So, is overtime worth it? Is working overtime worth all of the extra hours, work, and stressors that comes with it? Well, it depends on what you think you will personally or professionally get out of working overtime.
Are you working overtime for the benefit of yourself or the company? Working overtime can end up being beneficial for your career. However, you must have a plan – working overtime for its own sake may not be the best strategy.
If you don’t take a strategic approach to working overtime you could end up harming your professional reputation, make less money, and perhaps needing a new job.
Is Working Overtime Worth It? (The Money)
Are you working overtime to make more money? Working overtime to make more money may actually be a counterintuitive strategy.
Unless you are a government employee or work for a private employer that pays such rates, you may not make a lot of money working overtime.
The typical government employee makes time-and-a-half when they work overtime. Unless your employer pays similar rates, you won’t make that much.
You also need to keep in mind that your employer dictates how much overtime that you will work. Businesses have profit margins, so your employer is not likely to offer enough overtime hours to make you rich.
The typical full-time work week is 40 hours. And the average American salary is $48,700. So, the average American takes home a $936 paycheck. And if you are making at least $50,000 annually, you are making about $23 per hour, depending on your tax bracket.
The average American only works about 3 overtime work hours each week. So, that amounts to 12 overtime hours a month or 144 overtime hours annually.
Assuming your employers allows you to work 144 overtime hours annually, then you gain $3,300 extra dollar annually. So, is overtime worth it for an extra $3,300?
Remember – in this pandemic wrecked economy, fewer people are making $48,700 annually.
Career Considerations
Is overtime worth it to improve your professional standing?
Man of Steel is a very flawed film, but it has a quote I think of often. Almost every act on Earth is a political act, whether we are aware of it or not, which is a paraphrased version of the quote.
And I am not referencing traditional American politics. I am talking about office politics. When it comes to office politics you need to be seen, credited, known, and make the right connections to get ahead professionally.
Does your boss or direct supervisor know about your work contributions? Are you keeping a paper or digital trail of your work accomplishments and overtime work record?
You must have a keen understanding of how your office politics work to get ahead via working overtime. And your overtime hours should be executed in a strategic and publicly visible way that helps improve your professional standing.
And who knows? If you work overtime, and are seen by the right people, and are duly credited, you may end up with a promotion and more money.
Still, all of this can be naught. Working overtime can be a very counterproductive endeavor.
Stress
Is overtime worth it? It may depend on how much stress you can handle.
Working 60 or more hours a week can create intense feelings of stress. Scientific studies are being conducted on the topic.
Not all people are mentally conditioned to work more hours in a week than they are used to working. Stress will make you irritable, adversely affect your health, and could affect your work output.
Health Problems
If you work in a sedentary setting where you are sitting throughout your workday, working overtime can create several health problems.
You can become obese, develop cardiovascular disease, high blood pressure, develop anxiety, and potentially become depressed.
Sitting for 8+ hours every day can compress the blood vessels in your legs and cause a lot of health problems later on in life.
Is overtime worth it? Working overtime may not be worth it if you develop health problems that you didn’t have beforehand.
Loss of Personal Time
How much free time do you have to spend with your partner or family? If you work more overtime hours, you will have even less time to spend with them.
Do you have hobbies that you want to pursue? It’s hard to travel internationally now due to the pandemic, but are there domestic destinations you want to visit?
You need to work to live, but your entire life can’t be about working. If you spend all of your time working without regard for your personal life, what will be the purpose of life?
Circadian Rhythms and Decreased Work Productivity
Your circadian rhythm is another phrase referencing your biological clock. Every person has a biological internal setting where they have to get a certain amount of sleep every day they function.
For example, some people need to get at least six to seven hours of sleep every day to work productively. If you work overtime, you may need to sacrifice precious sleep time preparing and commuting.
One scientific study shows that people who work 60+ a week experience a 25% decline in work productivity.
Decreased work productivity means that you could be falling asleep on the job, intensely lose focus, or get foggy-headed when performing basic tasks.
In other words, the more that you work and the less that you sleep, the less productive you will be on the job.
Is Overtime Worth It?
Think about why you would want to work overtime before agreeing to do so.
What will you get out of working overtime? Will it improve your professional standing? Or will you make more money?
Make sure that you have a realistic plan for overtime work that results in appreciable benefits for yourself.
Otherwise, working overtime could do more harm than good.
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Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.