What To Think About When Moving Jobs
Changing jobs and not sure if you have everything under control? Switching jobs can be a stressful time and definitely a transition, so it’s important to make sure you are on top of everything you need to know and do. So where do you start? Let’s see.
Salary Structure
According to an interesting LinkedIn article, most people leave their jobs due to career advancements and salary increases. While this may be the reason you are leaving your job, you should make sure you understand the full scope of your pay situation, in terms of the pay schedule and type
Workplace Benefits
The benefits at your new job may be different than the ones at your previous job. You may have had a 401(k) and match at your old company and realize that your new one may not. If that’s the case make sure you are aware and content with the circumstances. If you have an old 401(K) from the company you are leaving, make sure to take it with you and consider a rollover to make the most sense.
Also, keep investing in or open a Roth IRA while you switch jobs in case you are unable to contribute to your new company 401(k) for a certain amount of time. Check out our previous blog discussing mistakes to avoid when rolling over a 401(k) to an IRA. In addition to your retirement options, make sure you look at what other financial perks your company offers, such as how your health and medical insurance may change, for the better or worse.
Job Growth
You’re probably moving jobs because you want to advance in your career. No matter the reason, you should always work somewhere you feel you can achieve personal growth and advancement.
Company Culture
Before committing to a new company, do research on the company and make sure you fully understand the culture of that workspace. Company culture is a huge part of being successful at your job, so feeling comfortable with the new team you may be joining is a huge step. Given the unconventional working conventions due to COVID-19, inquire about the future of your company’s work culture, whether that may be returning to in-person or remaining virtual.
While starting a new job may bring an abundance of emotions, it’s important to think through all of your options and do your research. Consider discussing your switch with a financial professional to understand how to make a smooth transition to the next chapter in your life. If you have any questions for us about your current situation, reach out to us at info@shermanwealth.com or schedule a 30-minute appointment here.