The Lowest Unemployment Rate in 50 Years and What You Need To Do About It
THE BIG THING I WANT YOU TO KNOW:
This unemployment news affects the employed, too! If you are not getting paid according to what you are worth, now is the time to make a move. And if you’re sitting on the sidelines, know that many great people are looking for a good hire!
The jobless rate falls AGAIN to 3.6% — the lowest in fifty years…but that doesn’t tell the whole story. Month after month after month we’ve been seeing the lowest unemployment rates. Yes, it’s remarkable! But there’s more…
There is always more to the story…
two things you need to know about this crazy time of unemployment
Take a look at Your salary and Your worth.
I’ve said this before, but I want to bring it up again. Are you getting what you’re worth financially? There has never been a time in the last fifty years that you have had more opportunity to go after getting paid what you are worth.
Some employers reading this may not be thrilled that I’m having this conversation (sorry!!), but you need to hear this. Now, is a very great time to move careers and companies if you’re able to shop around.
2. if you’ve been waiting to work, There are good jobs worth working out there!
One of the reasons the unemployment rate is down is that some people have fully removed themselves from the job market even though they are still of working age.
The current 3.6% unemployment rate includes people who want to be working and people who have said “I’m out” and don’t want to work anymore. Don’t count yourself out, now is the time to jump back in!
Honest fact: some of you are getting paid significantly less than what you’re worth—Now is the time to change that
Because the jobless report is so INCREDIBLY low right now, there are not a lot of people to fill jobs that require specific skills and expertise. Employers are looking!! If you’re sitting in a job right now where you haven’t had a pay raise in years or a 2% or 3% annual raise isn’t cutting it, now is the time to get your resume out there and find out what your worth would be at a different company. It may be significantly higher!
Okay, Chris, a little more each month would be nice, but I love my job, and my coworkers, and hold the company ping-pong record.
Here’s my advice to every employee fighting the tension of salary vs WORKPLACE culture:
First of all, don’t let yourself get taken advantage of financially, especially if you know you have a skill set that is worth more than you’re being paid. Don’t convince yourself of reasons why it is okay. Even if your company has a beer fridge and a ping pong table, you need to get paid according to your expertise. (Some of you need to text that sentence to your significant other or best friend right now.)
Secondly (and this takes guts!), talk to your employer about your situation.
Maybe you love your current work environment and you really don’t want to leave, but you’re getting offers from other companies that are significantly higher than what you’re getting now. Ask your employer if they can do something to get you close to that amount.
Give your current employer a chance to match or negotiate. I LOVE this approach and the open conversation around money, expectations, and value.
don’t let fear keep you from jumping back in
Fear is never a good reason to NOT DO something. (That’s a saying I heard about not letting fear drive your decisions, but obviously it wouldn’t apply to skydiving.)
Some of you are sitting on the sidelines right now. Maybe 2008 was crushing and you just decided to get out, or maybe you don’t feel like you have the technical expertise that’s needed to get into a field. Because the unemployment rate is so low, this is a great time to make that scary first step back in.
A lot of employers are willing to work with you.
Your experience matters, don’t let fear stop you from getting back in when now is the best time you could do so.
Walk in with your head held high, not hanging low because you haven’t been in the market for a number of years. The wisdom gained from parenting a teenager or running a household or whatever you’ve been doing MATTERS. Tell them you learned more about being a manager, having patience, and making difficult decisions as a parent than you ever did in the workforce.
Now you bring to the table all of that PLUS the fact that you have a background or degree in whatever field it is. Maybe you’re missing the new technology, but they are missing YOU.
Don’t count yourself out just because it’s been a number of years since you’ve been in the workforce.
Playing… We MEan “Planning” With Data
One component of our team’s financial planning process that clients find helpful is when we input all of your data into our predictive data system that allows us to foresee countless scenarios and how it would impact your plan.
It’s incredibly interesting to see how an extra amount of income could be strategic in your long-term plan, or re-entering the workforce changes the future of your retirement.
But, you’re not just data. You know that. Our team knows that. We would love to hear from you about your story, your history, and your future.
We would love to help you make the perfect, data-driven, and personally-meaningful decision to fit you. Take a moment to start that relationship. We are living in a remarkable time and there’s no telling how long this unemployment rate is going to last.
What is your “dream job” that you would choose if money were no object?