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Stagnation sucks
It’s never fun feeling like you’re stuck in your career. Believe it or not, a whopping 85% of us aren’t satisfied with what we do.
Steve Adcock
September 12, 2024
In partnership with
Welcome to Career Insider. When you first joined Career Insiders, our welcome email asked why you decided to join. By far, the most common reason is “career stagnation.”
In other words, you’re not moving in your career. Maybe you feel bored or uninspired. Maybe you don’t see much of a future.
If this is you, then this email is for you.
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CAREERS
Feeling a bit stuck?
It’s never fun feeling like you’re stuck in your career. Believe it or not, a whopping 85% of us aren’t satisfied with what we do.
I’ll be honest: That kinda sucks. And it’s completely preventable.
If you’re one of those people who feel like you’re in a career rut, here are several ways to break free.
Self-Assessment: Reflect on your skills, interests, and values. Consider what aspects of your job you enjoy and what you find frustrating. Tools like personality assessments or career aptitude tests can provide insights.
Set Clear Goals: Define what success looks like for you. Set short-term and long-term career goals that align with your personal and professional aspirations. Remember, success is more than money.
Seek Feedback: Talk to colleagues, mentors, or supervisors to get feedback on your performance and potential areas for growth. This can provide new perspectives and help identify blind spots.
Skill Development: Identify any skills or knowledge gaps that might be holding you back. Consider taking courses, attending workshops, or pursuing certifications to enhance your qualifications.
Network: Connect with professionals in your field or industry. Attend networking events, join professional organizations, or engage with online communities to expand your network and learn from others.
Explore New Opportunities: Look for opportunities within your current organization, such as new projects or roles, that align with your interests (there are often more opportunities than you think). Alternatively, consider exploring opportunities outside your current company if necessary.
Consider a Career Change: If your current field no longer aligns with your interests or values, research other industries or roles that might be a better fit. Informational interviews can be a great way to learn about different career paths.
Work-Life Balance: Ensure that you are maintaining a healthy work-life balance. Sometimes feeling stuck can be a result of burnout, and taking time to recharge can provide clarity.
Professional Help: Consider working with a career coach or counselor who can provide personalized guidance and support as you navigate your career path.
Stay Positive and Patient: Career growth can take time, and it's important to remain patient and positive. Celebrate small victories along the way and stay open to new possibilities.
By taking these steps, you can gain a better understanding of your career situation and make informed decisions about your next steps.
MONEY
So, how’s your money doing?
Sometimes, it’s nice to compare how well you’re doing with the median. Should you push harder? Or can you afford to back off?
The median net worth of Americans varies greatly by age.
According to recent data from the Federal Reserve, the median net worth for Americans under 35 is $39,000, while for those between 35-44, it's $135,600. This figure significantly increases for those aged 45-54, reaching $258,800. The median net worth continues to grow for older age groups.
Here’s a nifty chart from CNBC with more detailed numbers:
Source: CNBC
If you’re below these numbers, don’t fret. It happens.
Over the next few emails, we’ll talk about how to correct this. But for now, just knowing if you need to push a little harder or not is the key.
NEWS
Speaking of feeling stuck…that’s the job market
The US job market seems to be stuck in a game of tug-of-war.
On one side, we see a cooling job market, a natural progression after the hiring frenzy spurred by the pandemic recovery. On the other, whispers of a looming recession are countered by steady job creation and a low unemployment rate.
So, which is it: boom, bust, or something in between?
August's jobs report, released on September 6th, added fuel to this debate. While employers added a respectable 142,000 jobs, exceeding July's disappointing figures, it fell short of the 160,000 predicted by economists. This mixed bag of news has left experts and analysts scratching their heads, trying to decipher the signals.
The unemployment rate offered a glimmer of hope, dropping back down to 4.2% after a surprising jump to 4.3% in July. This suggests that July's increase, potentially influenced by temporary factors like weather and auto plant shutdowns, was indeed a blip rather than a trend.
However, the overall slowdown in hiring can't be ignored.
The average monthly job growth over the past three months sits significantly lower than the 202,000 average witnessed over the past year. This indicates a shift in the labor landscape, with employers taking a more cautious approach to hiring.
Despite this caution, the foundations of the job market appear strong.
Layoffs remain low, and a high labor force participation rate demonstrates continued worker confidence. Sectors like healthcare, leisure, and hospitality, and construction experienced notable job gains, highlighting areas of resilience.
So, what does this mean for the average job-seeker or employee?
While the days of abundant job openings and skyrocketing salaries might be fading, the current climate suggests stability rather than turmoil. The key is to stay informed, adaptable and prepared to navigate a job market that is steadily finding its new equilibrium.
