Magazines Profile Career Strategies in New Economy

Who couldn't use more time and more money? October's business magazines explain how to get some of each.

In "Fatten Your Paycheck," SmartMoney's October cover story, writers Beverly Goodman and Chris Taylor contend that the chances of getting a big raise -- or a better paying new job -- have increased dramatically.

"For two years after 9/11, all we heard about was corporate layoffs and salary freezes," they write. "Then, even when the economy began to recover this year, we were told it was a 'jobless recovery'." But the labor market is finally heating up, they say, and it's time to renegotiate.

It only stands to reason that companies that eliminated jobs during the recession now need to replace them. And as corporate earnings increase, so will wages. Granted, many companies are still moving cautiously, but some are doing serious hiring -- and boosting pay, at least for top workers.

"You've done the hard work through the recession years: handling increased workloads, boosting productivity and dealing with layoffs all around you. You've proved your worth," they write. But "your boss isn't going to hand you a fat check, and job-switching won't be as easy as it was in the heady days of the late 1990s. You'll need to map out a career plan, know your worth and rejuvenate your negotiating skills."

Their tips: Always work toward your next raise or promotion, document your performance, stay visible when you're out on leaves of absence, volunteer for assignments outside your department and regularly discuss goals with your supervisor.

If you must change jobs to make more, then remember to look at the total offer, not just base salary. Benefits compose at least 28 percent of total compensation costs, so consider health and 401(k) plans, as well as stock options and bonuses.

But what's all the money for if you don't have time to enjoy it? Most people try to strike a healthy balance between work and personal life. Don't bother, writer Keith Hammonds says in Fast Company's October cover story, "Balance is Bunk!" Hammonds explains how to have a life anyway.

"The quest for balance between work and life, as we've come to think of it, isn't just a losing proposition; it's a hurtful, destructive one," he writes. "In the last generation, balance has won huge cultural resonance … That's the point of on-site day care, of breast-feeding rooms, of flextime and telecommuting and take-home dinners from the company cafeteria."

But, Hammond says, the balance movement dooms us to feelings of failure. "While success at work is largely rooted in achievement, success outside of work mostly isn't. Seeking balance, we strive for achievement everywhere, all the time -- and we feel guilty and stressed out when, inevitably, we fall short."

He argues we should embrace imbalance, allowing work and personal life to ebb and flow in importance as different demands require our attention. "Give up on the promise of balance at any point in time. Instead, consider a life and career as a portfolio. Only over time can we really balance a portfolio of diverse experiences."

If shaving a few minutes off your busy day and saving a chunk of change interests you more than embracing a whole new philosophy, then Money magazine offers tips on how to simplify your financial life and conquer common money problems in the October cover story, "Take Charge!"

"The price of disorganization can be far greater than an unsightly desk," Cybele Weisser writes. "Chances are you're paying too many fees, missing tax deductions, lowering your investment returns and undermining your wealth."

For example, if your bills are always late, automate. Most banks offer online bill paying services for free or at little cost. It only takes five minutes to set up the account and three minutes to enter each bill, and you avoid late fees and a last-minute run on your checking account, not to mention bad credit.

Too much telecom is another easily fixed problem. Get a package from one provider for all your telephone, cable and Internet needs. That means one bill to pay and a lower monthly cost for bundled service. If you've never been able to create a budget because you have no idea how much you spend, make all your purchases on one card and look at the monthly statement to see where you can save.

Copyright © 2008 Donald W. Reynolds National Center for Business Journalism