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Two Useful Calculators for Employers and Job Seekers

Posted by Insightlink on 01/13/16

Cost of Living Comparisons

One of the biggest barriers to job mobililty in the last few years was a direct result of the real estate market crash in 2008. Let's say you lost your job in the big recession and after months of searching, you finally got a great job offer in your industry but that job was across the country in a new city. Fantastic, right? Except the home you bought in 2005 is now worth 30% less than when you bought it and you're underwater on your mortgage. How, under those circumstances, could you have packed up and moved across the country to take that great new job? It wasn't possible and it was a big drag on the recovery.

Thankfully the housing market today is a whole lot healthier than it was 7 years ago, so moving cross-country to take a new job isn't the impossible task it was back then. But there are still big questions that you have to consider. Even if that new job offers a higher salary, the cost of living varies substantially from city-to-city in the U.S. Living in San Francisco, for example, is a whole lot more expensive than living in Boise. Will that great new salary still allow you to maintain a comfortable lifestyle or will you be struggling to keep up? That's where the MoneyGeek Cost of Living Calculator can help.

This handy calculator can help you make these big life decisions. The tool answers all sorts of different questions, whether you're moving, changing (or starting) careers or simply exploring the data such as: 

  • How expensive is it to live in other cities compared to mine? Will I spend more or less on housing or transportation costs?
  • How much do I need to earn to maintain my current standard of living in other cities?
  • What do other people with my job title make in other cities? Is there strong growth in those types of jobs in recent years?

We know there are lots of cost of living calculators out there - we like this one because it includes comparisons of up to 4 cities side-by-side, job salary information, population insights, and easy-to-understand visuals.

Employee Turnover

On the flip side, because of the improved housing market and overall better economy, it looks like employers are going to have to start worrying about higher employee turnover again. For the past 7 years or so, employee retention issues haven't been a big focus for most employers. Most of us felt lucky to have a job! But as unemployment drops below 5% and salaries begin to creep higher after years of stagnation, employees are increasingly looking to switch jobs.

This could become a big problem for HR in 2016 and beyond. As an employer, do you really have a handle on what employee turnover costs you? Depending on the skill and seniority of the lost employee, replacing them could cost you a bundle. Check out this Turnover Cost Calculator which can give you some crucial insight into how much turnover really costs and why it might be time to start thinking about employee retention strategies now!



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