The rising costs of being an employee are starting to outweigh the benefits. Employees want out, but are forced to remain in their jobs by the poor economy.
Many people will spend their entire career working for someone else, but for those who have left corporate America to conquer the world of self-employment, they remember exactly what it was like and do not want to go back.
Having been on both sides of the fence, former corporate employees know how a job can be like a sickness – an incurable one. The security of knowing there is another paycheck just around the corner is the dangling carrot that keeps most employees trapped.
The Love-Hate Relationship with a Job
While it is true that some employees really love what they do for a living and don't mind having a job, there is often a constant love-hate relationship. They love what they do, but hate their boss. They find the position incredibly fulfilling, but hate being forced to play the game of office politics.
Of course, difficult bosses and office politics are not the only disadvantages of having a job. There is the time spent in traffic, high cost of gas, daycare expenses and valuable family time that slips away every time the job calls for a late night at the office.
The costs associated with a job are something every employee has to accept – it comes with the territory. However, as long as the benefits outweigh the costs, the job holds value. The health care benefits, retirement plans, free lunches, gas cards and even company parties provide some level of improved quality of life and offset the costs of being an employee.
The Rising Costs of Being an Employee
However, as companies suffer rising operation and plan management costs, their profits are becoming slim. To help offset declining profits, employers are passing the economic responsibility on to the employees.
Business trends show that employers will continue to shift cost responsibility to employees in an effort to lower their rising per-employee-costs. Employees may see reduced health care coverage with higher premiums and deductibles, lower profit-sharing employer contributions and no more free lunches or gas cards.
At the end of the month, a job could end up costing employees more money than it provides. Even after standard, family and mortgage tax deductions, the benefits of having a job are dwindling while the disadvantages are expanding.
Employees Want Out – But Have No Choice
Employees are catching on to the dwindling benefits of a job and they want out. Self-employment is an opportunity to regain a healthy balance between career and personal life. It is also an opportunity to make more money, but starting a business requires capital, which is a resource not readily available for most households in this downturned economy.
Additionally, the adjustable rate mortgage boom in recent years has caught up with homeowners, making it nearly impossible for them to afford rising mortgage payments; let alone start a business of their own.
Employees want to get out of the rat race, reclaim their life and take control of their debt – but they can't. The poor economy and an even more dismal job market have employees clinging to their jobs.
For now, employers possess the market advantage and employees will have to ride out the economic storm until improved financial solutions are available.
