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There are two types of job security

11 September 2020

When I have the privilege of providing financial advice, I ask clients the obvious questions – about their assets and liabilities; their income and expenses; etc.

I also ask about job security. In fact, this is one of the most important questions I ask.

When you think about whether you have “job security”, it’s easy to think in terms of your current role.

However, there’s another form of job security that is often more important.

Ask yourself:

If something happened to your current role, are you confident you’d be able to find another role, and do you think that role will be comparable to your current position?

If the answer is yes, you have real job security.

Right now, your job may feel steady. But it may not be as secure as you think. Organisations can have good times and bad times. People who are integral to the security of your role may leave or take different positions. Business ownership may change. There may be a restructure. There may be unexpected competition, regulatory changes, or technological changes.

If something happened to your current role, how long would it take to find another role? Would it pay a similar level of income? Would it have the same sort of “fit” with your lifestyle and values as your current position?

To be continued…


Tags

confidence, job security, risk


About the author 

Sonnie Bailey

In his spare time, Sonnie likes telling people that he’s a former Olympic power walker, a lion tamer, or that he is an orthodontist. He is none of those things. In reality, Sonnie is a financial planner based in Christchurch. Through his business, Fairhaven Wealth (www.fairhavenwealth.co.nz), he provides independent, advice-only, fixed-fee financial planning services. Sonnie is a “recovering lawyer”: he has specialised in trusts and personal client work. He has also worked as a financial services lawyer for many years.

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There are two types of job security (continued)

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