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 average time it takes to land a job these days is 9 weeks.
This means if you were earning $70,000 and it took you 9 weeks (45 business days) to find a new job -- you lost $12,105 by being unemployed!
If you are over the age of 55, the U.S. Department of Labor (Bureau of Labor Statistics) tells us the average search time is 13 weeks.
Therefore, if you are over 55 and were earning $70,000 -- then you actually lost $17,485 by being unemployed!
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.
92% of people who have been out of work for more than 12 months have had to take a pay cut when they found a new job.
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