Tuesday, 19 April 2016

7 Reasons why working for free pays

By Imogen Coles

We’re constantly hearing it, “it’s a tough job market out there.” They aren’t wrong. The fact is unemployment and underemployment is at 19.7%, which is an all time high.  That means 1 in 5, or approximately 2.6 Million Australians actively looking for more work. With only 1 job available for every 14 people looking for work, that's only 172,900 job vacancies in Australia - it’s harder than ever to find your dream job.
To make matters worse the job market for many 9-5 traditional corporate roles is shrinking and this trend is predicted to continue, possibly even increase. In addition, we’ve seen no growth in small businesses, which account for more than 4.4 million jobs. That’s half of all jobs. No small business growth translates to stagnation in the job market because it is small fast growing businesses that create the most jobs.
Unfortunately, almost half of small business will fail within the first 3 years of operation because of poor strategic management, inadequate cash flow, or trading losses. Many experienced job seekers could help address these issues in a voluntary, mentorship or internship capacity for a small business or charity.
Here are 7 reasons why volunteering, mentoring or working in an internship pays off:
1.              Increase your employability and upskill - It takes on average at least 38 weeks for a person to find full-time employment and increases to an average of  65 weeks of unemployment for those aged 55 and over. That’s 38 to 65 weeks of learning and development that you could be getting for free to add to your resume. Ever heard the people say, “you’re never more employable than when you’re employed”?
2.              You can try before you buy - An internship, mentorship or volunteer role is a great way to see if a company is the right fit for you before you commit or explore another career avenue. Trail new skills and even learn what it takes start your own business if you have a skill or service that is in demand.   

3.              It’s an investment in your wellbeing - Mental health is one of the major factors affected by long periods of unemployment. An individual is three times more likely to have a mental health condition such as anxiety or depression if they are unemployed long term. Long term is defined as being unemployed for more than a year.

Staying actively involved in your industry with an internship, mentorship or volunteer role will help you avoid this. It’s an investment in your wellbeing. This is particularly relevant to mature workers who face longer periods of unemployment and higher rates of long-term unemployment.
4.              Alternative compensation - Don’t get stuck on the idea that you need to be paid a salary, especially if it’s only short term. Negotiate equivalent alternative types of compensation with the small business or charity for your time. Compensation in forms other than money, might include exchanging or bartering skills, products or services; performance based or commission based pay as well as negotiating referrals and introductions to new key people or networks.

5.              You’ll expand your network - Volunteering, interning and mentoring are great opportunities for skills-based networking. Rather than telling someone your value this demonstrates and proves your value. Focus on being generous when expanding and connecting with an entirely new network of professionals.

6.              Pay it forward - Sharing your skills to help a small business or charity grow will not only help to build the organisation's ability to succeed but will also boost the economy and subsequently create jobs that weren’t there previously. More jobs mean more opportunities for everyone, we are all in this together.
7.              Create your own dream job - Can’t find the role you want? Take charge of your career and create that role. There may not be an opening currently, but they could be open to creating one. Through interning, mentoring or volunteering you will be in a position to create your own dream role as the small business or charity grows.

1 comment:

  1. May be for someone it makes sense to work for free, but there comes a time when you will eventually need money to keep living. If you don’t have any savings, things might get out of order, but with online lending companies you can work for free at least for a certain time period. Australians should look for a good loan from OnlineLoanService - the information online is here by the link. In general, it’s a very convenient way of getting quick cash for a very short period before your paycheck comes or you’ll have profits in business.