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
- 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.
- 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
- Future Worth
- 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.