In order to be unaware of the current global economic crisis a person would quite literally have to be living in a cave actively avoiding contact with the outside world. As such I'll forego beating the proverbially dead horse since we all know how bad things are.

Because of the down market, people are getting a bit more desperate for employment. This is also not a shocker. This desperation can lead people down a few different routes, a few of which are interesting, but only one of which has really caught my attention recently. This is the phenomenon of the former Director/VP/CFO/Executive Manager willing to work for peanuts claiming an undying allegiance to the company that puts food on his or her table.

Make no mistake, my heart bleeds for people in this situation. It actually hits very close to home considering my uncle, formerly president of his company, was laid off with a relatively minimal severance no more than a month ago. No matter how bad I feel for somebody in this situation, though, I have a hard time taking a candidate seriously when he or she is willing to cut annual earnings to 50% (or less) just to have a job.

It goes without saying that when unemployed the ability to draw a paycheck, no matter how small, is better than nothing. Further, many people in this situation would be grateful to the recruiter who places them because now some money is coming in again. However, how happy can a candidate be making such a significant amount less than he or she has become accustomed to? How much loyalty will the candidate really show once the economy turns and a job paying twice as much is dangled in front of them? How satisfied will they be in a job with such a reduced amount of responsibility?

One could make the argument that it is about time some of these executives do a little trimming to their bloated salaries and either share the wealth or add to profits. I'm not looking to get into that discussion and quite frankly would have a hard time putting up an argument to the contrary. That said, there are very few scenarios in which I would feel comfortable hiring somebody for a drastically reduced clearance-priced, all inventory must go salary.

There is the occasional retiree looking to supplement his or her pension while keeping busy, an ex-manager looking to reduce stress now that a spouse is back to work, or somebody moving from a metropolis to a low-cost rural setting. In these instances, a pay cut might be tolerable or even a welcome change for the candidate. Otherwise, I'd personally be a bit hesitant to get excited about the longevity of an ex-VP hired into an analyst role paying 40% or less than his or her job.