WCT #88: Your Job Search Costs You $12,500 a Month
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When you’re in between jobs, the pressure to find a new position quickly can be overwhelming. It can cause you to make irrational decisions.
When you’re not collecting a paycheck, investing in yourself is often the furthest thing from your mind. How could you? You need to conserve every dollar you have, right?
Many professionals don’t realize that dragging out their job search can dig them deeper into a worse financial situation. If you’re aiming for a role with an annual cash compensation of $150,000, every month without landing a job costs you $12,500 in foregone gross income. You may be targeting more or may be looking for less. But the principle is the same:
The longer you wait, the steeper the opportunity cost, making it vital to approach your job search strategically.
One of the most effective ways to reduce that time and save money in the long run is by investing in professional assistance—specifically, a career coach.
Many people view career coaching as an unnecessary expense, but this shortsighted perspective can cost you far more than you think. We regularly pay for professional expertise in other areas of our lives, such as hiring attorneys for legal matters, financial advisors for investment advice, and medical specialists for our health. Yet when it comes to our careers—arguably one of the most critical aspects of our lives—people often hesitate to invest.
This reluctance can be financially and emotionally damaging, particularly when a career coach could significantly shorten the time it takes to secure your next role.
Below, we’ll explore several reasons why investing in a career coach like me can dramatically reduce the length of your job search, saving you both time and money.
I help you increase clarity on your goals. One of jobseekers' most common mistakes is applying for positions without a clear understanding of what they want or where they fit. A career coach helps you identify your strengths, weaknesses, and ideal role. They work with you to clarify what roles and industries align with your skills, experience, and values. This prevents you from wasting time on opportunities that aren’t right for you and positions you as a more competitive candidate for the roles you truly desire.
I streamline the application process. Job searching can feel like a full-time job on its own, and it’s easy to get lost in the grind of submitting applications. A career coach helps you target the right opportunities and craft compelling career documents (your resume, LinkedIn profile, and cover letter) for maximum impact. With their guidance, you’re not just applying to more jobs—you’re applying to the right jobs with stronger materials. This targeted approach can significantly cut down on the time you spend searching, as you’ll start seeing results faster from applications that are more aligned with what employers are looking for.
I offer insider knowledge and connections. Career coaches, especially those with industry-specific expertise, like I have in finance and tech, often have access to insider knowledge and networks that aren’t available to the average job seeker. I can provide you with valuable insights into what companies are looking for, as well as connections to my large network. This added level of access can accelerate the process of getting interviews and offers, helping you cut through the noise of the job market and focus on real opportunities that move your career forward.
I provide accountability and focus. Job searching is often an isolating experience. Without structure, it’s easy to become unmotivated or overwhelmed. A career coach holds you accountable, setting realistic goals and tracking your progress. This kind of structured support ensures that you’re staying focused and productive, even on days when motivation is low. By maintaining a consistent, efficient approach to your job search, you avoid wasted time and prevent the process from dragging on longer than necessary.
I help you negotiate stronger offers. Once you land an offer, the next critical step is ensuring you’re compensated fairly for your skills and experience. Career coaches are well-versed in negotiation strategies and can help you navigate this stage to secure the best possible package. Hey, I’ve been on the other side of the table, extending many offers as an HR head. While many job seekers are uncomfortable negotiating, a coach provides the confidence and tools you need to ask for what you’re worth, ultimately increasing your long-term financial returns. The cost of coaching can easily pay for itself with a better-negotiated salary and benefits package.
I offer emotional support and guidance. Job searching is not just a practical process; it’s an emotional one, too. Rejection, uncertainty, and the pressure to land a new role can take a toll on you. Career coaches offer more than just job-search advice—they provide support and strategies for managing stress and maintaining a positive mindset. To be clear, career coaching is no substitute for mental health help. However, adopting time-tested practices for your search can increase your resilience and keep you focused and engaged, especially when the job search is taking longer than anticipated.
The Bottom Line
While some people may balk at the idea of paying for career advice, the truth is that not investing in professional help can cost you far more in the long run. Every month you go without a job is meaningful lost income, and a career coach can help you significantly reduce that time. I bring clarity, structure, insider knowledge, and emotional support to your job search, ensuring you approach each step with a strategy designed to get results.
Don’t let your job search drag on and cost you more than it should. Invest in the support you need to land your next role faster.
I help people land amazing jobs fast and manage their career journeys through coaching and advising. I also transform resumes and LinkedIn profiles to attract more interviews and offers. Learn more about my career coaching and contact me or request a free 15-minute Career Solutions Call.