Latest news with #Williams-Lindo
Yahoo
07-04-2025
- Business
- Yahoo
5 Common Paycheck Mistakes To Avoid When You're Switching Jobs
Starting a new job? You might want to make sure that everything is lined up to get your paycheck ready, which could require connecting some information and transferring some data from your last employer to your current one. If not, you could put yourself in jeopardy of hitting some payroll errors that could potentially be costly. Read More: Consider This: Here are five common paycheck mistakes to avoid when you're switching jobs. One of the biggest and most expensive mistakes you can make on your paycheck is assuming your last paycheck includes all owed compensation from your previous workplace. 'Bonuses, unused PTO and final commissions often fall through the cracks if you don't advocate for them upfront,' advised Patrice Williams-Lindo, the CEO of Career Nomad. Krusha Sahjwani Malkani, the director of Sociabble's Asia operations, suggested that everyone 'check if your new job offers a similar benefits package or has a waiting period before the benefits kick in. Many employees fail to check their potential loss of vacation or sick leave, and this leads to financial loss.' Explore More: According to Williams-Lindo, forgetting to verify the new pay cycle is something that happens frequently when employees transition from one employer to another. 'Many new hires go weeks without a paycheck due to different payroll schedules and are caught financially off guard,' Williams-Lindo described. Sahjwani Malkani agreed, noting that 'Every company has a different payroll schedule. Make sure to learn about your new pay cycle in the beginning to ensure there are no gaps in income. This proactiveness will help you plan your cash flow and avoid any financial strain during the transition.' Leaving retirement contributions or equity on the table is another mistake that Williams-Lindo tends to see when someone changes up jobs or where they work. Williams-Lindo explained that '[n]ot understanding vesting timelines or forgetting to roll over a 401(k) can be costly and create long-term financial setbacks.' According to Sahjwani Malkani, many people forget to claim expenses like relocation reimbursements or signing bonuses if they are not clearly briefed during the transition from job to job. 'Make notes of these items and follow up on them if your new employer is offering such benefits,' advised Sahjwani Malkani. Skipping a W-4 review or benefits re-enrollment can wreak havoc on paychecks, which is why Williams-Lindo urged employees switching between employers to take the time to review these details of their paycheck carefully. 'Changes in your withholding status or healthcare coverage can wreak havoc if not reviewed right away,' added Williams-Lindo. While your former employer and new one might be taking all the necessary steps to make a smooth transfer of payment to you, mistakes can happen and it's up to you to make sure all of the numbers add up. Williams-Lindo stressed the importance of owning your value and navigating compensation conversations with confidence, which ultimately starts with you understanding how your paycheck works. More From GOBankingRates 5 Types of Vehicles Retirees Should Stay Away From Buying How Much Money Is Needed To Be Considered Middle Class in Every State? 4 Things You Should Do if You Want To Retire Early 4 Affordable Car Brands You Won't Regret Buying in 2025 This article originally appeared on 5 Common Paycheck Mistakes To Avoid When You're Switching Jobs Sign in to access your portfolio
Yahoo
29-03-2025
- Business
- Yahoo
5 Things To Do Now if You're Afraid You'll Lose Your Job
As important as it is to keep a positive outlook, you should also be prepared for the worst-case scenario regarding your employment. If there's even a slight chance that you could lose your primary source of income this year, it's time to start planning. Be Aware: For You: According to a recent report from MyPerfectResume, 81% of employees are worried about losing their jobs in 2025, and 76% predicted that layoffs would increase. Similarly, the 2025 Career Gridlock Report from Resume Now noted that 60% of workers stayed in a job they didn't want to be in because they felt that switching jobs was too challenging. If you're confused or worried about your current employment situation, it's crucial that you take proactive steps so that you don't end up in a far more stressful position. Here are five things you can do to ease the fear of losing your job. 'To ease job-loss anxiety, proactively invest in yourself,' said Sam Wright, the head of operations & partnerships at Huntr. Wright also noted that preparation significantly reduces uncertainty and fear, so you'll want to continuously build new skills through investing in yourself if you're worried about your job. Jasmine Escalera, a career expert from MyPerfectResume, added, 'Staying competitive in the job market means keeping your skills sharp. Sixty-one percent of workers plan to upskill in 2025, with another 31% considering it.' Escalera pointed out that if you're not sure which skills to invest in, you can start by looking into the job or promotion that you want next and pinpointing any skill gaps. If you're not sure what kind of job you want to apply for next, she suggested that you consider