How Much Does It Cost Each Week You're Unemployed? (and how to make it less expensive)

Every week you remain unemployed, it probably costs a lot more than you think.

This is a critical part of many decisions you make in your job search, including whether to get resume/interview/job search help, take a job offer, or if you're going to negotiate for a higher salary.

Even if you are currently on a severance package, it only lasts for so long, and many packages can significantly add to your savings if you get your next job earlier.

But many unemployed job seekers underestimate this cost, leading to short-sighted decisions about their search and potentially about their next job.

Based on the average US salary of almost $59,400/year, the average cost per week of unemployment is almost $1,600, including benefits. Of course, if you were earning more, your cost per week of unemployment will be more (Ex: if you were earning $120K annually, your cost of unemployment will be more than $3,200 weekly).

This makes the cost of a strong career coach or resume writer inexpensive in comparison. And if your job search takes 6 months, think of how much less expensive unemployment would have been if you had gotten quality help upfront.

One reason many unemployed job seekers struggle in your search is poor-quality help, like the help you get from outplacement firms paid by your ex-employer, bargain-basement career coaching, and high volume, cheap resume mills.

Let's take outplacement firms for example. Their job isn't to find you a job, it's to reduce the risk of ex-employees suing the employer for things like wrongful termination. Outplacement firms hire empathetic career advisors to encourage you to vent to them (instead of a lawyer), but put little of their fees into career coaching ... they provide career coaching, but poor-quality career coaching.

And if you're unemployed, age 40+, trying to change career/industry/location, find a remote position/raise/promotion, you face greater challenges. So, you need the highest quality career coaching to overcome the added employer risk you (and your wishes) present.

When you look at the cost vs the risk of remaining unemployed for even an additional week, you should easily see that quality career coaching/resume writing is a wise investment in your career, and an insurance to protect your savings, finances and home.

So, if you realize that outplacement isn't enough, that you aren't a career expert yourself, but want to stop the bleeding of your savings and risk to your finances, get some quality assistance.

If you haven't been able to find a career resource that understands your situation, or whom you can trust, you'll want to attend my next free Resume Webinar, to learn resume/interview/job search strategies to help you to beat unemployment faster.

I help people solve the most difficult job search problems, including job search acceleration, getting past ATSs, ageism, remote positions, product/job function/career/industry/ geographic change, unemployment, "bouncy" recent career path, job search turnaround, seeking raise/promotion, industry in decline/consolidation, long term gaps, family leave, or other of the most challenging job search issues.

Join me for my next free Resume Webinar (enroll at https://x.resumewebinar.com/Registration for no charge) and learn how to accelerate your job search, so you can find your next job faster in 2024.

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#jobs #resume #career #unemployment