The Cost of Being Unemployed

Recently in an article appearing January 20, 2012 on MSNBC LIFEINC., It was noted that the median duration for unemployment was 21.1 weeks as of January 2012. The median of course is the middle number that separates the higher half of a sample from the lower half, and is different than the average. This presents some interesting findings for job seekers. Upon closer inspection, the Bureau of Labor Statistics notes that the average search process is taking 40.1 weeks. That is up nearly 5 weeks in length from a comparison of a year prior. And don’t forget that there are people who have simply given up due to fruitless job searches, and do not count as unemployed for the purpose of calculating the unemployment rate. That can in essence bring the total unemployment rate up a percentage or more, and it also does not take into account those job seekers who are underemployed. All in all, the reality is that you could be in for a long job search if you are not actively and aggressively pursuing new employment.

Putting this in perspective, and in terms of real cost to a job seeker:

A $20,000 salary is $384.61weekly: a 40-week job hunt will cost you $15,384.40
A $50,000 salary is $961.54 weekly; a 40-week job hunt will cost you $38,461.60
A $75,000 salary is $1422.31 weekly; a 40-week job hunt will cost you $56,892.40
A $100,000 salary is $1923.08 weekly; a 40-week job hunt will cost you $76,923.077

Aside from the financial costs, a different and equally as serious cost is the loss of confidence among job seekers. And for those who are employed, living in fear that “today might be the day” is an awful predicament to wake up to every morning.

The intent of me writing this is not to scare you, but to encourage you to be very proactive during your job search, and if you are employed, prior to a search that may be brought on by downsizing or a layoff. The bright side to all of this is that I have seen numerous professionals who have been laid off in this economy, and end up with BETTER jobs. As against the grain as that may seem, it is happening. But it isn’t without a clear focus, hard work, and execution.

The entire reason I started this blog was to give advice on a range of areas that are pertinent to a successful job search. From networking to LinkedIn, it is vital to have a solid understanding of the ways people are finding jobs today. Take this opportunity to tune up your interviewing skills, enhance your resume, and pursue additional training or certifications that will help you. Most importantly, keep a positive attitude. If you are a struggling job seeker, believe in yourself. The results will surprise you.