AI, data analysis or leadership development, as these are growing fields. You want to ensure that your skill set matches what employers are currently looking for. You may even have your current employer cover the costs of any training you wish to begin. I'm a Self-Made Millionaire: 'Most professionals haven't updated their LinkedIn in years — or worse, they're hiding behind job titles that no longer reflect their skills,' remarked Patrice Williams-Lindo, a career strategist and CEO of Career Nomad. According to Williams-Lindo, your digital footprint is like an insurance policy, and you'll want to rewrite your resume to highlight the value you've brought to your current role. You want to do your best to ensure that your most recent accomplishments are being highlighted so that you can gain confidence if you're forced to look for a new job in the near future. Escalera elaborated, 'Make sure you update your profile regularly and use the platform to post about your career wins and display your expertise. Your next big break could come from a recruiter finding your profile.' You never know who's paying attention to social media, so you'll want to discuss what you've been working on to see if there's a possible gap in the workforce. Williams-Lindo shared that about 70% of the best jobs aren't posted publicly, which means that you'll want to focus on growing your network to find out about new opportunities. She added, 'If you're not networking, you're not working your options.' You can start by inviting someone to coffee or sending messages to anyone you would like to connect with. If you're unsure about where to start with networking, here are a few options: Attend industry events. Try to find out if your industry hosts any local events so that you can meet others. Join online communities. Look for online communities and groups to be around like-minded people. Keep in touch with former colleagues. Social media has made it easier to reconnect with former co-workers and friends you may have lost touch with. The main takeaway is to remember that building relationships today can open doors down the road. Connecting with others and discovering what's happening in your industry can ease some of the concerns you may have about losing your job. Escalera stressed the importance of an emergency fund, especially if there's a chance you could go months between jobs due to your industry. As most experts suggest, you'll want to aim to save at least three to six months' worth of living expenses. This financial safety net is mainly about the peace of mind of knowing that you could handle your bills for a few months if you were to be back on the job hunt. Then, you don't have to stress about accepting a role that isn't suited for you. Escalera shared that a recent MyPerfectResume report found that 71% of workers already have a secondary income — 39% through freelancing or side business, and 32% by working a second job. Multiple income streams can help provide security and ease some of your concerns if you're worried about your job becoming unstable. Escalera expanded, 'Whether consulting, selling a product or picking up gig work, having an extra income stream can give you more financial freedom.' You can begin by leveraging your current skills from your day job or tap into your interests to pursue a side hustle. This could also be the push that you needed to finally start that YouTube channel or pursue your passion for photography. If you don't have the time for another job at the moment, you can begin by finding a high-yield savings rate or looking into investments that will help grow your funds for you. There are numerous ways that you can add an income stream to your life. The primary objective is to be proactive if you're worried about losing your job in 2025. More From GOBankingRates 4 Things To Watch for as Elon Musk Takes on Social Security 12 SUVs With the Most Reliable Engines Warren Buffett: 10 Things Poor People Waste Money On 6 Big Shakeups Coming to Social Security in 2025 This article originally appeared on 5 Things To Do Now if You're Afraid You'll Lose Your Job
Yahoo
29-03-2025
- Business
- Yahoo
6 Key Signs Job Hopping Will Hurt Your Finances
There are lots of reasons why people change jobs multiple times, from moving to career pivots to seeking advancement. While not all job hopping is a bad idea, too much of it can start to hurt your finances, depending on how you go about it. Find Out: Read Next: While some people may have the benefit of a partner's income, consulting income or solid savings, be sure you know the consequences of changing jobs before you do it too frequently. Here are six key signs that job hopping will hurt your finances. According to Patrice Williams-Lindo, career strategist, workplace culture expert and CEO of Career Nomad, frequent work transitions can lead to missing out on valuable benefits such as: 401(k) vesting schedules Annual bonuses Healthcare coverage gaps While not everyone is motivated by traditional benefits, especially if you're in career pivot mode, launching side businesses or investing in flexibility and well-being, Williams-Lindo said you should just make sure you've got a plan to self-fund what you're walking away from. This could include opening a high-yield savings account, a solo Roth IRA and/or getting on an affordable healthcare