How 'Golden Handcuffs' Affect Your Career
J.T. O'Donnell
Founder & CEO, Work It DAILY | Board of Directors & CMO, McCoy | Career & Professional Development | Job Search | HR & Recruiting | Employer Branding | Recruitment Marketing | Talent Management | Executive Coaching
In the last year, I've become obsessed with the concept of Professional Emancipation. Our team has been researching the trend and there is conclusive evidence to support there's a major collective shift in our career mindsets occurring. In fact, my team designed an Evolution of the Employee infographic that documents this trend. Here are some additional stats to prove it:
- 72% of workers would rather work for themselves.
- 86% plan to actively look for a new job this year.
However, in spite of the research and stats, the reality is the majority of our dissatisfied workforce won't do anything of impact to improve their situation.
- 70% of employees in the company they work for and aren't seeking it either.
- 58% of workers think they don't need help in their careers and can figure it out for themselves.
Why are so many professionals unhappy but unlikely to change their situation? The answer lies in The Golden Handcuff Effect...
Golden Handcuffs = Held Hostage By Pay & Benefits
When we are unhappy in our career but don't know what to do to change it, it's far easier to rationalize we should stay in our current situation because of the pay and benefits. After all, we have financial obligations and a lifestyle we wish to uphold as a way to offset the career dissatisfaction. Suddenly, The Golden Handcuff Effect takes hold. We feel held hostage by our employer. We have feelings of conflict. We know we should be grateful to have the job, but we can't get rid of the nagging feeling that our career isn't within our control. It feels like we are accepting a bribe - there is something unsettling about the situation, but we feel powerless to change it. Sound familiar? If so, then I suggest you read on. Recent history indicates if don't address it, you could find yourself in the unhappy position millions of fellow workers who didn't pay heed are in now.
Example: Laid-off (Set Free), But Ruined Nonetheless
Ask someone in their 40s, 50s, or 60s who got laid-off in this recession from a job they didn't enjoy how hard it has been to find work. First, they got let go - a total shot to their confidence. Then, as they looked for a new job, they couldn't find anything that inspired them. Soon after, they realized they needed a job ASAP, but because they'd been laid-off and didn't have a clear plan and passion for their next career move, they are discriminated against. Before they knew it, they were out of work for more than a year, their savings were gone, and their financial situation was, and still is, unstable. Try being optimistic about finding a satisfying career with that hanging over you? It's not easy. These folks learned the hard way how Golden Handcuffs will ruin your career - even if you are set free.
Solution: Professional Emancipation
The best way to avoid the very real scenario above is to recognize you are not an employee. You are a business-of-one. It's time to take full ownership and learn to engage in smart business practices that will strengthen your professional position. I'm not suggesting everyone quit their jobs and start their own businesses. That's not necessary. What I am suggesting, is you treat your career as a business, and learn how to work "with" employers instead of "for" employers. This fundamental shift in mindset will help you see what you need to do to take control and find the kind of career success and satisfaction you want and deserve.
MARCH 2013: Professional Emancipation Month
I told you at the beginning of this post that I've become obsessed with Professional Emancipation. I wasn't kidding. We declared March "Professional Emancipation Month" over at CAREEREALISM. More than 40 top thought-leaders are contributing some amazing content on the subject. They are showing you how to break free of The Golden Handcuff Effect. So, be sure to check it out here...
Now, Tell Me Your Stories of Professional Emancipation. How Have YOU Broken Free of Golden Handcuffs?
I'd love to see your comments below!
If you want to read more of what I've written, check out my articles on Inc.com.
P.S. - First time reading my posts? Thanks for taking the time to stop by! Not only do I write for Linkedin, but I'm also founder of a popular career advice site,CAREEREALISM,and currently run the career coaching program,CareerHMO. I hope you'll check them both out!
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CAREEREALISM’s Founder, J.T. O’Donnell is a nationally syndicated career expert and workplace consultant who helps American workers of all ages find greater professional satisfaction. Her book, CAREEREALISM: The Smart Approach to a Satisfying Career, outlines her highly successful career-coaching methodology. Purchase her e-book of CAREEREALISM for only $9.95 by clicking here !
MENTAL FITNESS COACH Power Up Your Best Self!
7yNice article. I think its good to point out the mindset shift of working "with" an employer as opposed to "for" an employer as a way to deal with the movement of hiring contractors and not full time employees. This I believe has been a game changer in the world of employment.
Entrepreneur in the HR field l Keynote Speaker l Finding the Fabulous in everything I do 💫
7yGreat article... thanks for sharing.
Monitoring & Evaluation Specialist
8yGreat article! I identify with your example.
Visionary Executive Leader | Driving Positive Progress & Operational Excellence | Expert in Turnaround & Restructuring Strategies “Opinions expressed are solely my own & do not express views or opinions of my employer”
8yThanks for the article J.T... you nailed it "We know we should be grateful to have the job, but we can't get rid of the nagging feeling that our career isn't within our control. It feels like we are accepting a bribe - there is something unsettling about the situation, but we feel powerless to change it. Sound familiar?"
Experienced R&D Specialist, R&D Consultant, Quality Control, Lead Generation, Entrepreneur and Investor
8yThank you J.T. This is exactly my situation. I wish for myself to be happy while perusing my next career path, either it is temporary, short term or long term. I am willing to invest in coaching/advising sessions to help me take the right decision. I do not feel comfortable with jumping again in the same environment that made me so unhappy, especially that a lot of things in the organization are so vague to me at this time. I could not access any of the coaching from Careerlism even though I paid the $45 and lately did not have access to your web seminars during the day.