Recently I have been thinking about job security quite a bit. With so many companies laying off staff it seems that it is something that many people are having to deal with. Traditionally I have always worked in what would be considered a “safe” work environment – as in my job was not at risk. Over the course of the last few weeks the safety rug is slowly being pulled from under my feet and so it is probably as good a time as ever to start considering my options.
In the past I had always been happy to accept a moderate wage because I knew my job was not going away any time soon. It was a safety net I was happy to have while we paid down our mortgage. However now that our mortgage is well and truly under control I am thinking that it may not be such a bad thing if I was to lose my job and here is my reasoning:
- I don’t enjoy the work that I am doing as much as I used to. It is monotonous and I haven’t been challenged for at least a couple of years.
- The pay is about 20-30% less than I could be getting in private industry and 50-60% less than contract work.
- My wife and I have paid off over 70% of our mortgage debt and so it wouldn’t be that difficult to service it on a reduced wage should I not find work quickly.
- While I was recently on long service leave I learned that I am able to make money from home. Not as much as my job, but given enough time it could be equal or even more.
- If I did lose my job, it would most likely be via a redundancy and that means that I would get a payout of about 6 months worth of pay. This would halve our remaining debt on the mortgage overnight.
I am sure there are plenty more reasons, but these alone are reason enough for me not to be worried. The worst case for me is that I end up working at a job that I am way over qualified for while I expand my online income ventures or while I look for a higher paying job.
Would you be worried if you lost your job?