I have been seeing a flurry of these “solve this if you are a genius” puzzles being posted on LinkedIn lately. Sure they are fun and I have even completed a few of them just to verify that I am still a genius. (Smile) However, something occurred to me recently. If you are a job seeker and have been finding it hard to land interviews and secure a new position, there is a puzzle you need to solve that is way more impactful than considering a membership in Mensa. (For those of you that have never heard of Mensa, that is okay…Google it later.) This puzzle asks you to consider the following: “How much is being out of work costing you?” Look at the table below:
As an example, if you were making $75,000 per year, every day you are unemployed costs you $288. This is your COU (cost of unemployment). Every week costs you $1,442 and every month costs you $6,250. The general rule of thumb is that job seekers are out of work 1 month for every $10,000 of salary that they earned. Again, using our $75,000 example, you would be out of work for at least 7.5 months. This would cost you $46,875 in unearned wages.
To reduce the time they are out of work, millions of job seekers are turning to career transition professionals. These savvy job seekers realize that they cannot and should not tackle the treacherous waters of the job search alone. Returning to our example, a job seeker earning $75,000 per year could expect to pay on average $625 for career transition services. This assumes a very rough estimate of a 1% investment based on their monthly salary. Fees for career transition services vary widely and it is best to do your research. It is important to note that career transition professionals (resume writers, career coaches, etc.) can be a viable part of your career management team and can help you in a myriad of ways to minimize the time that you are out of the game.
So if you have been out of work for awhile or just recently found yourself in career transition, consider your “COU” and make a decision today as to whether or not you are ready to seek help from a professional.