How much money should you make?
First and foremost, money isn’t everything. And, if it’s not your primary driver, that’s okay. You job search should be about finding an opportunity that’s a good fit and that aligns to your personal values and goals.
However, if you’re like me, you want to be paid fairly compared to your peers. And, you want to save for your future. There’s a difference between wanting to make a lot of money, and wanting to not have to worry about money every day. Don’t you agree?
So, let’s think about a decision that comes up very often during our job search. And, before I get too far – let me say this. I’m going to use some simple math that does not account for things like inflation. It’s not going to be as accurate as an estimate that you could make using Excel or another tool. But, I think this simple model will be helpful.
Okay, back to the common decision. We’re searching for a job that’s in a new field. We receive a job offer and are faced with the decision of whether or not to accept less money than we currently make.
Less money! Oh no! That’s typically not our goal when we start a job search. But, when we switch fields, it’s not uncommon to find ourselves with a lower paying job offer.
So, now what?
Well, first, let’s do some simple math. Here’s an example.
Let’s say that Jerry makes $70K today at Acme Company. Jerry is 30 years old. He plans to work until he’s 65.
Jerry landed a job offer at Baker Company that pays $60K. He plans to stay at the job for 5 years before looking for a better paying job. He wants to get some experience first. Jerry takes the job. In 5 years, Jerry applies for a new job and gets an offer at Carter Company that is a big raise — $10K more than what he is making at Baker Company. It’s for $70K.
So, for the 5 years that Jerry spent at Baker Company, he made $10K less per year than he made at Acme Company. In total, it was $50K less over the 5 years. Then, he went to Carter Company and began to make what he previously made at Acme Company.
Current Salary New Salary 5 Years
$70K –> $60K –> $70K
$50K less over 5 years
Now, let’s look at another example. Let’s say that Jerry makes $70K today at Acme Company. Jerry is 30 years old. He plans to work until he’s 65.
Jerry landed a job offer at Davidson Company that pays $80K. He plans to stay at the job for 5 years before looking for a better paying job. He wants to get some experience first. Jerry takes the job. In 5 years, Jerry applies for a new job and gets an offer at Edison Company that is a big raise $10K more than what is making at Davidson Company. It’s for $90K.
So, for the 5 years that Jerry spent at Davidson Company, he made $10K more per year than he made at Acme Company. In total, it was $50K more over the 5 years. Then, he went to Edison Company and began to make $20K more than he previously made at Acme Company.
Current Salary New Salary 5 Years
$70K –> $80K –> $90K
$50K more over 5 years
Now, let’s compare the two scenarios. In the first scenario, Jerry is making $70K at the end of 5 years. In the second scenario, Jerry is making $90K at the end of 5 years.
So, instead of a small investment, of time, Jerry has actually forfeited $20K per year beginning in year 5. Considering that future salaries are often based on past salaries, this decision could easily follow Jerry around for the lifetime of his career.
If his salary remained flat from age 35 to 65, the projected difference would be $20K per year, or $600K over the next 30 years. Wow, that’s a big difference for what seems like a small decision!
So, what should Jerry do? Should he take the first offer with Baker Company? Or, should he hold out for the job at Davidson Company?
This is where things get tough. The thing is, we don’t know anything more about Jerry’s situation here than the numbers. Here are some things we might want to keep in mind.
How much has Jerry saved for his retirement already? What’s his overall retirement savings goal and will he meet that goal with either job?
How old is Jerry? In this scenario, Jerry is 30. But, if he were younger or older, we might adjust our choices.
Is Jerry over the moon happy about the job that pays less? Is it everything he’s ever wanted, but has never had? Or, is he lukewarm about the entire situation? If Jerry plans to take a big pay cut, he should definitely like the job.
If Jerry is over the moon about the job, does it really require a pay cut? Very often, we assume that moving to a new industry requires us to start over completely from a salary perspective. Sometimes, that’s true. But, sometimes, it’s not. It’s important to fully understand Jerry’s worth in a new role before making this choice.
In summary, money isn’t everything. But, it is something. It’s an important factor to consider in our job choices. The decision we make today will have a long lasting impact on our futures.
I hope these tips have helped you. Visit CopelandCoaching.com to find more tips to improve your job search. If I can be of assistance to you, don’t hesitate to reach out to me here.
Happy hunting!
Angela Copeland
@CopelandCoach
3 tips to spring clean your career!
