7 Reasons You Must Apply for Banking and Finance Positions Now

You’re sitting at home, wondering whether it is worth applying for banking jobs. You’re making more from the government’s silver dollar – the PUA payments. We understand it’s tempting to stay at home. Why go to work every day and be ‘worse off’ than you are now?

Before we explain why you should get back into the world of work, let’s examine just how ‘well off’ you are now that you’re unemployed.

God Bless America’s Unemployed Bankers!

The American Rescue Plan Act, totaling $1.9 trillion, boosts your unemployment by $300 each week on top of the amount you receive from the state. It was signed off by President Biden before the unemployment programs were due to expire on March 14. Other unemployment programs that have been started during the pandemic are continuing. These include:

  • Pandemic Unemployment Assistance
  • Pandemic Emergency Unemployment Compensation (for the long-term unemployed)
  • Mixed Earner Unemployment Compensation (MEUC)

You’ll also receive a tax waiver on the first $10,200 of unemployment benefits you collected in 2020 ($20,400 for married couples if you made less than $150,000 in 2020).

If you earned less than $75,000 last year, you can also claim a $1,400 stimulus check.

It’s like the government wants you to stay unemployed. At least for the period that the payments will cover, which is up to 86 weeks in some states.

You might agree with the government, and be tempted to hold off returning to work. After all, why work for less than you can make from the government’s ‘pay-check’?

Don’t Get Trapped by the Silver Dollar – 7 Reasons to Return to Work Fast

What happens when the money runs out? It may appear to be a long way off, but, if the economy recovers more strongly than is expected, who’s to say that Biden won’t pull back on the purse strings?

Plus, there’s your pride to play for. Not to mention the relentless advance of technology that you’ll need to keep up with to remain relevant for the best banking jobs.

Here are seven reasons you should start looking for re-entry into you banking career now, and not leave your job search until it’s too late.

1.     The Pride of a Paycheck

Let’s start with how you feel. Is sitting at home really what you want to be doing? What example are you setting for your kids to follow?

Working provides a sense of pride. You’ve earned your paycheck. You’re not living on government handouts. Don’t forget your work colleagues, too. That sense of camaraderie and the friendships you have at work. How much do they motivate you? How much do you miss them?

2.     Say Goodbye to In-Work Benefits

Banking jobs provide some of the best in-work benefits available in the American economy. Life insurance, healthcare for you and your family, retirement planning, gym memberships, and so on.

You’ve lost all of this. On average, in-work benefits can be worth a third of your salary. Though the government is throwing greenbacks at you, is it enough to replace all the benefits you have lost through unemployment?

3.     Eventually, The Government Will Stop Paying You

Right now, the government has its arm around you. It’s put a safety net under you. Soon, though, you’ll find that safety net is pulled from underneath you. The river of money will run dry, and the government will push you away.

4.     Turned Down a Job Offer? Lose Your Benefits

Have you been approached, offered your old job back, or turned down a reasonable job offer? You may have said that you’ve done so because of a coronavirus-related reason, and the CARES Act allows you to do this. But it’s also the case that if you turn down work, you could find your unemployment benefits are stopped.

5.     Each Day Out of Work Makes You a Little Less Relevant

The banking and finance industry is constantly evolving. New processes. New regulations. New technology. You may have left a job that required qualification and licensing. Your certification may expire while you’re unemployed.

Each day that you aren’t working makes you a little less relevant for current jobs in banking. Leave it too long, and your resume may not even make it past the pile for immediate rejection.

6.     Employment Gaps Do Not Win Prizes

Employers don’t like inexplicable employment gaps. We’re already witnessing reticence from hiring managers to meet candidates with employment gaps of more than a couple of months. You’ll be questioned why – and if the employing organization had previously advertised roles that you haven’t applied to, it could be a tricky question to answer.

7.     You Can’t Afford to Wait Until the Rush

Can you afford to wait until everyone realizes the government’s money is running dry? Imagine joining a long line of jobseekers. Most of whom have allowed their skills to lapse and have unappealing employment gaps on their resume.

And imagine being in this line of jobseekers, pitted against candidates who have continued in work (whether temporary or full-time), remained up to date with technology and developments in the banking and finance industry, with no inexplicable employment gaps.

Simply put, the longer you leave it to get back into work, the harder it will be to return, and the lower your salary expectations will need to be.

Don’t Be Conned by the Government’s Silver Dollar

We understand that it is tempting to accept the government’s paycheck, but it’s a dangerous habit to fall into. Every day that goes by is a day lost. Our advice is to start serious job searching today. As soon as you finish reading this article.

When we work with our clients, we present them with the best-fit candidates. Right now, that could be you. After a few months of inactivity, it probably won’t be. Don’t leave your job search too late. Do start today – and do so with the backing of staffing specialists in banking and finance. Register with ACG Resources now.