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Handling Demotions

Bizdustry.com

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How do you handle demotions at work? That's if, anybody here has been demoted from a more senior role. What advice would you give to somebody who has been given fewer responsibilities in the company?
 
I've never been demoted at a job. I've been fired or felt the need to quit the job. But never had to step down to a smaller role or take a pay cut.
 
I've never been demoted, I've only had 2 jobs before deciding to work for myself.
 
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