Should I Relocate For A Job?

iStock | James Rice

Every job process varies, and job offers are not created equal. If you get a job down the street from where you live, it’s easy to assess the offer against your living expenses, commute, transportation costs, family life, lifestyle, and long-term goals. If you are offered a job that’s 1,000 miles away, even if it’s a dream job, you may want to take the time to do a comprehensive cost-benefit analysis to determine if it’s the right move. 

There are several factors to consider:

• Factor #1 – Cost of relocation. Naturally, your first question is how much money, if any, your new potential employer will give you to relocate. Every company has a different policy. Some may cover actual expenses. Many will have a cap. Are they leaving the details up to you? Or do they require you to use vendors they’ve partnered with for every new hire who agrees to relocation? If your offer includes a relocation budget don’t assume it’s enough. Do the leg work to determine the true cost of moving, and to be sure, moving just yourself is less expensive than moving a whole family. If a company does offer relocation money, it may be based on your individual circumstances and carry exclusions. If you have to shoulder the entire relocation cost, you should measure it against the overall compensation package.

• Factor #2 – Cost of living. Everybody knows it costs more money to live in New York City, NY, Florida, and California than it does in Monowi, Nebraska.  However, there are many more job opportunities in the big cities and chances are your dream job doesn’t exist in a place like Monowi. This is the time to get into the details. You know your current budget. Determine what your cost of living, income, and budget will be in your new hometown – rent/mortgage, property taxes, state and local sales tax rates, transportation, car insurance, home insurance, natural disaster insurance (if applicable and available), childcare, etc.

• Factor #3 – Your new company’s compensation package. You may get a job offer that covers your relocation costs but not a cost-of-living increase. Since you did your homework, you should know whether you’ll be paying your employer to work or the other way around. However, your job offer may cover an average cost-of-living increase, but not your individual cost-of-living increase due to incurred expenses resulting from a move, such as your desire to enroll your kids in private school, a penchant for sports cars, or the fact you’re paying the health care costs of elderly parents. When you’re finalizing your relocation assessment, keep in mind this formula: relocation costs + cost-of-living increase + your cost-of-living increase. Determining those numbers requires diligence, time, and effort but once you have them the good news is that it’s basic addition and subtraction.

• Factor #4 – Personal support structure. Now we’ve reached the part of the assessment that isn’t dollars and cents. No math is required, which means there is no simple undisputed answer. It’s time to weigh your new job opportunity against your overall life circumstances. For example, you may want to live close to your family and close friends. Perhaps you have a significant other who doesn’t want to go anywhere. Moving means leaving them. Are you prepared to leave your human safety net behind to go somewhere you don’t know one person?

• Factor #4 – Are you going to like it there? Not every place is created equal. Do you want to live in a large city that never sleeps (e.g., New York City) or a small city that never sleeps (e.g., Las Vegas)? Do you want to live where everybody knows your name or where you’re anonymous to everyone but your closest friends? Maybe you love the beach and your new job opportunity is five states away from the nearest sand, or you love to ski but there isn’t a snow-covered mountain anywhere in sight. Are you looking for culture, Michelin-star restaurants, endless nightlife, or a big private backyard you can retreat to where nobody bothers you?

• Factor #5 – What about your family? If you’re on your own, big life decisions like relocating for a job only impact you. What if you’re married and your spouse works? Or do you have children who are very happy where they are? Is your spouse willing to leave their job and are there opportunities for them wherever you're going? If you’re a two-income family, your new job doesn’t mean a thing if you lose the second income that’s part of the foundation of your financial life. Then there are the schools. A school isn’t just where your children go every day. It’s the springboard to their entire future. This is not just a relocation expense. It may be the most important expense to consider.

• Factor #6 – Impact to your professional future? If you’re assessing a job offer, your decision to take or leave may be about your immediate future, but it’s your long-term future. Certain industries have well-worn pathways and geographic roots that mean relocating to far-flung places like Hong Kong or Tukwila, Washington to “pay your dues.” Long-term opportunities will likely be more limited there but could pay off in the long run.

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Philip Roufail contributed to this article.

Scott Singer is the President and Founder of Insider Career Strategies Resume Writing & Career Coaching, a firm dedicated to guiding job seekers and companies through the job search and hiring process. Insider Career Strategies provides resume writing, LinkedIn profile development, career coaching services, and outplacement services. You can email Scott Singer at scott.singer@insidercs.com, or via the website, www.insidercs.com.

