job market http://www.wisebread.com/taxonomy/term/1554/all en-US 12 Times You're Better Off Without a Promotion http://www.wisebread.com/12-times-youre-better-off-without-a-promotion <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/12-times-youre-better-off-without-a-promotion" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/businessman-office-thinking-Dollarphotoclub_76306506.jpg" alt="businessman office" title="businessman office" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>You've been with a company for years, and have received excellent performance reviews. You may even be due for a promotion. Maybe it will come with a bigger paycheck, a larger office, and a fancier title. But should you automatically accept a promotion if one is offered? (See also: <a href="http://www.wisebread.com/12-ways-to-finally-get-that-promotion-this-year?ref=seealso">12 Ways to Finally Get That Promotion This Year</a>)</p> <p>Moving up the corporate ladder seems like a no-brainer, but there are many reasons why you might be better off declining.</p> <h2>1. You Wouldn't Be Doing What You Want to Do</h2> <p>You went into engineering because you really love using technical skills to build things and solve problems. But now you're a manager, and you spend more time in budget meetings and strategy sessions than actually working on projects. Promotions can bring some extra money and influence, but what's the point if you're not doing something you enjoy &mdash; or worse, if you're being derailed from your intended career path?</p> <h2>2. Your Job Might Actually Become Less Secure</h2> <p>It seems a bit counterintuitive that a promotion would actually make you more vulnerable to a layoff, but it is possible. It's often more cost-effective for companies to get rid of a layer of management than lay off workers in the lower rung. There's also a perception &mdash; right or wrong &mdash; that <a href="http://knowledge.wharton.upenn.edu/article/caught-in-the-middle-rising-unemployment-takes-its-toll-on-older-managers/">middle managers aren't as tech savvy</a>, and are therefore more dispensable.</p> <h2>3. You Would Have No Real Authority, But Would Be Accountable</h2> <p>So you got that promotion and now have some employees reporting to you. But you may find it frustrating to learn that while you're accountable for your department's performance, there are outside factors that impact your ability to control outcomes. Before accepting a promotion, try to gauge how much input you will actually have on key decisions.</p> <h2>4. It Would Require a Relocation</h2> <p>You've been offered an opportunity to move up in the company, but there's a catch: You need to move to Portland, Oregon. Now, Portland is a lovely city, but you're from Baltimore, and so are all of your friends and family. Living in Portland may be a little pricier, and the city doesn't even have a Major League baseball team! For some people, moving for work is a big fun adventure, but for many others, the change in location might not be worth it.</p> <h2>5. It Would Be a Promotion in Name Only</h2> <p>Some companies like to add &quot;senior&quot; to your title and give you a lot of extra responsibility. But does it come with extra pay or other perks? Is it really just a &quot;lateral&quot; move? If you're being saddled with extra work and stress but aren't being compensated for it, it may be the wrong kind of &quot;promotion.&quot; Occasionally, this is okay if you're learning some new skills that will pay off down the road, but it's important to make sure your employer isn't taking advantage of you.</p> <h2>6. You Don't Plan to Stay With the Company</h2> <p>Let's say you've been fantasizing for years about opening your own gourmet donut shop, and are about six months away from having enough money saved for it. Then your employer calls and offers you a big promotion. Do you accept the offer, knowing that you were on the verge of leaving to pursue your dream? Taking a promotion when you're a short timer is pointless &mdash; and is unfair to the employer. This is also good advice for someone who is considering leaving a company due to its shaky finances. If you weren't confident in the company before, getting a new title and bigger paycheck isn't going to change matters.</p> <h2>7. You'd Be Asked to Fix the Unfixable</h2> <p>I once had a friend who took a job to turn around a struggling division. He saw it as an opportunity to show off some leadership skills and execute his own vision. In a short time, however, he learned that the division's problems were so deep that they were beyond his ability to repair. Occasionally, higher-ups might give credit to an employee for making the best of a bad situation, but it's often just misery with no happy ending. Don't accept a promotion to &quot;save&quot; something that is beyond saving.