If you are unemployed, it is critical for you to understand how much salary you are actually losing by being unemployed.
According to the U.S. Department of Labor (Bureau of Labor Statistics), the unemployment rate is currently above 10%. This represents over 15M people; the highest national rate since April, 1983. Of those who are unemployed, over 35% have been jobless for 27 weeks or more.
The BLS states the average duration for a job search is 28.1+ weeks.
This means if you were earning $70,000 and it took you 28 weeks (140 business days) to find a new job -- you lost $37,660 by being unemployed!
Professional assistance can help to reduce the averages above. Trimming just a week or two off your job search can save you a significant amount of money, whether in savings, or in lost income.
Please refer to the chart to see how you are affected.
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| Salary/Loss of Gross Pay Calculations |
|
| Salary |
Weekly Pay Loss |
| $40,000 |
$770 |
| $50,000 |
$960 |
| $60,000 |
$1,155 |
| $70,000 |
$1,345 |
| $80,000 |
$1,540 |
| $90,000 |
$1,730 |
| $100,000 |
$1,925 |
| $120,000 |
$2,310 |
| $140,000 |
$2,690 |
| $160,000 |
$3,075 |
| $180,000 |
$3,460 |
| $200,000 |
$3,845 |
|
"Career-Critical" Time Considerations
At Allen And Associates, we are not looking to intimidate you. We are upfront and directly communicate with our clients. No sugar-coating. We've
been in this business for a long time and we will tell you how it is (specifically based on your current situation and salary range).
For those of you who are unemployed, we ask that you keep the following facts in mind. "Time" should not be wasted. If it is, not only will you
continue to lose money being unemployed, you run the risk of becoming "underemployed," which will negatively impact your compensation track.
Yes. It is true. The longer you are unemployed, the less marketable you could become, depending on what industry you are in.
If you received severance compensation upon lay off, don’t delay your search and live off of the severance. Save the severance money and make it work for you and your future.
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