Yahoo Finance I’m a Career Expert: These 8 Job Mistakes Can Cost You Thousands
When it comes to securing a high-paying or coveted position, the competition is fierce. Because of this, many job seekers strive to boost their chances of getting hired by way of networking, sprucing up their resume, improving their job-related and interviewing skills, and more.
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But while doing these things can definitely help you get hired for your desired role, there’s more to job hunting than getting the offer. Even if you’re a shoo-in for a certain job, it’s still important to make sure you get a position that brings you satisfaction in both your personal and professional life.
One way of doing this is to ensure you get paid the amount you deserve. Unfortunately, there are quite a few common mistakes that people make that end up costing them thousands of dollars — if not more — over the duration of their careers. Some of these mistakes happen as early as the interview stage, while others can occur months or even years after you get hired.
GOBankingRates spoke to career experts Paul Bramson of The Paul Bramson Companies and Eva Chan of Resume Genius to get their thoughts on some of the most common career-related mistakes that cost people money. Here’s what they said.
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Mentioning Salary Too Soon
While it’s understandable that you’d want to know what your expected salary is going to be, bringing it up too soon could reduce your chances of getting the job in some cases.
Paul Bramson, a professional training expert and CEO at The Paul Bramson Companies, said that the first costly mistake is “bringing up salary and benefits too early in the interview process.” This, Bramson said, “can give the impression that you’re primarily motivated by money rather than the job itself.”
The right time to bring up the salary varies. Some states and companies are working toward having salary transparency laws. So, depending on where you live, you may have already seen the salary range in the job description. In this case, you should already have an idea of what the salary and benefits will be.
Keep in mind that the range listed in the posting might not be accurate, or your specific offer could be different from what you’ve seen online. It’s also still completely acceptable to ask about salary during the interview process — just read the room to see when it’s the right time.
“It’s generally better to wait until an offer is extended or until the potential employer initiates the discussion,” Bramson said.
Focusing Too Much on Perks
Just as you might want to wait until the timing is right to mention salary and benefits, you should also avoid seeming too eager about other job-related perks. This can also make a prospective employer more wary when making their decision or keep you from getting hired altogether.
“A second [mistake] is when a candidate is overly focused on perks such as remote work or vacation time,” said Bramson. “During the initial interviews, this can make you seem more interested in what you can get rather than what you can contribute to the company.”
That’s not to say that you shouldn’t discuss the perks at all. You just might want to wait until a little later on in the interview process.
Failing To Negotiate
A major job-related mistake that can happen as soon as the first round of interviews is failing to negotiate your salary. This can cost you thousands or tens of thousands of dollars over the course of your career at a company.
“Failing to negotiate a competitive salary when starting a new job can result in earning less than you’re worth throughout your career,” said Bramson. “Your initial salary and benefits negotiation is a critical moment because it sets the baseline for your compensation during your tenure with the company.”
It might not seem like it, but even a small increase in salary could make the difference of thousands of dollars.
“Small differences in starting salary can compound into substantial losses over the years within that company and even beyond. You see and hear about this often when someone is about to enter a new opportunity,” said Bramson. “There’s a reason why people in the business world say that negotiating your best deal often occurs when you first arrive at a job. Over the course of a 30-year career, simply negotiating your starting salary to be $5,000 higher can result in earning approximately $12,273 more in your first year and an accumulated additional income of about $52,273 over the entire career.”
While it’s generally best to negotiate your salary or benefits package when you first get hired, you can still do this months or even years into your career. This is especially true if your initial offer was low or you’ve made major contributions to the company. If you’ve been at your company for a while and can make a case for why you deserve a raise or promotion, you might want to consider doing so.
Agreeing to an Offer Too Quickly
Receiving a job offer is exciting, but many people will accept the first offer they get rather than take the time to think it over or, again, negotiate. This can be costly in the long run.
“Instead of readily agreeing to the salary amount a company offers you, it’s absolutely okay to ask them if you can think about it and get back to them within a specific time frame,” said Eva Chan, senior career coach and certified professional resume writer (CPRW) at Resume Genius.
“From personal experience, I’ve said yes too soon to a job offer even though I wished my salary offer was higher due to not having negotiating skills and my personal fear of rejection at the time,” added Chan. “But companies are expecting you to negotiate, so make sure you give yourself even the next few hours or days to think through an offer before you make a decision.”
Not Doing Your Research
Many people go into the interview process without knowing what the standard salary or benefits are for the field or position they’re applying for. This often leads to people undervaluing their skills and accepting a lowball offer.
“I highly suggest that applicants do their research before showing up for an interview so they’ll already have an idea of what the current industry trends are for the role and what they’ll say if asked about their salary expectations,” said Chan.
You don’t have to necessarily give a precise amount that you’re willing to accept either — after all, this is a negotiation, and salary talks are commonly accepted when looking for a job.
“Having these salary talks takes time and practice, and even if negotiations don’t go the way you planned, you’ve still gained some experience that’ll make you more confident going into future money discussions,” added Chan.
Skipping Out on Skills Development
It’s important to develop your career-related skills — both before and after you get hired. However, many people neglect to take ongoing professional skills development opportunities, something that can lead to costly repercussions down the road.
“One factor that is apparent to me while working with global workforces is that failing to invest in ongoing skill development can lead to stagnation and make you less competitive in the job market,” said Bramson. “This can and will hinder your ability to command higher salaries and promotions. In some cases, this could also get you demoted or worse if you are not staying current with your industry and the skills necessary for your work.”
By staying current with your industry and developing the necessary skills, you’ll have a greater chance of getting promoted, bonuses, or raises throughout your career. Those who become complacent and don’t invest in their own skill development are more likely to lose out on these opportunities.
Taking a Position With Minimal Growth
It’s one thing to take a potentially low job offer now because you need the money. It’s another thing to take that offer and never seek improvement or change.
“Another misstep or big mistake people make is staying in a job with limited growth prospects or low earning potential, which can certainly hinder your long-term financial well-being,” said Bramson. “It’s essential to periodically assess your career trajectory and make necessary changes to grow and advance.”
Paying for Work Resources or Equipment
Depending on your position, you might find yourself paying for certain things needed for the job, but this can quickly become expensive and frustrating.
“Another potentially costly mistake I see is employees paying for work resources themselves,” said Chan. “Recently, a friend shared that they’ve been covering the costs of using their personal phones and laptops for work, including paying for extra call minutes and the Internet. In such situations, it’s important to let the company know about these extra costs. Not only does this affect the employee’s finances but it also hides the true expenses of the company, leading to incorrect budgeting decisions.”
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This article originally appeared on GOBankingRates.com: I’m a Career Expert: These 8 Job Mistakes Can Cost You Thousands
