People are always concerned about recessions and for good reason. People have money invested in the markets, and they want to make sure that they do not lose it. They don’t want to lose all their hard earned money. It’s a problem when people start selling stocks and other assets at the wrong times and buying at the wrong times. People sell more when the markets are tanking, thus further driving the decrease in prices during a recession. People also buy more when everyone else is excited about buying, thus further adding to an overvalued, over-inflated market. However, mixing these two together is a sure way to lose money in the long run. Warren Buffett summed this concept up beautifully, “Be fearful when others are greedy and greedy when others are fearful.”
Decades ago, many people stayed with one company their entire lives. The company would give them annual raises and provided for them in retirement through pensions or other retirement plans. Long gone are those days. In today’s world, it is common for large companies to lay off thousands of employees at a time. It is common for companies to downsize or outsource parts of their workforce. In addition, it is common for companies to give small or no raises at all, which is essentially a salary decrease after inflation. Nowadays, it is much more acceptable and common for people to move from one company to another every few years. In fact, Forbes published an article that claimed that employees who stay in companies longer than two years get paid 50% less over their careers assuming a ten year career. If your career is longer than ten years, you risk being paid even less than 50% of your potential.
When I first started learning project management, I learned the three basic concepts (known as the triple constraints) of scope, schedule, and cost. All projects have a start and an end and must be delivered on an agreed upon scope, on schedule, and within costs. Having these constraints allowed me to focus on all the tasks that must be done in order to complete a project on time. If more tasks became a part of the project, I then evaluated whether or not those tasks are a part of the agreed upon scope. If not, I did not have to worry about them since they don’t contribute to the end goal. See the diagram below.
Imagine walking into a new job and not getting along with anyone. Imagine being unable to do good work because you are not used to the level of bureaucracy and red tape that you need to go through. Or, maybe there are not enough processes in place for you to function effectively since you feel lost. Imagine feeling uncomfortable because you have trouble communicating in the same manner as your co-workers. Imagine feeling uncomfortable because the CEO takes on such a lax attitude about issues that you find extremely important. These are all issues of company or corporate culture, and being in a culture that you are comfortable with and thrive in is often ignored.
Professional Development and Personal Finance Blog