No More Mac 'n Cheese!. Lise Andreana

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No More Mac 'n Cheese! - Lise Andreana Personal Finance Series

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all through university.

      You may have emailed your fine résumé clearly outlining your grades and demonstrating your superior intellect. What happened? Did your résumé get misplaced?

      The truth is, the position went to the applicant who was best able to communicate his or her unique ability to add value to the firm, and demonstrated his or her passion with persistence and ingenuity. Not only did this applicant use the Internet, he or she most likely resorted to old-fashioned cold calling and networking. The applicant may have joined professional organizations and done volunteer work in his or her chosen field to provide the best possible advantage. Use the principle of relationship leverage and get in touch with the people you know who have influence, and ask them for their help. Most people like to be thought of as helpful, so make a clear statement of what you are looking for and then request their help.

      Employers do not hire the applicant with the highest grades. They are looking for the person who will bring the most value to their company. Value can be defined by the service you provide — the “service” category is dominated by government or quasi-government positions such as teaching and law enforcement. Businesses define value primarily by the following two criteria: How much money you can make for the company (i.e., sales and marketing positions fall into his category) and how much money you can save the company (i.e., accounting and finance are positions that help corporations save money).

      Potential employers want to know if you can do the following:

      • Provide a résumé that demonstrates your contribution to past employers and your community.

      • Communicate your value and worth, deliver a valued service, and increase sales or cost savings.

      • Communicate your employer’s value and worth to prospective clients.

      • Save money for the company.

      • Increase sales and/or revenue.

      • Meet important deadlines even if it means you arrive early and leave late.

      If you are unsure of your unique ability or have difficulty describing your most valuable skill set, you may wish to take the online Kolbe Index A test mentioned in Chapter 3. The results will provide you with insight into your own unique strengths as well as valuable information on how to describe your unique skills to a potential employer.

      Consider how you can best contribute to a company and then tell prospective employers, loud and clear, with a well-written résumé. The best way to do this is to research and tailor your résumé and cover letter to appeal to your potential employers and the industry in which you want to work. Researching your potential employers will allow you to demonstrate you know who they are and have a passion for the work they do.

      When you tailor your résumé, remember there may be merit in telling Greenpeace about your “green” beliefs, but if you tell that to an oil company, be prepared to back it up with how this can help the oil industry and your prospective employer improve its public image and give it a competitive advantage.

      Many community service groups offer professional résumé-writing programs. Take advantage of the help available in your community.

      2. Decide What You Want from the Employer

      If you are lucky, you may be offered two positions (or more) and have to choose between them. How do you make the best choice? You will need to consider the following:

      • How much you will be paid.

      • How secure the position is (e.g., permanent, contract, or temporary).

      • How your income will change over time. How often are employees evaluated and how quickly are new hires promoted?

      • What the opportunities for advancement include. For example, a small employer may offer few chances for advancement whereas a large employer may have a history of promoting internally from the mail room to the executive suite.

      • What type of benefits are offered and when they begin (e.g., health, dental, and life and disability insurance).

      Consider the locational advantage as well. A locational advantage exists where a position offers the same pay scale across the country. Many social service or government positions offer similar pay scales, regardless of location. Teachers, nurses, and law enforcement officers fall into this category; even your mail delivery person. When applying for these positions, you may want to consider applying in smaller cities and towns where the cost of housing is lower. If you consider that the cost of living in a large city can be thousands of dollars more each and every year, the same professional living in a smaller town has a distinct and measurable locational advantage; the professional living in a small town will have more cash in his or her pocket. This person is then in a better position to pay down student loans; buy a vehicle or big screen TV; purchase a home; or simply enjoy a better lifestyle. Consider what additional cost will be incurred or saved by accepting a position.

      When making your decision to accept a position, consider the size of employer. Small firms, including family-run companies, may be more nimble and offer more opportunities for making your personal mark but lack internal growth opportunities and offer fewer benefits. Large employers will be more rigid, but they offer opportunities for advancement and generally have generous insurance plans including health and dental, and income replacement. They may also offer pension plans. Positions with government bodies are generally very rigid, but they tend to provide the greatest level of job security and generous benefit packages including health and dental and income insurance as well as pension plans. So how do you know which pay package offers the highest compensation? The following example will help you make a decision:

      • Job A offers a starting salary of $54,500 with no benefits.

      • Job B offers a starting salary of $45,000. Your benefits include savings to a retirement plan equal to 10 percent of your salary paid by your employer, as well as health and dental benefits (it is safe to assume the employer’s cost is 6 percent of salary). In addition, Job B offers sick pay in the event you have an accident or become too ill to work. You check the cost of purchasing a long-term disability insurance plan and discover the annual premiums would cost $2,500 if you had to purchase it on your own.

      Let’s compare the two jobs in Sample 2.

       Sample 2: Comparing a Job with Benefits versus a Job without Benefits

      Are you surprised? The total compensation package of Job B is higher than Job A. Do not underestimate the value of a benefits package. Be prepared to ask questions about benefit programs. Responsible employers are eager to offer competitive benefits. The benefits form an important part of your compensation, so consider their value before accepting competing positions.

      Now consider the impact of your employer making a 10 percent contribution to your retirement plan over a 25-year period. Assuming your income rises with inflation at a rate of 3 percent and the investments earn 7 percent annually, the value of your employer-paid nest egg would be approximately $400,000! Keep this in mind, think about your own personality, and ask yourself: “Would I save this on my own?”

      When choosing to leave a current employer for a new position, remember to add the value of your existing benefits to your current pay scale. Generally I do not advise my

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