Reprioritizing Cost vs. Worth

When you go shopping you are in a constant battle between what something costs (the amount of money that you will have to give to purchase the item) and what something is worth (the value that you place upon the item).

Let's consider an easy example: aluminum foil. To one person, the regular store brand will sufficiently meet her aluminum foil needs. The name brand-and the higher price-isn't worth it. But another person will pay the higher price for the name brand because of the increased value-worth-that he perceives. Perhaps he considers the quality better or places a lot of faith in the company that produced it.

Neither view is wrong...but how you view cost and worth can have an impact on your career.

Let's take one aspect of how this plays out in your career: dress and grooming. When I worked in a career services department I had a student frantically contact me because he had a job interview that day and wanted some advice. I agreed to meet with him, and when I entered our conference room for our appointment I was struck by how unappealing his appearance was: ill-fitting, mismatched clothes and wild, uncombed hair. When I (gently) brought the matter of his appearance up to him, his immediate response was that he couldn't afford to buy better clothes or get a haircut at the time. Mind you, this is the same student who I often saw purchasing soda out of school vending machines, where the markup is typically much more than buying it at the store.

Do you see how cost and worth are at play here? A soda-in fact, frequent sodas during the week-had a higher worth to this student than buying clothes and getting a haircut that would display him as someone who takes his professional life seriously.

But here's the catch: we are all this student. In our professional lives there are lines that we don't cross because we don't see the value proposition. We balk at paying a professional to write our resume for us or for to hire a career coach to help us pursue our career dreams because, in our minds, we can do it ourselves. It's just not worth it. But what is the cost of being another week out of work? Or spending another day in a miserable, soul-sucking job?

If you are feeling stuck or trapped in your current situation, examine your cost vs. worth viewpoint. Use the questions below as guides:

What is my career worth to me, and how is where my money goes reflective of that?

How does my perception of cost vs. worth play out in career roadblocks I encounter?

What am I willing to sacrifice/not sacrifice monetarily for career satisfaction?

Shine By Finding Cost Savings for Your Employer

One way to shine with your employer is to find and propose cost-saving solutions. What employer doesn’t appreciate an employee who can positively impact the company’s bottom line! And, if you are ever back in the job market, actual experience and pertinent examples of how you saved your prior company money can be a real selling point with prospective employers.

Here are some ways you may be able to implement cost savings for your current employer; some are obvious, while others are often taken for granted but are equally important.

Find Ways to Increase Productivity

Look for ways your company may be able to increase productivity while saving money and maintaining quality. Consider process changes, technology solutions, or other creative ideas, even if they require changing long-standing processes or mindsets. Remember to present your ideas professionally, so as not to insult others or come across as a “know it all.”

Identify Problems Early

Problems can lead to unexpected costs, so it is usually better to identify and discuss problems up front, before they develop or grow. Even better¾come to the table with possible solutions to potential problems.

Be Mindful of How You Spend the Company’s Money

If you’re responsible for a project or department budget, be mindful of expenses. For example, when approving or booking business travel, book flights in advance and find hotels offering complimentary services, like free shuttle service or Wi-Fi. Be a good financial steward for and with your company’s money.

Use Time Wisely

An employer expects you to use your time wisely by prioritizing effectively, focusing on appropriate tasks, and being respectful of your coworkers’ time. These tips may seem obvious, but almost everyone has worked with someone who functions quite the opposite at work—surfing the Web for non-work information, arriving late to meetings, or distracting co-workers with idle chit chat. All of these interfere with productivity and, ultimately, cost the company money.