Spring is an exciting time. It’s finally warming up. New flowers are blooming. People all around us are a little happier.
It can be a good time to clean out a few rooms in your home. And, it can also be a great time to clean up your job search approach!
Where do you have the most opportunity to step up your job search game? Let’s start with the basics – YOUR RESUME. This is an area that we often put off until another time. Before you know it, your resume is a year (or maybe even five) out of date.
But, don’t wait to update your resume until you find a job to apply to. First, you won’t be fast enough. It will take you longer to apply for the job than you want. And, when it comes to applying for jobs, speed matters more than you might think.
Second, a resume crams an entire career of information onto one or two pages. If you put off updating it, you’ll forget important details that you definitely want to include.
Here are three tips to get you started:
- Don’t give away your age: One of the top concerns all job seekers have is their age. And, it makes sense. Age discrimination is a real thing! On your resume, there are a few things you can do to make your age a little less obvious to your future boss. First, if you have been in the workforce for a number of years, consider removing some of your early work experience — especially if the skills you gained show up in other places on your resume. Be sure that you’re using an up to date email address. Those AOL email addresses will date you every time. And, remove your graduation year from college. These minor changes can make a big difference in the age of your resume!
- Include your latest work experience: I know, I know — this sounds obvious. But, very often, we get so busy working that we forget to include what we’re currently doing on our resume. This can come back to bite us later, when we’ve forgotten the exact details. Try to quantify your results in terms of numbers. And, if you don’t have a role that’s tied to revenue, think about quantity and frequency. How many people did you manage? How many contracts did you review? How often did you work on a particular issue?
- Comb your resume for typos: This one sounds obvious too. It’s so obvious that most people forget about this. And, why wouldn’t we? We aren’t applying to be a copywriter. What difference do typos make? A LOT! Many hiring managers admit to tossing out any resume that has typos — even for a job that requires no writing. Don’t underestimate the importance of this one. Ask a nit picky friend to help you review your resume if it helps.
Last, but not least, just remember — when it comes to your resume, DONE IS BETTER THAN PERFECT. It’s better to submit your resume quickly for a job than to put off your application while you perfect every detail. By the time you apply, someone else will have already beaten you to the job.
I hope these tips have helped you. Visit CopelandCoaching.com to find more tips to improve your job search. If I can be of assistance to you, don’t hesitate to reach out to me here.
Happy hunting!
Angela Copeland
@CopelandCoach
How do you spell success?
Wow, spring is really here! This weekend was so pretty. I hope you had a chance to get out and enjoy the beautiful weather.
This weekend, I was back at home. Last week, I traveled to Worthington, Ohio (a city near Columbus) to give a TEDx Talk about career success in the face of interference. Giving the talk was a huge accomplishment. Thank you to everyone who helped me prepare along the way!
I look forward to sharing the full talk with you very soon. When it’s available, I will be sure to email you.
In the meantime, I want to touch on a related topic — measuring success. Someone recently asked me, “Angela, how do you measure the success of your work as a coach?”
It’s an interesting question. If I were going the business route only, I’d probably just measure dollars and close rates. But, coaching is different. There are more layers to it. It’s truly special. I get a chance to be part of the lives of individual people.
After I check the numbers, I look at a few things that are a little harder to quantify in Excel. First, I look at the success of my clients. Were they able to make the switch they were aiming for? Did they successfully rebrand themselves? Do they enjoy their new career? For those clients who prioritize salary, how much of a financial jump was the client able to make with their switch?
Then, I look at something I didn’t expect to be thinking about when I started Copeland Coaching. I look at referrals. Surprisingly, most of my new clients come from current or former clients. They send me their friends, their family, and their colleagues.
On a number of occasions, I have had the chance to work with three members of the same immediate family — on three separate searches. I never in a million years expected that. It’s a huge honor when this happens. An entire family is inviting you into their world, to help them get closer to their personal goals.
So, the long story short is: Was a client able to achieve their goals and transition into a better career? And, was the client happy enough to recommend the process to loved ones?
I’m very fortunate to work with my clients. I get to help play a small role and their future, and for that I’m grateful.
At the end of the day, success is something that’s measured differently in each business or industry. Regardless of your situation, it can be good to occasionally take a step back and ask yourself what success looks like where you work. What can you do to constantly improve your results?
Although this is a simple question, it really got me thinking. And, I wanted to take a few moments to share those thoughts with you.