Should I Stay Or Should I Go – How Much Does Job Tenure Matter?

iStock | NiseriN

Except for the “return-to-the-office vs. work-from-home” tug of war, the labor market seems to have snapped back to its normal ebbs and flows. And with that comes self-reflection on your career, including the determination of how long to stay in a job before you jump to another one. A recent poll conducted by Jobera revealed that almost 20% of workers faced with a mandate to return to the office would quit their current job to work from home because they have their own bathroom – I’m not sure that’s the best reasoning to pass on an opportunity, but I guess there’s a reason why bathroom renovations add so much to a home’s resale value. ;)

Sorry, back to business – how long you should stay in a job is based on contradictory realities: potential employers will always be wary of applicants who they perceive as job hoppers and those same employers will dump you in a heartbeat if it’s good for their bottom line. For example, on a macro basis companies are raising wages but simultaneously accelerating layoffs. To walk this tightrope, you must simultaneously look out for #1 (that’s you) and approach your job with long-term strategic thinking.

Ideally, you have a consistent work history that shows a high level of commitment to the jobs you’ve accepted. Five years was once considered the minimum but that is an outdated expectation. One to two years offers ample time for personal and professional development and avoiding the dreaded perception that you are a job hopper. That said, there may be excellent reasons to jump ship sooner rather than later, including:

• Are you an up-and-comer? There is no single path to the top and if another company is willing to let you move up that is an opportunity you may want to consider regardless of how long you’ve been in your current position. If you have the skills to climb the ladder and you feel stuck sometimes it’s better to find a new ladder at another company.  

• Is your employer a sinking ship? When forces beyond your control become apparent, such as an impending bankruptcy, a buyout, or a merger where there is an uncertain future, you can jump ship without the baggage of being branded a job hopper.

• Internal strife that creates a hostile work environment is bad for your mental health. If waking up and going to work fills you with free-floating anxiety and dread, then it may be time to find a new job.

• If your company is engaged in illegal behavior and wants you to engage in morally and ethically tenuous activities, run like hell.

Nobody is going to blame you for leaving a job after just a short time if the circumstances are extreme like the ones mentioned above. With that said, there are benefits to being at a company for the long haul:

• When you put your time in, you may be more likely to advance. What happens when a student transfers from one college to another? They lose credits and it takes longer to graduate. The same can apply to your career; if you bounce around too much, you may lose ground and it will take longer to achieve your goals.

• Increases in compensation, vesting, and promotions are often awarded to those with the most experience, which is linked to the time you spend at a single company. Loyalty has rewards. Do you want that private bathroom? Put your time in.

• If you’re in the first phase of your career, your professional development is accelerated by mentors. The full benefits of being mentored cannot be achieved in a short time. Learning a little here and there will never be as effective as immersion. Think about learning a new language. If you use an app like Duolingo, you may be able to turn a phrase or two, but if you live in another country for a year, you may reach fluency.

• Stability. Yes, stability seems unadventurous and boring until you experience instability. But having a stable job and income can be a great thing.

• Two factors epitomize a successful professional life – 1) doing meaningful work; and 2) developing in-depth relationships with your co-workers. Both take time. The longer you are in the trenches with other people the more these elements can be nurtured.

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Philip Roufail contributed to this article.

Scott Singer is the President and Founder of Insider Career Strategies Resume Writing & Career Coaching, a firm dedicated to guiding job seekers and companies through the job search and hiring process. Insider Career Strategies provides resume writing, LinkedIn profile development, career coaching services, and outplacement services. You can email Scott Singer at scott.singer@insidercs.com, or via the website, www.insidercs.com.

Your Second Act – Getting Ready For Your Next Career

iStock | nbela

Let’s talk about second acts in work lives. Recently, a photo of Major League Baseball Hall of Fame superstar pitcher Randy Johnson (22 seasons, 1988 – 2009) behind a huge camera on the sidelines of an NFL game in 2011 went viral. Randy Johnson, somebody who doesn’t even need a second act, reverted to his college major at the University of Southern California - photojournalism. He retired from baseball and became a professional photographer. Check out Randy’s photos. They’re pretty great for someone with a 102-mph fastball.

Granted, Randy Johnson is not your average person. When he retired from the Major leagues, he had financial security and options, but I doubt starting a photography business was the easiest or most lucrative path he could have chosen. Randy could have cashed out in many, less risky ways such as product endorsements or broadcasting, but he chose to turn a passion into a profession.