</p> <h2>8. Your Work-Life Balance Would Suffer</h2> <p>Is this new job going to require longer hours at the office? Will you be on the road constantly? Will you constantly be on call? You may be at a point in your life when you need to be home more often to care for kids or an elderly parent. Or maybe you just want more time to pursue various interests. CNBC last year reported on <a href="http://www.cnbc.com/id/101755874">some dads who said no to promotions</a> because they wanted to spend more time with their families. You should not be so reliant on that extra paycheck that you're willing to sacrifice the quality of your non-work life.</p> <h2>9. You're Not Qualified</h2> <p>It's great to take on a new challenge, but it's important to be honest about your own talents and experience. We may be conditioned to fight off a fear of failure, but there are instances when those fears may be valid. If you enter into a job without the right skill set, you could find yourself with no career at all.</p> <h2>10. The Only Reason You're Considering It Is for the Money</h2> <p>A better paycheck is great motivation to climb the corporate ladder, but if it's the only reason you're even thinking about taking the job, turn it down &mdash; assuming the money isn't really needed.</p> <h2>11. The Job Doesn't Align With Your Values</h2> <p>If you're a vegetarian, would you enjoy being in charge of a marketing campaign for the beef industry? If you're a Quaker, could you be an engineer of a major weapons system? We all have values and beliefs that guide us, and working in any job that's contrary to those beliefs can make us miserable.</p> <h2>12. It's a Dead End</h2> <p>You may think that moving up the ladder is always good thing, but it's important to also think of the next step. Do you see a potential path to other opportunities within the company? Does this new job really add anything to your resumé? If you lose this job, will you be able to easily find a new one in the same field?</p> <p><em>Have you ever turned down a promotion? If so, why?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/tim-lemke">Tim Lemke</a> of <a href="http://www.wisebread.com/12-times-youre-better-off-without-a-promotion">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/avoiding-grass-is-always-greener-syndrome">Avoiding grass-is-always-greener syndrome</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-jobs-proven-to-make-you-live-longer">5 Jobs Proven to Make You Live Longer</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/why-you-need-a-plain-text-resume-to-apply-for-jobs-online">Why You Need a Plain Text Resume to Apply for Jobs Online</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-warning-signs-that-it-is-not-the-job-for-you">6 Warning Signs that It Is Not the Job for You</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/12-gross-jobs-that-pay-pretty-well">12 Gross Jobs That Pay Pretty Well</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Career and Income careers job market jobs promotions Wed, 25 Feb 2015 10:00:05 +0000 Tim Lemke 1304052 at http://www.wisebread.com Stay in School until the Job Market Improves? http://www.wisebread.com/stay-in-school-until-the-job-market-improves <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/stay-in-school-until-the-job-market-improves" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/uofi-alma-mater-5.jpg" alt="University of Illinois Alma Mater" title="University of Illinois Alma Mater" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>For decades it's been a common strategy that's worked out pretty well: If the job market is crappy when you graduate, find a way to stay in school for a year or two&mdash;add a second major, go to grad school, find a post-doc. This time, that's not looking like such a good idea. (See also: <a href="http://www.wisebread.com/a-society-of-fear">A Society of Fear</a>)</p> <p>It used to be, even though an extra year or two of school meant a year or two when you were hardly earning any money, you'd still come out ahead&mdash;because the higher starting salary you got entering the job market at a more favorable time would be the base for all your future raises.