The Job Seeker's Dilemma

I have been working as long as I can remember for the family business. I had to apply for a job in the past, but I settled in the public relations industry. While I’ve looked for clients from time to time, I haven’t been looking for a job in a long time. My son from college is doing that now. As an economics student, you have taken a very professional approach to the process:

While job search offers its own set of challenges for young professionals entering a competitive job market, selecting which offer to accept is often equally daunting. Common sense would dictate that the best job is always the one that pays the most, but this assumption is often not true. When evaluating any potential opportunity, there are often less obvious factors that one should consider in order to make the best possible decision. Economists refer to these options as opportunity costs, or the limited resources you have to give up when making a decision. If you or someone you know is looking for his first real job or is deciding a career change, here are some additional things to keep in mind.

Hour

Would you take a well-paying job if that meant working 12 hours a day? For most people, the answer would be no. While this job would certainly earn you a bountiful salary, it would cost you a significant amount of time that you could spend with family, doing household chores, or engaging in leisure activities. Ask yourself how much you value your personal time and how much time you are willing to use for work compared to other activities.

Energy

Would you accept a well-paying job if you were more physically or mentally demanding than you could handle? For most people, the answer would be no. While a college graduate could earn a decent income working on an oil rig in the middle of the ocean, the high levels of physical effort from the job, along with its dangerous nature, would make the opportunity much less attractive.

On the other hand, a college graduate could reduce physical and mental energy by working as a video game tester, but would only earn a small income. The amount of stress you experience at work often determines how much energy you can put into your relationships and hobbies. Stress can also be detrimental to your health. Ask yourself how much you value your mental and physical well-being when selecting a job.

Enjoyment

Would I take a well-paying job that I absolutely hated instead of a nice job that doesn’t pay the bills? For most people, the answer would be no. The amount of pleasure a person receives from a job is often a critical factor in determining the value of the job. A person passionate about painting would be willing to tolerate an inconsistent income as an artist, while another person would tolerate “little fun office work” if it meant making a decent living. I often hear the phrase “do what you love and the money will come,” but there are often times in life when choosing a job that you “love” is not entirely practical. Ask yourself how much you value your personal pleasure in selecting a job.

Regardless of how you balance time, energy, and enjoyment, you’ll learn something from any job you’re lucky enough to get. You can learn what you “don’t” want as a career. If you are lucky enough to choose, consider your values ​​and what jobs can put you in closest proximity to your future career interests. Remember to use those economic principles when making your next big career move; Make sure you know the opportunity costs of your decisions.

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