5 Things to Consider Before Changing Jobs

The grass isn’t always greener on the other side.

When faced with the prospect of a potential career change, it may be tempting to make the switch, but first it is important to consider everything about the new job. Here are just a few factors to consider before accepting the offer.

1. Salary

Compensation is often the first thing we consider about a job, but it’s worth mentioning anyways. Will you be making more or less than your current job? If more, is it enough more to outweigh the potential extra work? If less, will you still be able to live your current lifestyle? How often does the company give raises? These are all questions you must ask yourself.

2. Benefits

Benefits, such as health insurance or retirement plans, are very important. Sometimes, an improvement in benefits can even make up for a small dip in salary. Benefits can also include vacation time, flexible working hours, extended maternity leave, or tuition reimbursement.

3. Opportunity for Advancement

Unless you want to be in your new role the rest of your life, you should consider the opportunity for advancement within the new company. How quickly you can climb the corporate latter can drastically impact the other points on this list, such as compensation and benefits.

4. Company Culture

When interviewing with the new company, what was the impression you got of its culture? Does it match your personality and preferences? Did you meet any of your potential coworkers, and what kind of vibes did you get from them? You will spend most of your waking hours in the office; you may as well like it.

5. Impact on Lifestyle

How will your new job impact your lifestyle outside of work? Will you have to work more hours or travel further to the new office, leaving less personal time in your life? You should also think about how the new position aligns with your out-of-office life and long-term goals.

A career change can instantly impact all matters of your personal finances. If you have recently switched jobs, or are considering switching jobs, consider talking to the professional financial advisors at American Investment Planners, LLC.

To schedule an appointment with one of our consultants, please call (516) 932-5130 or email info@americaninvestmentplanners.com.