plan. Learn More: While job hopping to find the right fit can make sense, be warned that 'when your résumé reads like a revolving door with no through-line or upward mobility, that's when the red flags go up for recruiters,' Williams-Lindo said. However, if your moves make sense, show advancement or are tied to life or values pivots (like caregiving, health or building a business), you can still maintain leverage in the job market, she suggested. Inconsistent employment can make things tricky if you want to take out loans, especially with traditional lenders who want to see two years of stable income in a similar field, Williams-Lindo said. However, this is also changing, especially for entrepreneurs, gig workers and consultants. What matters most is having the following: Documented income (W-2s, 1099s, bank statements) Good credit Proof of financial responsibility There are some other possible financial downsides of job hopping too quickly, Williams-Lindo said, including: Sign-on bonuses that must be repaid if you leave before a certain date Higher tax bills if you have multiple W-2s or untaxed contractor income Delayed health benefits that leave you vulnerable Missed vesting on equity or profit-sharing plans The biggest financial risk people face when they switch jobs frequently is they do not build a long-term career path that reflects someone who is reliable and loyal, according to Steven Lowell, career coach and reverse recruiter at Find My Profession. 'If a company sees that you will only stick around for a cup of coffee to get one project done, they see no reason to invest in your professional development or trust you with a greater scope of responsibility that will lead to higher pay,' he said. The other risk people face by job hopping is not getting paid salary increases to keep up with inflation, Lowell pointed out. If companies see you've changed jobs numerous times, they may not think you have the skills or seniority to warrant a higher salary. 'They will be unable to get a significant pay increase that will allow them to save money, build credit, or buy a home,' Lowell said. Job hopping can be strategic, but only if it's aligned with your goals, values and financial readiness. More From GOBankingRates4 Things You Should Do if You Want To Retire Early 12 SUVs With the Most Reliable Engines 6 Big Shakeups Coming to Social Security in 2025 This article originally appeared on 6 Key Signs Job Hopping Will Hurt Your Finances
Yahoo
18-02-2025
- Business
- Yahoo
Red state workers prepare to head to the office. Some never left
When President Donald Trump ordered federal workers back to the office, red state governors took notice and started issuing decrees for state-level employees to do the same. Earlier this month, Ohio Republican Gov. Mike DeWine ordered state employees who had been working remotely back to their offices full-time starting March 17. Dewine says the order applies to everyone unless, he said, 'there is some urgent reason why they need to continue to work remotely or something unique about the job or that individual.' DeWine said that many state workers, from highway patrol officers to state hospital employees, can never work remotely and that this restores fairness for everyone. In Ohio, the Chamber of Commerce cheered the move as a way to inject new life into a downtown that has been emptier since state workers started working from home at the beginning of the pandemic. Still, not everyone is thrilled — and some question the motives. 'I think they are hoping to shrink state payrolls with this move, not improve service,' one state managerial employee who spoke with Quartz and wished not to be identified. The worker said the timing is poor also and hurts people who benefit from remote work the most. 'Doing it in the middle of the school year on short notice means people will be scrambling for child care and caregiver arrangements,' the employee said. Meanwhile, Oklahoma GOP Gov. Kevin Stitt is bringing workers back to the office this month. In Nebraska, the issue of mandating state workers back to the office is tied up in the courts with over 8,000 workers in limbo. Employment experts are not thrilled with the move and say it is short-sighted. Patrice Williams-Lindo, CEO of career coaching firm Career Nomad, said that returning to the office doesn't automatically breed productivity — and it often breeds resentment. 'The narrative that proximity equals performance is outdated,' Williams-Lindo said. She added that remote work opened doors for talent who were often excluded from traditional spaces, such as caregivers, disabled workers, and underrepresented groups. As a result of the new mandates, states may see talent drain away. 'They'll pivot to employers who understand that productivity isn't measured by badge swipes,' Williams-Lindo said. Drew Deeter, Senior Account Executive at tech PR firm Compromise, is also skeptical of the everyone-return-to-office orders. Deter said there are many collaborative benefits to working in the office, but everyone is different. 'Ultimately, the most successful approach will likely involve flexibility,' said Deeter. 'People thrive in different work environments, and a 'one size fits all' approach won't maximize productivity or employee satisfaction.' For the latest news, Facebook, Twitter and Instagram.
