Think As Inc

WHY MONEY MATTERS TO YOUR CAREER

February 4, 2010 on 1:11 am | In career coaching, life coaching | No Comments

Monetary compensation is the most obvious intersection of money and career.  However, there are other equally important, though often overlooked issues where money and career intersects:

Money impacts your employer and therefore money should matter to you.  Profit-making companies care about their bottom line, so you need to focus on how your job adds to that bottom line.  How much are you generating in revenues?  How much are you saving in costs?  If you don’t know how your job adds or saves money, then you better find out because the ability to add measurable value will make you a valuable (i.e., retained) employee.  Non-profit and government employees also can make money contributions (e.g., fundraising, grants, cost savings).

Your personal bottom line impacts your job prospects.  Confidence attracts, and desperation repels.  If you live paycheck-to-paycheck, then you’re desperate for that job.  You probably are not in a position to take on high risk (but high reward) projects.  If you have no savings and suffer a career setback (e.g., layoff), you will be tempted (or even forced) to take whatever comes along, rather than what’s best for your career.  On the other hand, if you are financially stable, you can work for the joy of it and bring more joy to your work.  This attracts even more opportunity.

How you handle money matters even in non-financial jobs.  More employers are running background checks on prospective employees and sometimes that includes a credit check.  Employers reason that how a prospect manages his/her personal money reflects judgment, discipline, and general knowledge.  Whether or not you agree, know that this is happening.  Therefore, if you run up on debt, are consistently late with payments, default on loans, or otherwise endanger your credit score, then you are hurting your career prospects.

Money matters to your career in ways unconnected to compensation.  Therefore, take time and energy to get your money in order.  A solid understanding of business, stable personal finances, and good credit will help your career, not just your money.