Salary is just one factor when taking new employment; discover what else to consider when making a career move.

Perhaps the biggest employment trend in 2023 is the sky-high number of workers seeking a new job. More than half of workers are looking for new a position, according to the Bankrate 2023 job seeker survey. If you’re among the one in two workers desiring new employment with better pay, balance and benefits, here are financial considerations to help you make a solid choice.

Does the pay schedule change?

If you’re used to getting paid weekly—or even daily—switching to a job where paychecks are issued biweekly is a big adjustment. Use a savings account to set aside enough money to cover expenses as you adapt to a new pay schedule.

How will changing jobs affect your health insurance?

Those with robust health and few, if any, medical needs might accept lower health insurance coverage without problem. However, if you or one of your dependents has significant health concerns, it’s important to know what’s covered with a new job’s health plan before changing jobs.

If you plan to keep your existing employer’s health insurance through COBRA, ask what the premium will be. It will likely be significantly higher than what you pay now since your employer will no longer subsidize this benefit.

If COBRA is too expensive, consider health insurance from HealthCare.gov or a spouse’s or parent’s plans. Adults under age 26 may be eligible under a parent’s plan.

What will you do with your retirement account?

Job changers have important decisions to make about retirement accounts like 401(k)s . Leave the money with the employer? Roll it over to a new plan? Convert it to a Roth IRA? Cash it out? This guide from Investopedia can you help decide wisely. Also, you can get individualized guidance on investment planning from advisors at Consumers.

Remember, if you take money out of your retirement account, you’ll owe taxes as well as penalties, and miss out on opportunities for compounding earnings.

Do you lose any bonuses if you leave now?

If your compensation plan offers a bonus find out the payout date. According to Forbes, it’s best to wait until a bonus is paid and the deposit has cleared your bank account before turning in your resignation. There’s no federal law that mandates employers pay employees or allow employees to work during a two-week notice period.

How does your departure date affect any stock options?

Stock options are a limited time offer. In most cases, employee stock options expire within 90 days of leaving a company. If you don’t use them, you lose them. If you’re planning to exercise stock options, act before the options expire.

Will the new job develop marketable skills?

When deciding to take a new job, consider how it will develop your skills. Does the new employer offer training or tuition reimbursement? Investing in your own skillset is always worthwhile and can make you a more attractive candidate for your next job – within or outside the company.

What’s the cost of commuting?

Millions of Americans work remotely from home or other places of their choosing, eliminating the expenses of daily transportation, parking, meals while at work, and an office-appropriate wardrobe. If a new job requires in-office time, will the salary cover all your work-related expenses?

Is travel required?

Many folks love being on the move and seeing other cities. However, if you have pets or children, factor in the cost of their care while you’re away from home.

If you’re looking for a new job, we invite you to consider Consumers. Check out our career opportunities.

 

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