Employment

(4 of 7)

Employment

Your job is such a big part of your life that, if you are like most people, you naturally want to invest time and effort into ensuring that you have one that you like. With this in mind, let’s think about some of the big issues to ponder around employment.

Reasons for employment: money and benefits

The most basic benefit of employment is income: money that you can use to pay for your housing, car, food, clothing, entertainment, and gifts for others.

But a job is more than getting a paycheck in return for giving up 30, 40, or more hours of your week. You can also get benefits that you can’t get anywhere else, or which you can get only by paying extra elsewhere. Millions of Americans get health insurance and retirement plan benefits through their jobs. With some retirement plans, such as 401(k)s, your employer can contribute to your plan on your behalf, building up your retirement funds that much more quickly.

If your current company has a retirement plan, it is a good idea to sign up for it and make an educated decision regarding how to invest your contributions. The Investments and Retirement tutorials can provide further insights to help you.

Why would an employer offer these benefits? Because employers find that they can attract and keep talented employees that way. They are willing to give employees benefits and periodic raises if those employees do good work, show leadership, and help the company earn money. Ultimately, an employer will be looking for job candidates who can help the company succeed.

Reasons for employment: life skills and personal fulfillment

A job will help you develop skills that you can use not only at work, but off the job too. For example, cooking skills, writing skills, mechanical skills, and accounting skills can help you immeasurably in your daily life. They will pay "dividends" not only for you but for your family also.

Then, of course, there is purpose and meaning. A career is a valuable and effective way to give meaning to your life. Many people feel a sense of calling in their lives that is expressed through a career. Are you drawn to any particular fields of work that could be a calling for you?

Reasons for employment: security

In the end, however you feel about your work, you are building up financial security for your life and the lives of others—a spouse, children, grandchildren, elderly parents, and perhaps other people who depend on you.

Other things to think about when considering a job

• Costs of employment: location and transportation. The offerings may be limited in your area. Depending on your transportation situation, this will be important. Do the pay and the level of satisfaction make potentially high transportation costs worth it?
• Costs of employment: clothing and other apparel. Some people find that they have to spend a lot of money on their appearance. This will depend on the type of job, of course.
• Costs of employment: equipment and technology. Again, depending on the type of job, you might find yourself spending a lot of money on computers, software, or other equipment. Ideally, the company will pay for these things, but some will not, especially if you are working as a contractor.
• Regular raises. Does the company provide regular reviews and wage increases? Consider talking to people who work there.
• Employee treatment. Does the company treat its employees well? Do the wages seem fair and competitive?
• Advancement. Does the job seem like a dead end with no potential for moving up the ladder, or does it offer advancement opportunities? The more you can advance, the more you can earn and the more skills you can develop.
• Change over time. Your job duties may change over time. That means there will be a change in demand on your skills. Are you open to learning new skills? Those who are have the best potential to earn more money and get more job satisfaction.
• Stability. How stable does the company seem? You might have to deal with layoffs, cuts in wages or benefits, downsizing, or outsourcing of your job. These are not always easy to predict. You should always keep in mind that you might have to change careers (most of us change careers anyway). It is a good idea to keep an emergency fund to cover you for at least six months if you should lose your job.
• Ongoing education and re-training. Most of us will need ongoing learning as we go through our working years. Technology changes, processes change, demands change. To keep up, you might need to go through more education or training. Your company might need you to learn a new computer program, for example, or to learn to read blueprints. Often, your company will provide this training for you, but not always. You may need to take courses at a local college or online. You might also find that voluntarily getting a new degree will make you a candidate for a big promotion.