Summary: Delaying job training to save money in the short term is common. What so many people don’t know is that waiting actually costs more money in the long term. If certification training can help advance your career, there is no better time than now to get started.
There is a temptation to treat job training like a ‘check engine’ light, brightly glowing on the dashboard. We see it, we know it is important, but we would rather put off dealing with it until later. Sometimes we avoid it because the potential cost frightens us.
“I’ll take certification training when things slow down,” and “I don’t want to spend the money right now” are two common thoughts people have about job training. The problem is that the right opportunities never seem to present themselves when people think in these terms. But waiting for the right time is a trap.
Waiting may save cash in the short term, but its long-term costs make it more expensive than just buckling down and getting your certifications as quickly as possible. The costs are measured in lost opportunities that ultimately lead to lost wages, fewer promotions, and job dissatisfaction.
Failing to Upskill Equals Less Money
The most immediate cost of putting job training on hold is less money in the paycheck. If your paycheck does not remain static, any raises you get will be minimal. They will account for cost-of-living increases and little more. Another way to think of it is to view your static paycheck as a tax of sorts.
As an IT support specialist, perhaps getting your certification in cybersecurity would boost your annual salary by $10K. Failing to upskill amounts to not earning a significant amount of money you otherwise would have enjoyed. The same goes for the healthcare worker whose paycheck doesn’t grow because she lacks a medical coding certification.
Failing to upskill amounts to paying extra, through lost wages, to stay in your current position. Based on that same $10K scenario, putting off job training by just three years will effectively cost you $30K – far more than you would have paid to earn your certifications.
We can also factor in the cost of having some of that extra money contributed to your retirement fund. Every dollar that doesn’t go into the fund is a dollar that is not earning a return. Additional losses only mount the longer you delay upskilling. So you are really not saving anything.
Failing to Upskill Means Fewer Promotions
Accounting for lost wages is a pretty straightforward numbers game. But what about lost promotions? It is more of an abstract area, but legitimate, nonetheless. When employers promote, they are rewarding employees for knowledge, skills, commitment, and more. But promotions require readiness. You cannot just show up for work and expect to be promoted a few years later. You need to prepare for it.
Imagine a senior position opening in your company. Leadership will undoubtedly look for someone who already has the credentials to step in. Leadership wants someone who is ready to go, not someone who needs to grow into the job.
Unfortunately, far too many employees delay job training until an internal job posting goes up. But it is too late then. Someone else in the company already has the certificates and knowledge. That someone is a person who took the initiative to embrace job training months ago. As for you, a similar promotion might not come around again for a couple of years.
No promotion means no significant increase in pay. It means little to no change in your benefits package. Perhaps you’re saving in the short term, but your inability to climb the ladder will cost you more in the long term.
Failing to Upskill Means More Job Dissatisfaction
Job training is often couched in financial terms. There’s good reason for that, as we have already demonstrated in this post. And yet there is a hidden cost that rarely gets talked about: the cost of job dissatisfaction.
There is a massive emotional cost to staying in a role you have long since outgrown. That role no longer means anything to you. You do not feel as productive as you once did. Little things that would not have bothered you in the past are now huge issues that dog you every day. You’re on the road to burnout.
Going to work when you lack the skills and knowledge to move forward is a grind. It can make you feel you are constantly running on a treadmill that never takes you anywhere. You put in a lot of effort, but do not see any forward movement. The result is:
- You stagnate while your peers move onward and upward.
- You begin feeling insecure, worrying that you are just one young job candidate away from losing your job.
- You more frequently find yourself doing tasks that lack both challenge and reward.
- You end up feeling burned out thanks to a daily routine that always seems to take without offering anything in return.
HR professionals sometimes describe this sort of thing as job fatigue. What is the quickest cure? Upskilling.
Job training designed to increase your real-world skills and knowledge immediately introduces new opportunities. It injects new life and energy into your daily routine. It gives you the confidence to know that you have options.
A Rut Is the True Cost
This whole discussion on delaying job training can be summarized in one simple thought: a rut is the true cost of waiting. The longer you wait to upskill through certification training, the deeper your current rut gets. It could eventually get so deep that there is no way out. Wages and benefits aside, is that any way to spend the remainder of your working career?
Yes, certification training comes at a price. But it is affordable when compared to traditional degree programs. The positive thing is that certification training can pay for itself through higher wages and more promotional opportunities. It is well worth the investment.
We invite you to contact us at (844) 292-8641 to learn more about our training programs. A career counselor is standing by to assist you. If you would like information about a specific course, email us at info@protrain.edu.
FAQs
What is the ‘opportunity cost’ that training providers like ProTrain talk about?
Opportunity cost is the value of what you might lose by choosing a particular path. Choosing to delay job training can cost you salary, benefits, promotions, and job satisfaction.
Is certification training worth the financial investment?
Because certification training is inexpensive compared to college training, it is worthwhile. Most courses pay for themselves in time.
How do I know if the price of a course is reasonable?
The best way to know is to research the salary floor for that certification. How much could you earn as opposed to what you would pay to be certified?
Does delaying training affect my retirement?
Absolutely. Not earning as much as you could also mean not contributing as much as possible to your retirement fund.
Is the cost of waiting still relevant after age 50?
Actually, the cost of waiting goes up with age. The older you are, the less time you have to maximize your earning potential.