</p> <p>That worked great in the days when being a student merely meant that you were broke. Now, being a student means you're going into debt to the tune of tens of thousand dollars a year. If that's what you're doing, you're probably digging yourself a hole that you'll <a href="http://www.wisebread.com/wage-slave-debt-slave">never be able to earn your way out of</a>.</p> <p>Only time will tell what the new winning strategy will be, but my best guess is that you'll still want to avoid beginning your career during a severe downturn. You'll just want to do it without adding to your debt load.</p> <p>If you can mark time without growing your debt&mdash;for example, as a grad student with an adequate fellowship or assistantship&mdash;then go ahead.</p> <p>If you can't stay in school without taking on even more debt, consider making a <em>temporary</em> entry into the job market. Don't begin your career, but find some paid work that lets you support yourself. Then, when the market looks like it's finally turning around, do something to mark a break with your temporary work and <em>then</em> begin your career.</p> <p>The obvious thing to mark that break would be to go back to school for the second major or the advanced degree, but that's hardly the only choice. Others would be to take on an internship, do an open-source project, volunteer at a non-profit, start a small company, or write a book.</p> <p>The point of the break is simply to make it clear that what you were doing before wasn't a failed career, but was rather (like a string of post-docs) just something that you were doing before beginning your career. (My article <a href="http://www.wisebread.com/fund-your-own-sabbatical">Fund Your Own Sabbatical</a> is on-topic here. The issues, in terms of taking a break and then reentering the job market, are largely the same.)</p> <p>The way we fund undergraduate eduction in this country is already leading to a whole cohort of new workers who will be permanently indebted. With a bad job market tempting them to stay in school, the unavoidable additional debt load is just going to make things worse. It's reasonable to be leery about entering the job market during a downturn, but taking on even more debt is not a better choice.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/philip-brewer">Philip Brewer</a> of <a href="http://www.wisebread.com/stay-in-school-until-the-job-market-improves">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-important-signs-that-your-job-sucks">10 Important Signs That Your Job Sucks</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-answer-23-of-the-most-common-interview-questions">How to Answer 23 of the Most Common Interview Questions</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/you-re-fired-20-signs-that-a-pink-slip-is-coming">You’re Fired! 20 Signs That a Pink Slip is Coming</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-great-jobs-that-offer-college-loan-forgiveness">7 Great Jobs that Offer College Loan Forgiveness</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/3-ways-obamas-free-community-college-deal-will-help-you">3 Ways Obama&#039;s Free Community College Deal Will Help You</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Career Building Education & Training career education job market school Mon, 15 Aug 2011 10:24:22 +0000 Philip Brewer 664186 at http://www.wisebread.com Recession Depression http://www.wisebread.com/recession-depression <p><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/wisebread_imce/crash_small.jpg" alt=" " width="150" height="200" /></p> <p>Yesterday&#39;s market &quot;correction&quot; had a lot of investors experiencing acute arm pain as they clutched their chests, watching the Dow Jones average plummet over 200 points in the course of about 2 seconds. The swiftness of the drop was <a href="http://www.chicagotribune.com/technology/sns-ap-wall-street-what-happened,1,4784591.story?coll=chi-bizfront-hed">attributed to a computer glitch</a>, which isn&#39;t exactly reassuring, either from a technological standpoint (how did that happen???!?!) or a practical one (it <strong>still</strong> dropped over 500 points, right?). The <a href="http://www.sse.com.cn/sseportal/en_us/ps/home.shtml">Shanghai index</a> correction was the obvious impetus for the drop, and that makes me feel even worse.</p> <p>I don&#39;t have much dough invested in the stock markets, save for a paltry sum that fluctuates in my IRA, so I wasn&#39;t as concerned about the drop as say, my dad, whose entire 401k is directly affected by market swings.