Can sunk costs sink your career?
The sunk-cost fallacy is a phenomenon affecting millions: we are reluctant to abandon a strategy because we have invested in it, even when it is clear that another option might be beneficial.
It’s a little like having a sentimental old clunker car: You can’t let go because you have already sunk so much money in repairs. It would feel like a waste to abandon it. You’re throwing good money after bad.
In careers, that’s throwing good effort after bad.
Many people feel stuck in their current jobs because they have invested so much time, energy, and emotion in that position. They feel they have no options, even though there are opportunities all around.
Countless people stay where they are, and never consider WHY.
Sunk costs are powerful. Do you relate to any of these?
- You are waiting for stock options and other perks that roll out only if you stay on the job another year, and another...
- You have convinced yourself a lower salary is fine, because you have ONLY a few more years before your pension is maxed out.
- You feel you worked hard to get where you are and don’t want to start over in another company where you might have a lower title and less prestige.
- Moving to another job feels risky, and you’re at an age where it’s better to play it safe.
- You are miserable, but it’s hard to let go of your pay and status at work.
There has never been a time when job mobility is easier or more profitable.
Recruiters are scrambling to find the right talent for jobs that were abandoned in the Great Resignation.
Remote workers have more leverage than ever to accept jobs in other cities, states, or even in other countries. Because work-at-home practices are now entrenched, and internet service is available nearly anywhere, millions of people can live where they want, and still have a high-powered professional position – with a company anywhere in the world.
It’s all about image. It’s all in the way you present your career story to those desperate recruiters.
It’s all about your thinking. How do you see yourself? Are you ready to fight for a big increase in pay?
You might need new Branding, or a complete Career Makeover. Or, perhaps you are one of those rare, seriously underpaid professionals who are on the brink of Income Acceleration. You could be making 20, 30, or even 50% more in a new job. Why are you waiting?
Because you have too much time and emotion invested in that old clunker? I am here to help.
On your side,
The Career Passion® Coach
PS: If you’d like to talk, I’m ready. You can schedule a free consultation this week using this link.