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Should You Change Jobs or Stay the Course?

Does sticking with the same firm actually hurt your financial potential?

 

Provided by MidAmerica Financial Resources

   

If you spend two years or less at a series of jobs, is that a problem? Shouldn’t your resume signal loyalty instead of transience?

 

Well, maybe it isn’t a problem. Maybe you are doing yourself a financial favor instead, especially in this decade. Maybe the conventional wisdom about “getting ahead” is flawed. The era of the organization man/woman is long gone, and how many people do you know who have spent a decade or longer working for one employer?

   

Remember 5% annual raises? Chances are, your most recent raise was on the order of 2-3%. While you are keeping up with consumer prices at that rate, you may not be making up for any financial steps you took backward as a result of the recession. Even the all-stars at your firm may be getting just a 5-6% yearly raise.

  

Quitting to find a better wage is on the rise. In 2015, 16% of U.S. workers indicated to CareerBuilder that they were ready for a change. This year, 21% want to make a move. CareerBuilder’s Rosemary Haefner believes one reason for that rising percentage is a lack of employer investment in employees. “Whether the lack of investment is in the form of a paycheck, learning opportunities or career advancement, it often comes down to whether the employee feels valued.”1

 

It’s also down to the improving economy. With unemployment in down to 5%, it’s clear that hiring is happening. While that may not mean that every industry is looking for new blood, some are definitely looking for an infusion of personnel. The talent-hungry tech sector has boosted its average salary 5.3% from 2015 levels in hopes of locating qualified applicants.1

            

Is now the time to make your move? Five percent unemployment is approaching “full employment,” a period where the economy is getting the most out of skilled and unskilled labor. Assuming things remain on their current course, we may not see many more months where as many as 200,000 jobs are created, even as people who have stopped looking for work are drawn back into the working world. That could make this an ideal time to look upward if you are hoping to find a better-paying or more challenging job.2,3

  

On the other hand, there are bad times to change jobs, and U.S. News & World Report noted some of those. If you’re overworked, having interpersonal issues at the office or just bored, you can overreact; restructuring your workday or work tasks may offer a solution. If a major life event, long vacation or house hunt is just ahead, a job change may not be ideal or smart. It may not be wise if you sense that the economy (or your industry) is in line for a downturn, or if you’ve been at your job for less than a year. Lastly, a job search that coincides with the holiday season may be more prolonged than you anticipate; HR officers and managers may be more available (and less stressed) when mid-January rolls around.4

    

If you love what you do and are good at it, you may see no reason to change jobs. Alternately, you might reason that you could excel and love your work even more in a new environment. Consider the above-mentioned factors (and others) if you are looking for greener grass.

 

MidAmerica Financial Resources may be reached at 618.548.4777 or greg.malan@natplan.com.

www.mid-america.us

 

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

 

Securities and advisory services offered through National Planning Corporation (NPC), Member FINRA/SIPC, a Registered Investment Adviser.
MidAmerica Financial Resources and Malan Financial Group are separate and unrelated companies to NPC.

 

 

Citations.

1 - cnbc.com/2016/05/05/8-good-reasons-to-say-take-this-job-and-shove-it.html [5/6/16]

2 - investopedia.com/terms/f/fullemployment.asp [2016]

3 - businessinsider.com/jobs-report-preview-april-2016-2016-5 [5/6/16]

4 - money.usnews.com/money/careers/slideshows/the-10-worst-times-to-switch-jobs [9/18/13]

 

 

 

 


Advancing Toward Your Career Goals

Should you change jobs in pursuit of them? Or position yourself in a new way at work?

 

Provided by MidAmerica Financial Resources

 

Is your career unfolding as it should? If not, maybe it is time for a change; either a change of jobs, or a change in your role at your workplace.

    

Pay attention to the signals of a stalled career. If the status quo at your office bothers you, or if you feel apathetic or nonchalant about your work, you have company. A recent Aon Hewitt poll found that only 63% of employees felt sufficiently engaged on the job. According to a Gallup poll, even fewer Americans truly like what they do for a living: just 32% of employees are “involved in, enthusiastic about and committed to their work and workplace.”1

 

If you find yourself dreaming of an escape and doing just enough to avoid getting fired, you have three basic avenues. One, go into business for yourself (a move that is impractical and terribly risky for most people). Two, change jobs. Three, see if you can make yourself more valuable and more engaged where you are.

    

Should you leave or stay? If your job amounts to a dead end, then leaving is probably your only option. If your workday simply bores you or you have issues with your pay or your role, leaving is also an option; you also may want to talk with your supervisor or boss to see how things can change where you are.

 

If you consider another job, look beyond the offer. A company may woo you with a terrific compensation package, a better title, and a nicer place to work; you should see these as short-term pluses. Does this new job really represent a long-term career move, or just a change of scenery? What kind of vision do they have for you? Do you get the sense that your vision matters to them? What kind of culture does this company have? Think ahead. Three to six months from now, do you think you will be happy at the new job? Two or three years from now, do you think your career will be progressing as it should thanks to this job change?  

     

If you stay, make the right moves to assert your goals and your value. What position do you want at work, as opposed to the one you have now? What is a reasonable next step? If you work for a larger employer, you might find several opportunities in multiple locations (think about if you want to relocate as a consequence of a promotion).

 

Schedule a meeting with your boss. Prior to having that conversation, think about the perception you want to create in your boss’s mind. During the conversation, promote it.

 

Tell your boss that you want to discuss your personal development, how your career can progress and evolve with the company. Share your reasons for bringing all this up; your aspirations, not your complaints. Mention the specific career move you would like to make, and the kind of contribution you could make in that new role. Tell your boss that, as much as you appreciate your current role, your heart tells you that it is time for a new role or a new challenge. (You might mention that you will be happy to train another employee to take over your old duties.)

 

This conversation should last at least 15 minutes. In the process, you may learn what kind of expectations your boss has for you, and see how they correspond with yours. (If you do not get a glimpse into that, it is worth bringing up.)

  

Keep in mind that being really good at your job may not warrant a promotion by itself. Even if you are fully engaged at work, you may be passed over if you fail to fully engage with the people with whom you work. Likeability is a big factor in promotion and career advancement, and networking is not just something you do to land another job, it is also a great idea at your current job.

 

Financially, a move to another employer might be the best move. Rightly or wrongly, changing jobs is perceived as a path to continually higher pay. In fact, one of the big criticisms of staying put is that your employer may only compensate you more if you insist.

   

Last year, the core Consumer Price Index advanced 2.1%. Meanwhile, real average hourly wages rose 1.8% according to the Bureau of Labor Statistics. Moving on to a new employer may help you cope with this kind of economic weakness. Payroll processor ADP, whose research arm tracks such data, notes that the average full-time employee changing jobs in 2015 received 4.5% greater compensation as a result of the move.2,3

       

MidAmerica Financial Resources may be reached at 618.548.4777 or greg.malan@natplan.com.

www.mid-america.us

   

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

 

«RepresentativeDisclosure»

   

Citations.

1 - washingtonpost.com/news/wonk/wp/2016/01/11/feeling-stuck-in-your-job-blame-management-consulting/ [1/11/16]

2 - tinyurl.com/zv64ge4 [5/2/16]

3 - theatlantic.com/business/archive/2016/02/job-switchers-raise/460044/ [2/8/16]

 





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