Temping in today's economic environment

Sunday, May 3, 2009

I just read this story from CNN about a man who landed a temp job after being laid off from a pharmaceutical company. It is a great example of another way that being employed today is like walking on a ledge.

Temp agencies are so great for keeping at least some money coming in, and for the possibilities of gaining full-time work through a job they help to fill. The stress of not knowing whether the job will last or whether you'll have to continue going from one temp position to another is there though, especially knowing that a temp agency is probably the best bet you have these days. Also, there is the added worry of not having 401k, insurance, vacation and sick days - even if a temp's wage is close to what they had before being laid off, the added expenses of being ill brings that wage down even more.

In this story, the writer finds all sorts of advice for Mr. Clay about how to make an impression at the office so his chances of being hired on full time are greater, and they also have an interesting bit about how much money a temp worker needs to have in savings. Contract workers need 12 months of living expenses banked, says Orr. Even if Carl gets a job with AstraZeneca, he'd need three months' expenses by January to cover that 90-day furlough.

I have heard that everyone should have anywhere from three months to six months of savings in case of a job loss - one year? That makes the most sense, but how many people have that much in a savings account? How can you build up that kind of savings (or something close) in as short of time as possible, just in case?

Are you able to stash a little money from time to time to build a safety net for yourself and your family? If so, how do you do it?

by Still Employed at 6:50 PM  |