In continuing the look at tradeoffs in this wild 2022 economy, let’s look at job security versus opportunity. As many of us are small business owners, including myself, I experience firsthand the lack of security and long for opportunities to fall my way…but this also resonates for many of us who work for others.

Our parents understood job security. They found a good job and stayed there, expecting a continued job and a pension as their reward for loyalty. This is not the universal outcome today, by any means. Today’s upwardly mobile workforce are counseled to remain at a job for 2.8 to 3 years. The repercussions affect us all, whether we are workers or managers. It costs more to train and maintain personnel, and inevitable droughts in the ranks of crew members require longer hours or overtime.

But let’s look at this from both angles. What if you’ve found a great job…should you stay and hope for the best? Is building tenure a good thing? Remaining at the same company for too long, especially without changes in your role, projects an aura of being less driven, less motivated to succeed. You may be seen as someone who will not adapt easily to a new situation. If you love your job, look for challenges that demonstrate your skill sets and keep your resume up to date, just in case.

Or what if you see a great opportunity…should you jump? It depends a lot on your marketable skills and how easily you find jobs. A study conducted by the Bureau of Labor Statistics suggests the median tenure of employees in 2020 was 4.1 years. That number proved shorter for employees in tech companies and longer for older employees in the public sector. The danger of frequently changing jobs is earning the moniker of being a job hopper, making potential managers less interested in hiring you.

When do we take the leap into self-employment? We need capital, we need a cushion for survival as the business grows, we need a bank of support (think of the Chamber of Commerce here), and we need to make sure all our pesky little ducks are in a row. One of the most overlooked ducks lies in meeting tax deadlines. Struggling to get a business off the ground does not exempt the new owner from Uncle Sam’s obligations.  

The Chamber reflects a broad spectrum of businesses with lots of varied experiences. Our staff is just a phone call away from you when questions arise, and we always have mentors willing to guide others. Never overlook opportunity, but never underestimate the value of a job. The path you choose needs to be one perfect for you!