs in recent weeks, and they are finding that it's an employer's market for top-end positions. (Shutter Stock)

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The supply-demand imbalance certainly favors employers. There's talent out on the street. - Mickey Matthews, director of executive-search firm Stanton Chase International

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Job-Hunting Execs Find It Tight at the Top