There are many people who believe that the when choosing a career path and life direction, one should steer towards the highest paying career for which they could possibly qualify after several years of education, training, and 80-hour work weeks. To demonstrate, there is never a shortage of investment bankers looking for work. I have an alternate point of view: self-fulfillment usually has little to do with career choice or money earned, but having money (that is, not spending money) opens doors for more choices (for spending money among other things).
Did potential earning power play a role in your decision to pursue a career path? Let us know in the comments.
While I cite investment banking as a high-earning job, it’s not the highest according to data compiled by the government’s Occupational Employment and Wage Estimates from 2008 and published recently. If you are in search of the almighty dollar, it pays to go to medical school.
Surgeons top the list with an average annual salary of $206,770, up 8% since last year. Following surgeons, the next highest earners on average are anesthesiologists with $197,570 each year. Third on the list are orthodontists, who earn an annual $194,930 on average. Obstetrician and gynecologists earn $192,780. Oral and maxillofacial surgeons round out the list with an average annual income of $190,420.
I would have expected higher salaries for these jobs on the coasts, as many cost-of-living calculators adjust for high salaries in New York and Los Angeles. According to the survey, however, if you want to earn more money in these jobs it pays to move to the mid-west. Surgeons and obstetrician and gynecologists earn more in Wisconsin than in any other state. New Hampshire, the lone east coast representative, is lucrative for orthodontists, and oral surgeons do best in Michigan.
On the other side of the spectrum are the jobs that do not command high salaries. In fact, these jobs usually feature hourly wages and are often not full-time. They probably should not be compared with the other careers since they are in a class of their own.
The lowest earning job is the combination of food preparer and server, including the fast food industry. A worker in this job will expect to earn on average $17,400. Fast food cooks do slightly better with $17,620. The next rung on the income ladder contains dishwashers (of the human, not machine, sort) who earn an annual $17,750. If you are a dining room or cafeteria attendant or a bartender helper, your income averages $18,140. Shampooers deserve bragging rights among the low-paid with their annual pay of $18,300.
Of these top worst-paying jobs, you’ll do better by moving to Washington, D.C. Shampooers, fast food workers, and food preparers and servers earn the most there. Dishwashers earn more in Nevada, and dining room or cafeteria attendants, or bartender helpers maximize their income in Hawaii.
Did potential earning power play a role in your decision to pursue a career path?
Despite the fact that my company is squarely within the financial sector, we have so far been immune to massive layoffs taking place around the country, particularly in this industry. While I have something to “fall back” on — and actually, in terms of pure numbers, I could probably do better by leaving my day job and focusing on my independence more — I’d prefer not to be laid off. I like the people with whom I work, and my management attempts to keep me happy and slightly challenged.
I’m not immune to being laid off if the company decides this is the path to take. I could make myself irreplaceable by hoarding knowledge, refusing to delegate responsibilities, and holding my skills hostage. This irreplaceability is often cited as the best way to avoid layoffs. If the business can’t function without you, they won’t let you go. But when it comes down to the way corporations work, everyone is replaceable, from the mail room letter sorter to the chief executive officer. So forget “making yourself irreplaceable.”
Money Magazine has some suggestions for keeping your job amidst layoffs in a manner that will benefit the employee and the organization in the long run.
- Make sure higher-ups know you by solving problems and taking on high-profile projects.
- Share client leads or ideas to generate revenue even if that’s not part of your responsibilities.
- Hang out with the people the boss respects most. The halo of their good reputation may extend to you.
- Keep on top of advances in your field and expand your expertise beyond your core area.
- Look for problem spots that you can help fix. And pitch in whenever extra hands are needed.
- Volunteering to take a pay cut during an industrywide downturn can make you look like a hero.
Notice that all of these tips involve prioritizing the team ahead of the individual. Rather than thinking about yourself and how to protect your job, these tips focus on increasing your value to the organization. You win not by hoarding knowledge, but by sharing, giving, and volunteering, and by being a “team player.”
It’s possible to take these to the extreme. When you give yourself completely to your company, it’s possible to lose a part of yourself. I’ve seen this happen in the non-profit where I once worked. Our small team was a group of individuals highly dedicated to the mission, but none were more dedicated than the executive director. He had very high expectations for everyone’s dedication. In order to success in this organization, employees were required to live and breathe their job, twenty-four hours a day, seven days a week. It’s impossible to avoid allowing your identity to become nothing but your job under these circumstances. And rather than holding onto the best employees, turnover at this organization was high.
Even when not taken to this extreme, concentrating on the Good of the Company makes it more difficult to concentrate on the Needs of the Individual. You can see this when you are sent to attend classes or seminars. If you find yourself at more management seminars run by Tom Peters, who professes management skills that focus on the organization as a whole, than the classes you attend to foster growth in areas that are important to you, you may be losing balance.
The pervailing thought right now is that those of us who have jobs are lucky, and shouldn’t look to employers for anything other than keeping our jobs. This is certainly do to the economic environment — it is an employers’ market right now. This attitude displayed by employers will backfire when the tables turn and companies begin seeking talented employees again. Workers must adapt to the current environment, and right now that may mean sucking it up and following some of these tips from Money Magazine so they are well-positioned when the job market returns.
Fireproof your job, Donna Rosato, Money Magazine, January 15, 2009.
Many of us depend on our employers for our livelihood. Even those not living paycheck-to-paycheck count on being employed to build up savings, invest and insure for the future, and of course pay the bills. Here are some things to look out for. If these apply to you, start hedging your bets and planning for what life will be like without your job.
Fewer responsibilities. Are you being asked to train others on your job? If your responsibilities are being transferred to someone else — and you are not receiving more responsibilities to compensate — you may be on your way to being downsized, rightsized, or “made redundant.”
Exclusion. If you are no longer included in the types of meetings of which you were formerly a part, the group may be moving on without you. It is entirely possible that your boss is recognizing that you have an excessive amount of work to do and is excluding you to allow you to complete other assignments, but if this is not communicated to you, your team is simply getting used to working without you.
Blame for small mistakes. If your small mistakes — everyone makes them — are becoming topics of conversation or your bosses are assigning blame to you for other small problems, there are at least two things happening. First, recognizing your errors will help your boss feel further justified for letting you go. Also, once you are gone, it will be much easier to assign blame to you. You will not be around to defend yourself.
Talk around the water cooler. Word travels fast. If you hear a rumor that the company has it in for you, chances are it’s true. If not, someone has a personal vendetta against you and is starting rumors to make you crazy. I see that as a highly unlikely possibility. Either way, I wouldn’t want to stay in either environment, so striking the first blow by quitting may keep you sane.
Bad review. If your year has progressed well but you’re surprised with low ratings at your annual or semi-annual performance review, you could be on your way out. Bad reviews shouldn’t sneak up on you. If you truly are performing poorly and the review is the first time you’ve received negative feedback, then there are communication problems within your department. But if you feel you’re doing well, there should be no disagreement. If those negative reviews were unsuspected and undeserved, start looking for a new job.
It’s good to be prepared for losing your job even if there are no signs yet. Anything can happen, and anything can happen quickly.
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