Career Testing
Career Testing
Career Testing
CAREER DEVELOPMENT / DEC. 13, 2014
version 4, draft 4

5 Pieces of Financial Advice to Help You Manage Your Career

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In the last five years, human resource professionals have estimated that approximately 80% of employees are presently experiencing more financial burdens and challenges than in years past. According to Jobs.com, “only 52% of organizations are providing financial education to their employees.” In 2009, that percentage was higher at 64%. There are several steps that individuals can take to help manage and maximize their professional careers. This article will discuss those five steps.

#1 Maintain Good Credit

An employer can find out about your bad credit, any bankruptcy issues or a penchant for poor spending habits. In today’s current employment climate, many companies are now checking job applicant’s credit as a factor in the employee background check. Credit histories are also sometimes checked when employees are being considered for promotions. However, there are some exceptions to these scenarios if you live in one of the eight states that restrict employers from checking credit. Those states are California, Hawaii, Illinois, Connecticut, Oregon, Maryland, Vermont and Washington. In those states you can request to refuse permission. Most credit checks are only done on employees or prospective ones who handle cash, are given a corporate credit card or are advised of company secrets. Due to the probability of having your credit checked, it is important to your current and future career to maintain a good credit history and smart spending habits.

#2 Focus on Your Job

It is important to stay focused on your career and be the best employee that you can be. If you don’t exhibit excellent skills and continue to work productively, then you run the risk of losing your job and any possible promotions. Either of those scenarios would mean less money in your bank account and no security in your life. While you are at work, try to put personal and financial issues on the backburner and focus on the task at hand.

#3 Utilize Resources

A third step is to utilize the resources around you in order to find sound financial advice for your current situation. For the individuals who work at a company that offers financial education, it will help your future career to attend such training. Learning how to become a good steward of your finances—through budgeting techniques and learning how to pay off debt and raise your credit score—will help you to better manage and maximize your career. A person with sound personal finances is more likely to be called back in for an interview or given a promotion at work. Speak to someone in the Human Resource department to ascertain the specifics on the programs they offer. For those who do not have educational resources offered at work, there are many available online. The PA Treasury Dept. has created a listing of 10 Personal Finance Tips that may be a helpful resource to you.

#4 Communicate with a Trusted Source

Another major step that you can take to manage and maximize your career is to communicate with a trusted source such as a mentor or manager. If you are having financial issues that are negatively impacting your job performance, you need to address the problem. Discussing it with a trusted source can provide you with reliable advice and viable solutions. Remember that this source should be someone you trust and an individual who is not prone to gossip. The last thing you need is to have your problems broadcast all over the office.

#5 Become Interested in Your Future

This final piece of advice is being shared so that you can be aware of how important it is to have an action plan for both your personal and professional life. Of course, you can never plan for all possible circumstances. However, that doesn’t mean that you shouldn’t be prepared for everything. Becoming interested in your future begins with being invested in yourself, your career and your personal finances and goals. If you do not have immediate, short-term and long-term goals planned out, you are decreasing your chances of properly managing and maximizing your career. According to Jobs.com, “72% of human resource workers say they agree that their employees are more likely to dip into their retirement funds than in prior years.” To effectively manage and maximize your career, you must find a way to open a savings account and deposit money each month. Become active in reviewing your investment plans. Invest into your future and you will receive returns on that investment.

In order to manage and maximize your career, there are several steps you can take as outlined in this article—to apply sound financial advice that will help you achieve success in your endeavors. It is important to focus on your job and being consistent in daily tasks as well as communicating issues with your manager and seeking support, educational resources and advice.

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