After losing your job one of your first thoughts may be, how soon can I get back to work? Unprecedented and unexpected job losses due to COVID-19 caused millions of Americans to ask this vital question. Fortunately, the Coronavirus crisis has also created millions of immediate job openings for part- and full-time work. Let’s take a look at the types of job opportunities currently available, how part-time work may affect unemployment payments, and how your career strategy fits into your overall strategy.
There are companies, like Amazon and Instacart, that need workers immediately. That’s the good news. The bad news is that most open roles are primarily in relatively lower-paying positions. If you have a career in a high-income occupation or specialized field, current opportunities may not be a fit. Still, there are immediate needs in financial services, education, healthcare, technology and more high paying fields that are worth looking at.
Here are some reasons you might consider one of these roles:
- An approximately $15 per hour wage is not far from your typical earnings. Many open jobs are not in highly paid fields. Perhaps one of these new roles may not be a significant pay cut vs. what you earned previously.
- You are in good health and not in a high-risk group for COVID-19. As most of these opportunities are outside the home, it may put you at risk for virus contraction. While precautions will be taken to keep you safe, existing good health is a must.
- Work is good for your mental health. Many of us like to stay busy. Perhaps getting out of the house and being in a helpful role will be not only of value to others but to yourself. You may learn some new skills and find purpose during trying times.
Here are some reasons working right now may not be a good idea:
- The Job Search is a job in itself. Working on your resume, applying to and interviewing for jobs (even via videoconference) takes time and effort. To get a comparable role, and meet family obligations, you may not have the bandwidth.
- Unemployment benefits are typically reduced. One of the first steps to take after a job loss is to file for unemployment. Even if potential severance pay (LINK) may delay unemployment benefits, it makes sense to file ASAP. Taking a short-term position, however, may offset or eliminate your unemployment insurance payments. This can vary from state to state. Consult our helpful guide (LINK) for more details and links to your state’s program.
- You need time to assess your strategy. A job loss can create the opportunity to reflect on your career. Many have used a layoff to change careers, return to school, or reframe their priorities.
Deciding when and where to return to work can be challenging. With the resources here at SAVVI, we hope you can formulate a solid plan for your money and career that works for you during–and after–the COVID-19 crisis.
If you've been financially impacted by the Coronavirus crisis, click here to fill out our interactive questionnaire and determine whether you qualify to receive a no-cost, targeted financial plan from SAVVI. The SAVVI plan will take into account the effects of the immediate crisis to help you navigate this difficult time, as well as help you keep working toward your future retirement goals.
SAVVI Financial LLC (‘SAVVI’) is an investment advisor registered with the Securities and Exchange Commission. SAVVI does not guarantee investment results and past performance is no guarantee of future results. Information provided is for educational purposes and does not constitute investment advice, which is only provided to registered users who have a valid Investment Agreement in place with SAVVI. No information on this presentation should be construed as an offer to buy or sell any security or insurance product. SAVVI is not a certified accountant, lawyer, tax professional, or HR professional. Nothing in this document may be considered as tax, accounting, employment, or legal advice. Please consult with your accounting, tax, human resources or legal professionals before taking any action.