Employment Opportunity Cost: My Diamond Shoes are Too Tight
Opportunity cost is a concept describing the cost incurred when a decision is made between mutually exclusive and beneficial alternatives. It is the loss of the benefits that would have been received from any one of the other beneficial choices.
It is a concept that many professionals struggle with on a semi-constant basis.
Do we take the safe, role with decent pay, that might take a few weeks to get into? Do we take the contract position that will get us in within a week? Do we try for the role of our dreams, understanding that we cannot necessarily wait that long for an answer? Indeed, acknowledging that we would need to complete our commitments in order to accept it. Will our dreams remain on hold?
There might be several attractive employment opportunities available, and from what I have noticed, I cannot necessarily tell which roles will be the most fulfilling. However, the clock is always ticking.
Employment decisions in particular are made especially difficult when there is a lack of information about the inner workings of a company. Will the most attractive opportunity, remain attractive after a six month death march, or will it even last?
What may seem like an obvious decision, might end up being a disaster, due to situations well beyond our control. Also, it is often difficult to fully quantify all of the intangible benefits of some choices over all others.
In other words, do I wish to push myself harder, in as high a profile environment as possible? What am I looking for, what are any of us really looking for?
- Am I trying to learn from the best?
- Am I simply looking for the largest payday?
- Am I looking to eventually be in business for my self?
- Am I searching for a better work/life balance?
In any case, regardless of what has happened previously, I am determined to take a much more goal oriented role in my employment decisions. Unless, of course, I take too long to decide, in which case, my decision will likely more or less be made for me.
- Phillip Platt