Opportunity CostJeannine Bennett
Opportunity Cost -- It Might Be Time To Hire a Professional
Each decision you make — be it in your professional or personal life — comes with a certain cost. The price you pay, so to speak, may be inconsequential or life-altering depending on the scenario. Take, for instance, a simple decision you make every day: the choice between two lunch options. Let’s say the menu includes only a protein power bowl and a hamburger combo meal. You choose the combo meal because it tastes great and gives you a sense of comfort. What have you given up? What value does a protein power bowl possess?
In selecting the combo meal, the cost may be the hours you’ll spend working it off at the gym. Giving up the power bowl means you have to compensate your time and energy. In other words, the value of the healthier option is more time, less sweat, and better nutrition.
In economics, the value of the thing you give up is called opportunity cost, and it applies to more than lunchtime decisions. When there are greater stakes at hand, it is worth considering help from expert sources, especially when the activities involve something with which you are unfamiliar. Imagine what the cost could be if you opt to install your own bathroom pipes instead of hiring a plumber!
Home repair and improvement experts are not the only knowledgeable professionals whose value makes up for their monetary expense. If you are searching for a new job or narrowing a list of possible career pivots, there are experts who can help shave away the high opportunity cost you may otherwise incur.
Navigating the job market can be intimidating and time consuming. Applications can take upwards of an hour or more to complete — and that’s if they are standard forms which require little customization. Are you tailoring your documents to the specific company and position? Add on another thirty minutes or longer per application. It doesn’t take long for career exploration to become an overwhelming drain on your valuable time.
What you could be doing with those hours spent submitting résumés or composing cover letters is your opportunity cost. Maybe it could have been spent actually earning income doing something you enjoy. It could have been used for something unrelated to work, like spending time with family or friends. Perhaps it’s the missed opportunity to work off that earlier combo meal on the treadmill. In any case, you’ve lost out on the chance because you’ve been stuck in front of the computer, uploading information again and again.
As with plumbers and electricians, there are professionals out there who can help curb this cost. Under their expertise, your résumé’s verbiage will ping keyword scanners; through their care, your cover letter will highlight your accomplishments and skills in succinct, clear wording. Especially if your applications result in a string of rejection letters, it may be time to seek assistance from someone who knows the job market as well as a plumber knows your pipes.
Before you rack up a mountain of missed opportunities, reach out to people who know what they are doing and are eager to help!
About the Author:
Tristina Marx is a blog contributor for Vision to Purpose providing self-help, business, and career focused topics.
About Vision to Purpose:
Vision to Purpose is an organization dedicated to helping individuals and businesses succeed through the offering of tailored career, life and business solutions.
Need a resume writer? How about a career coach? Perhaps a business consultant? Look no further, Dr. Bennett and the Vision to Purpose team can help! You can learn more about Vision to Purpose by visiting www.visiontopurpose.com.