Money Talks, So Should You

Q&A: What should I consider when changing jobs?

Deidra Fulton
by Deidra Fulton, The Garrett Network  (@DeidraFulton)

Of course, what you will earn is probably the first consideration. Yet you will also want to consider several additional factors beyond income. Think of these in terms of three broad categories: company, personal and pay/benefits.

As key parts of your company research, consider its overall financial stability and realistic growth prospects. Are the company’s revenues consistently growing? Do the products or services have strong demand? Or is the company in a declining field? Of course, the workplace location and its proximity to your home will be another consideration. Lastly, does the company offer telecommuting possibilities?

As for the personal aspects, will the position be one that’s appropriate for your education level and technical skills? Do you enjoy performing the primary duties of the position? Will the job offer have growth opportunities to help you further develop your skills? Will you be eligible for any employer-paid educational programs? And lastly, what is the realistic advancement potential?

READ: Polishing up your resumé

Also, inquire why the position is open. Is this a new position prompted by growth? Is it because the former worker in that position moved? Does the position have a history of high turnover? Also consider the workplace environment and how you might enjoy working with your co-workers and manager.

In thinking about pay and benefits, consider whether they are appropriate for the position and responsibilities. What is the frequency potential for raises? Does the position offer a bonus or profit sharing potential? What range of benefits is available? Are any of the benefits paid in whole or in part by the company? You’ll also want to learn whether it has a 401(k) plan, including a company match, and whether a pension plan is available.

Look carefully at the presence of any group health coverage, especially if you or a family member has a serious health condition at present, including pregnancy. You’ll want to be certain that any employment change would not leave you or the family member without important health insurance coverage.

READ: How to choose the right job

In addition, consider how the duties of the position and hours required may fit with any family responsibilities.

Lastly, don’t overlook what leaving your present job may mean. Would you be leaving behind a potential bonus or deferred compensation? If so, does the new position offer distinct advantages to offset those?

Thinking about the broad realm of factors as you consider making a job change will help you reach the best decision. Good luck in your evaluation!

 

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Deidra Fulton, a CERTIFIED FINANCIAL PLANNER™ professional, is the founder and president of Fulton Financial Planning, Inc., a financial planning and registered investment advisory firm. She is a fee-only financial advisor serving clients from all walks of life in the North Texas area.