I hope these tips have helped you. Visit CopelandCoaching.com to find more tips to improve your job search. If I can be of assistance to you, don’t hesitate to reach out to me here.
Happy hunting!
Angela Copeland
@CopelandCoach
Answering Illegal Interview Questions
I often get asked, “What should I do if I’m asked an illegal question during an interview?” This is such a tough one. First, you’re caught totally off guard. And, you know the question isn’t right. You know it. But, you only have a moment to think about what to say, and the mold is set. So, in that moment, what should you do?
If you’ve never been asked an illegal interview question, you are fortunate. They are incredibly tricky.
To demonstrate the point, I’ll share with you a time when I was asked multiple illegal questions, back to back. You see, not everyone can guess my age very well. So, sometimes interviewers have questions about me. During an interview, the hiring manager said, “Do you have children? Are you married? Do you plan to have children?”
Yes, this really happened. When it happened, I was a little surprised. But honestly, I wasn’t as surprised as you’d expect. The reason is because I’ve been asked this sort of thing before.
I’m honestly not sure why these questions still pop up at this point in time. But, I can only assume that human resources isn’t training hiring managers well on what they can and cannot say. My guess is that they don’t spend much time on it because frankly, it seems obvious that this question isn’t appropriate.
But, I digress.
So, back to the point. How do you answer an illegal question?
Some interview coaches would tell you that you should say something light, yet quick witted, such as, “I think you’re asking if I’m committed to my job – and I am!” Answers like this can avoid the question, while at the same time, sticking up for yourself in a non-confrontational way. If you’re up for it, this can be a great option.
But, what I always think is this. Is it more about how I answer the question? Or, is it more about the person asking the question? I mean, when I’ve been asked “Do you have children? Are you married? Do you plan to have children,” it’s a sign to me. It’s a sign that I would prefer not to work for this hiring manager.
And, I’d also like to keep the tension in the interview low, so I can keep a good relationship with the company – in case I ever want to interview there again (for someone else). For me, I choose to politely answer everything I’m asked.
But, I make a mental note of what was asked. I think about it afterward and decide how I want to use the information I’ve been given. And, honestly, I’d much rather know in the interview that you (the hiring manager) aren’t going to treat me fairly than find out after I’ve been hired.
So, thank you ‘illegal-question-asking-hiring-manager’! You’ve helped me to avoid a huge career pitfall!
I hope these tips have helped you. Visit CopelandCoaching.com to find more tips to improve your job search. If I can be of assistance to you, don’t hesitate to reach out to me here.
Happy hunting!
Angela Copeland
@CopelandCoach
Should I be honest in my exit interview?
Let’s be real. If you’re thinking of leaving your job for another one, there’s at least a 50% chance there’s something very wrong where you are now.
Sure, more money and a bigger salary would be great. But, if you didn’t hate your boss, you might be happy to come in to your current workplace.
When you land a new job, the most interesting thing happens. That same boss who’s been ignoring you and overlooking your for promotions suddenly wants to know what went wrong. They also want to know if you’ll be making more money, what your new title will be, and where you’ll be working.
This can be confusing. For the first time in a while, your boss seems to care about what you have to say. You might feel important, and like you could help make a difference for those you’re leaving behind.
This might (emphasis on “might”) be true. Your old company may genuinely want to know what they can do to keep their best talent.
But, I have to tell you, more often than not, this isn’t the case. Even if you suggest a great idea that could be implemented, or a way your manager could be a better leader, it’s hard to create real change based upon one person’s feedback – one person who’s quitting in two weeks.
And, it’s much easier to take feedback as a personal slight. Your company or your boss may feel attacked or put down. And, they may even feel the need to bite back.
Unfortunately, you will need your old boss in the future. It may not seem like it now, but sometime down the road, you’ll need a recommendation for another new job. And, when that time comes, you won’t want a bad exit interview hanging over your head.
This is a very personal decision. But, before you begin to talk, really think — what difference will this information make? Will the company use this information for the greater good? What are the potential downsides to my future if I’m brutally honest?
I hope these tips have helped you. Visit CopelandCoaching.com to find more tips to improve your job search. If I can be of assistance to you, don’t hesitate to reach out to me here.
Happy hunting!
Angela Copeland
@CopelandCoach
Copeland Coaching Podcast
You must be logged in to post a comment.