RECOMMENDATIONS FOR THE UNEMPLOYED FROM WEALTHY BUSINESS OWNERS
While the unemployment rate continues to hover just below 8 percent, research with wealthy Business Owners may highlight some of the attitudes this influential group have regarding the unemployed. Overall 11 percent of those households with over $5 million of net worth are represented by Business Owners and that percentage increases as net worth increases.
It is important to understand that 98 percent of wealthy households believe they achieved their wealth through Hard Work. Fifty three percent of Business Owners indicate that Running their own Business attributed to their success. Therefore, their perceptions of anyone they might employ or interview are influenced by these values.
According to research conducted by Spectrem Group with 500 investors with more than $5 million of net worth conducted in the first quarter of 2013, sixty eight percent of Business Owners believe that the unemployed should be willing to take a lesser position than they are used to. Almost the same percentage (65 percent) believes that unemployment should be treated as a full time job. The unemployed should be dedicating all of their time to finding a new job. Failure to commit to the job search might be seen as a negative to a potential employer.
At the same time that one is looking for a job, however, rich Business Owners believe that part time employment is appropriate. Seventy seven percent of Business Owners hold this belief. It’s critical to understand that if an individual is not working in some capacity, as well as dedicating a significant amount of time to their job search, these individuals may not see the applicant as “hard-working”. Sitting around while waiting to find a job is adverse to their core values and a negative to a job seeker.
Three quarters of Business Owners believe that the unemployed should also invest in additional training and education while unemployed. While Hard Work is the most important factor the wealthy entrepreneurs identify as a factor in their success, Education is the second most important factor.
Bottom line….if you are unemployed, you should be spending all of your time looking for a job, working part-time and educating yourself. Those are the attributes that will place you ahead of other job applicants in the eyes of successful Business Owners.
Business Owners, unlike Senior Corporate Executives, believe that corporate America should do more to relieve the strains of the unemployed, at 36 percent compared to 9 percent. How can one interpret these attitudes? Maybe job seekers should be focusing on smaller corporations in which the owner is still involved in the operations. These individuals may be more conducive to considering the unemployed, especially if the entrepreneurial Business Owner is involved.
Unemployed individuals would be smart to consider how potential employers perceive their actions and behaviors. Business Owners believe they have worked hard and may be open to hiring someone who exhibits similar values through their actions not just their words.
Catherine S. McBreen is President of Millionaire Corner. McBreen plans and develops content for Millionaire Corner. Catherine balances editorial content to meet the informational needs of both new and seasoned investors. She designs special monthly surveys on topical issues affecting the economic environment.
McBreen has a B.S. in speech communications from Northwestern University and a J.D. from DePail University College of Law. She is a member of the American Bar Association, the Illinois Bar Association, and the Chicago Bar Association.
Well-known for her expertise in the affluent and retirement arenas, McBreen is a frequent speaker at industry conferences. She has been quoted widely by the financial media, including The Financial Times, The Wall Street Journal, Research, Private Asset Management, On Wall Street, Reuters, Bloomberg News, The Dow Jones Newswires and Worth. Cathy has appeared as a guest on CNBC Closing Bell, First Business Morning News, Neal Cavuto at Fox Business News, ABC and CBS radio.
McBreen is co-author with Spectrem President George H. Walper, Jr. of the book "Get Rich, Stay Rich, Pass It On: The Wealth-Accumulation Secrets of America's Richest Families" (Portfolio, January 2008)
Catherine is the mother of four and is involved in many school and community events.