W.11 – David King – Prepared for Rejection, Looking for Opportunity


 

Problem Recognition, Definition, and Evaluation

As I have been applying for job opportunities for the last 5 months, I am finding it difficult to find a new opportunity. In the last 5 months I have applied at over 500 jobs and haven’t received one call for an interview. I was at a U.S. Government virtual career fair where over 1500 people showed up for only 9 jobs available.

There are many causes for this:

  • Not enough jobs available on the job market
  • Job market is flooded with unemployed talent
  • Too many applicants per position
  • Positions are being reserved for people known to the hiring manager, not necessarily the best talent.

I plan on addressing the root cause of positions being reserved for people know to the hiring manager.

Development of the feasible alternatives

  1. Network with the people doing the hiring to find a job paying $100,000 a year for the next 20 years accounting for 3% inflation and cost of living increases.
  2. Create your own job opportunity or company that pays $150,000 for the next 5 years accounting for 3% inflation and cost of living increases.

Selection of the criterion

  1. Future Worth
  2. Time Value

Analysis and comparison of the alternatives

Future Worth Alternative 1:

P = $100,000

i = 3%

N = 20

FW = P(F/P, 3%, 20)

FW = 100000(1.8061) = $180,610

Future Worth Alternative 2:

P = $150,000

i = 3%

N = 5

FW = P(F/P, 3%, 5)

FW = 150000(1.1593) = $173,895

Time Value Alternative 1:

I estimate my time to be worth $48.07 per hour ($100000 annual salary / (52 weeks * 40 hours per week)). I believe it takes 1 month of work or 160 work hours to account for each $10,000 you are looking for in expected salary which means it would take 10 months or 1600 hours to get the job.

1600 hours * $48.07 = $76,912.00

Time Value Alternative 2:

I estimate my time to be work $72.11 ($150000 annual salary / 52 weeks * 40 hours). I believe it takes 240 hours a month to create your own opportunity or company. I believe it takes 24 months to develop a good reputation and start to develop return on investment.

240 hours * 24 months * 72.11 = 415,353.60

Selection of the preferred alternative

Future worth is the most important attribute. Alternative 2 is the best option because it has the best future worth, but also poses the highest risk as there is no guarantee of creating the job or the company being successful where with Alternative 1 will give a blanket of security at the same rate, but it takes nearly 15 years longer to get to a comparable number.

Performance monitoring and post evaluation results

The problem with the time value alternatives is that they are costs of time and can’t be recovered directly. For example I can’t charge a company for my time lost while not having a job. The owner of the company could get compensated for the time it took to setup the business until many years later and if it is still profitable.

 

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One Response to W.11 – David King – Prepared for Rejection, Looking for Opportunity

  1. DrPDG says:

    Once again, a really GREAT problem statement, but honestly, I am at a loss to get the connection between the absolutely legitimate problem you identified and your analysis of that problem to find a solution. Explained another way, what does the Future Value have to do with solving your problem?

    First of all, you need to base your estimated value not on what you THINK you should be getting, but what the market says someone of your age & experience is worth. How to start? Go to the AACE Annual Salary Survey http://www.aacei.org/resources/salary/prevSalarySurvey.shtml then using STATISTICAL ANALYSIS, over the past 5 years. I want to know the MEAN, the upper and lower control limits (notice that AACE give you the Sigma for the data already) I also want to see you doing a trend analysis on this data. Is it going up or down and if so, how much.

    I also expect to see you differentiating between what you are PAID and what it costs the company to OWN you. I want to see evidence that you are fully cognizant of the difference between your salary and the cost of putting you in the field…..(suggest you read over chapters 2, 3 and 8 in your Skills & Knowledge)

    Then once you know the “real numbers” (not what you THINK you are worth, but what the market SAYS you are worth) and you know how much it costs the company to put you in the field (vs how much they are paying you) THEN I would like to see you using these values to come up with a meaningful strategy.

    Suggest that before you republish this, you do some additional research on finding jobs in today’s market-
    http://www.usnews.com/usnews/biztech/articles/050321/21how.htm

    http://www.quintcareers.com/tips/career_networking_tips.html

    Bottom line- you have picked an excellent and very realistic problem statement but the tools & techniques being applied have little or no relevance to finding a solution to your problem. Try again……

    BR,
    Dr. PDG, Jakarta

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