There are many second acts happening now. According to the Bureau of Labor Statistics, 47 million workers voluntarily left their jobs in 2021 and it’s safe to say that the majority are not famous athletes. The Great Resignation continues unabated. The top reasons include, “lack of advancement opportunities, flexible hours and location, and lack of childcare.” (Workamajig.com). What are those 47 million people doing with the next chapter of their professional lives? No idea, but there’s a good chance some of them decided to voluntarily leave their jobs with the intent of starting a new profession.

All passions are not created equal. If Randy Johnson spent twenty-two years as a professional photographer and then tried to play Major League baseball, I doubt he would have had the same success. Within reason, anybody can turn a hobby or passion into a paying gig. Maybe you’re already doing something on the side that you want to be full-time. Like Randy, maybe you want to exhume a love from your past. If you want to turn your passion into a profession, here is a series of assessments that may help you navigate the possibilities:

1.     Assess Your Skill Level

 How good are you at whatever it is you plan to do? Can you operate on a professional level? For example, let's say you love making videos for Tik Tok and you get lots of likes and followers. Does that mean you can get up tomorrow and be a professional videographer? Probably not. But if you are able to produce videos with consistent production value you have the makings of a professional. 

 A good way to assess where you fall versus professionals who already do what you want to do is to spend some quality time on LinkedIn. Once you've read fifty videographer profiles you will 1) get a glimpse of what a recruiter's life is like, and 2) get a very good idea of what it means to be a videographer for a living. It is also probable you will discover many different types of jobs that videographers can do. For example, in the digital marketing world video is king, so people who know what they are doing are in high and constant demand. 

2.     Assess Your Financial Situation

Even if resources are not an immediate concern, it is still a good idea to determine the financial impact of a new direction. Taking a side gig and making it your primary source of income isn't free. It is wise to create a detailed personal budget so you can accurately assess how long you can go before your new gig has to pay for stuff like gas and food, which are now $1 million dollars a month each. Yes, hyperbole, but it feels like $1 million dollars, doesn’t it?

 Research what kind of compensation you can expect once your new career begins in earnest and compare it to your baseline expenses (e.g., mortgage/rent, health care, child care, car, insurance, etc.). Look at your current discretionary expenses and rank what you can or will eliminate if necessary. Try and create as complete a portrait of your financial landscape as possible. Sacrifices may have to be made to turn your passion into a profession. If you know what those sacrifices are you should be able to make a more informed choice as to whether pursuing that path is truly what you want to do.

3.     Assess Your Access to Capital

 If you want to take your passion to the next level, you may need money. You can work for somebody else, spend your own money, spend somebody else’s money, or a combination of all three.  Think of the rich people who run for political office and "lend" their campaigns money (power is an expensive hobby). There is no guarantee they're getting any of it back. You might not either.

If you want to open a store, purchase professional equipment, have an integrated marketing strategy, and have normal business stuff like wi-fi networks, printers, printer paper, and paper clips neatly stored in a locked supply cabinet, you will need capital.

·      Do you have personal capital you can invest?

·      Do you know people who may be willing to invest in your business?

·      Do you know anyone who works in venture capital or private equity?

·      Explore business loans offered by banks.

·      Research and talk to the Small Business Administration.

4.     Assess Your Access to Expertise

Who, do you know? The easiest way to learn something is to be taught by somebody who is already doing it. Even if you are an undiscovered virtuoso whose abilities are beyond reproach, there are many things you don’t know how to do.

Here is an example – luxury picnics. I have no idea how many luxury picnic businesses there are, but I know there is one where I live and they’re pretty great at what they do. I do not know the history of the company, but I know that if somebody decides to go into luxury picnics, they must have a passion for picnics. Somebody loves picnics so much they said “I want to throw luxury picnics for a living.” While that person, or people, may know how to put together an amazing picnic, they may not know anything about starting a business or the administration of event management.

The converse can also be true. The person who loves picnics may be a business person who knows how to start and run companies but couldn’t throw a nice picnic if their life depended on it. Either way, they need outside expertise to get to where they want to go. So, who do you know?

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Philip Roufail contributed to this article.

Scott Singer is the President and Founder of Insider Career Strategies Resume Writing & Career Coaching, a firm dedicated to guiding job seekers and companies through the job search and hiring process. Insider Career Strategies provides resume writing, LinkedIn profile development, career coaching services, and outplacement services. You can email Scott Singer at scott.singer@insidercs.com, or via the website, www.insidercs.com.