</p> <p>Despite this, I was definitely clutching my chest when I heard that former Federal Reserve Chairman Alan Greenspan <a href="http://www.baltimoresun.com/business/bal-bz.greenspan28feb28,0,6642246.story?coll=bal-business-headlines">predicted a recession</a> for the US economy. <a href="http://www.foxnews.com/story/0,2933,178699,00.html">Some economists</a> have been <a href="http://www.ft.com/cms/s/bc55913a-27cd-11db-b25c-0000779e2340.html">predicting a recession for a while</a>, based on the <a href="http://money.cnn.com/magazines/fortune/fortune_archive/2006/11/13/8393160/index.htm">housing slowdown/slump</a> or other indicators that most of us don&#39;t think about much. <a href="http://www.latimes.com/business/la-fi-economy28feb28,1,964658.story?coll=la-headlines-business">Other economists with actual jobs</a> have predicted that a full-blown recession is not, in fact, likely, but it certainly got me thinking: how does one prepare for the possibility of a recession?</p> <p>There&#39;s lots of info out there on how to survive a <a href="http://www.ft.com/cms/s/bc55913a-27cd-11db-b25c-0000779e2340.html">recession as an investor</a>, but what about us regular Joes who are simply worried that we won&#39;t have a job should the economy turn southward?</p> <p>Well, there are some <a href="http://www.amazon.com/Conserve-survive-recession-experts-say/dp/B0008INZYC/sr=1-8/qid=1172699867/ref=sr_1_8/102-1803238-5069756?ie=UTF8&amp;s=books">articles</a> and <a href="http://www.insomniacpress.com/title.php?id=1-894663-24-1">books on the subject</a>. Some <a href="http://mark-watson.blogspot.com/2007/01/what-to-do-to-survive-recession-build.html">bloggers</a> are giving it some serious thought and have their own ideas on the subject. <a href="http://www.sciforums.com/showthread.php?t=62383">Forums</a> are filled with helpful (and not-so-helpful) tidbits. Paul Kirvan penned <a href="http://findarticles.com/p/articles/mi_m0CMN/is_n12_v28/ai_11943308">some advice back in 1991</a> regarding this exact topic, when it may have been even more relevant than today.</p> <p>Here are some ideas that I am exploring:</p> <ul> <li><a href="http://www.queercents.com/2007/02/22/build-a-business-while-keeping-your-day-job/">Start your own business</a>. Be prepared to start working on a consultant or freelance basis if you lose your permanent job, and get some great tax write-offs in the meantime.</li> <li>Look around your workplace and find ways to make yourself more useful. Job security is when no one else can do everything that you are doing.</li> <li>Know ahead of time if you qualify for unemployment. If you don&#39;t, look into that emergency savings account that you&#39;ve been meaning to get started for the past 6 years.</li> <li>Take the classes that you need to take now. Make sure to include the costs of continuing education when you file taxes. You can probably make a shift in your career with relative ease if you pick up a few new skills or take a risk and try out a new field altogether.</li> <li>Develop a love of peanut butter and jelly sandwiches.</li> <li>Get a roommate (shudder).</li> <li>Join the <a href="http://sfcompact.blogspot.com/">Compact</a>. Not sure if I WANT to do this, but I might have to at this rate.</li> <li><a href="/balancing-act-the-perils-of-budgeting">Budget</a>. Budget. Budget.</li> <li>Chose a hobby that will actually promote your career. Volunteer for a professional society or nonprofit organization that corresponds to your work. Life shouldn&#39;t be all about work, but these are great networking opportunities, should you ever need them.</li> </ul> <p>How about you guys? Are eBay careers the way to go? Do you have any ideas for recession prep besides what we normally tout to our readers (Save, Budget, Buy Used, Library Card, etc.)?</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/andrea-karim">Andrea Karim</a> of <a href="http://www.wisebread.com/recession-depression">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/peak-debt">Peak Debt</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-new-normal-economy">The new normal economy</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/recession-journal-vi-its-over-any-questions">Recession Journal VI: It&#039;s OVER!!!!!!!!!!!! Any Questions?</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/preparing-for-a-recession">Preparing for a Recession</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/can-a-little-inflation-be-good">Can a Little Inflation Be Good?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Financial News bull session China Dow Jones economics global trade job market markets NASDAQ prepare recession savings Shanghai stock market US economy Wed, 28 Feb 2007 22:26:37 +0000 Andrea Karim 307 at http://www.wisebread.com