Can You Afford to Stay in Your Job?

Jeff Altman

Visitors: 333

Most people I meet have been raised to give their best efforts when they work. Somewhere they got the message that if they work hard and give their best efforts, they will be rewarded fir their loyalty.

And sometimes they are . . . and generally, they aren’t.

For most people, work involves travel to and from a place away from home, dressing a certain way and following direction to them according to company rules. You are expected to deliver a certain amount of output for which you receive a salary and, perhaps, benefits and periodic raises.

For many people, raises do not keep them ahead of inflation. Through October 2005, the consumer price index was up 4.3% and the core inflation index (the one that excludes food and energy prices) was up 2.1% (could you do without food and fuel?).

This means just to keep up with inflation, a worker who was paying taxes of 25% on the federal, state and local level would have to receive a raise of at least 5.4% just to stay even with their income txes. Add in property tax and school tax increases that occurat different times and that raise you’ve gotten won’t go very far.

What should you do?

Walking in to your boss’ office, pounding their desk and demanding a raise is not a good idea, expecially if you don’t know the value of your experience in the job market.

Instead, update your resume and get yourself another job. Why allow yourself to get paid less than your market value. Are you that rich that you can forgo the additional income?

For example, if you earned $50000 and received a 10% salary increase, you would be earning $55000. You would be ahead of inflation (inflation is5.4% including the tax bite; you would be getting an actual raise ahead of inflation).

But let’s look at the multiplier—5 years from now, if you only received a 5% raise each year, here’s what would happen:

Year Raise to: Money you are ahead

$50000 $55000 $5000 $55000 $57500 $12250 $57500 $60300 $22550 $60300 $63315 $35815 $63315 $66480 $52295

Can you really afford to ignore over $50000 in earnings? And what if you joined a company where raises were even higher?

Most people I meet work to take care of their family, to save for their future and enjoy life. Couldn’t you do a better job of all three with an extra $50000 or more?

© 2005 all rights reserved.

Jeff Altman, Managing Director with Concepts in Staffing, a New York search firm, has successfully assisted many corporations identify leaders and staff in technology, accounting, finance, sales, marketing and other disciplines as employees or consultants since 1971. He is a certified leader of the ManKind Project, a not for profit organization that assists men with life issues, and a practicing psychotherapist.

For additional job hunting or hiring tips, go to To subscribe to Jeff Altman’s Search e-zine, send an email to and write EZINE on the subject line.

If you would like Jeff and his firm to assist you with hiring staff, or if you would like help with a strategic job change, send an email to him at (If you’re looking for a new position, include your resume).


Article Source:

Rate this Article:
Unappreciated--Find a New Job Now or Stay Where You Are?
Rated 4 / 5
based on 5 votes

Related Articles:

You CAN afford to be a Stay-at-Home Parent!

by: Jennifer Tarzian(November 29, 2005)
(Home and Family/Parenting)

Can I Afford To Be A Stay At Home Mom

by: Mary Green(February 16, 2007)
(Home Based Business)

Can You Afford to Be a Stay at Home Parent?

by: Veronica Scott(June 20, 2008)
(Home and Family/Parenting)

You CAN Afford to Be a Stay at Home Mom!

by: Nell Taliercio(September 19, 2006)

Passed Over For A Job Promotion 4 Career Management Steps Before You Quit Or ..

by: Jane E Cranston(July 10, 2008)
(Business/Careers Employment)

Day Job Killer - Can You Really Afford To Kill Your Day Job?

by: Michelle Baskin(February 15, 2007)
(Internet and Businesses Online)

On The Job Training is Something You Cana(tm)t Afford to Skip

by: Cavyl Stewart(February 13, 2005)

Job Search Blues: How to Maintain Confidence and Stay Focused During a Less ..

by: Melani Ward(January 21, 2007)

Can You Afford to Be a Stay at Home Mom? 10 Creative Ways to Plug Money Leaks ..

by: Becky Caulkin(July 24, 2008)
(Womens Interests)

Unappreciated--Find a New Job Now or Stay Where You Are?

by: Georgia Adamson(September 29, 2005)
(Business/Careers Employment)