From offices – both corporate and home – people just like you are staring out the window with one question in mind.
“Is this job REALLY right for me?”
Maybe it’s a bad boss, a bad culture, or maybe it doesn’t offer the right work-life balance, but a record number of people are quitting their jobs in search of greener pastures.
This mass exodus, dubbed “The Great Resignation,” had 2.7% of the U.S. workforce quit in April and another 2.9% exit in August, according to the U.S. Department of Labor.
A survey of 31,000 workers in 31 countries by Microsoft found that 41% are considering changing jobs.
The Great Resignation is real. From Portland, Maine, to Portland, Oregon, job candidates are searching for employers that are the right fit for them both culturally and financially.
But before you start packing your desk and strolling down to Human Resources, here are a few things to consider when you are considering changing jobs.
- What does the benefits package look like? A big salary increase can be incredibly enticing, but you need to look more closely and ask the right questions as you negotiate:
- What is your 401(k)-matching policy?
- How do health benefits compare to my last job?
- Do I have access to stock options?
- Promotions require questions too. A new job doesn’t necessarily require you to change employers. In fact, a great offer from a new employer could present you with bargaining leverage to get a promotion. Still, you need to be prepared with the right questions:
- Will this new salary include a bonus?
- Will I have access to non-qualified benefits (executive bonus plans)?
- Is this bonus based on my performance or the company’s performance?
- Are there perks, like a parking spot or executive gym access?
- Relocation. Making a big move in your career might require you to make a big move in your address and that is a big decision. Any change of address comes with its own set of questions:
- Is there a relocation budget?
- How will a cost-of-living change impact my personal budget?
- Is this move temporary or permanent?
- Am I guaranteed a position with the company if I decide I want to move back?
- Working from home. The pandemic has erased the stigma of people working from home. In an effort for more work-life balance, a larger number of employers are offering work-from-home allowances. According to Global Workplace Analytics, 25% to 30% of the workforce nationally will work from home for several days a week by the end of this year. If your career change means working from your home office, here are some questions to ask:
- Will my employer pay for technology, including computer, WiFi and phone?
- If not, can I write off certain costs?
- How will this shift impact my personal budget? (Transportation costs, etc.)
Changing jobs can be overwhelming. As you weigh everything, this is a good time to connect with a CPA or your financial advisor. A new job, with a new salary, and potentially in a new city, could have serious tax consequences. It is important to ask questions and consider everything before making a big career move.
Stephen Carrigg is the Director of Investment Analysis, Private Wealth Advisor at Integrated Partners. Send him an email at email@example.com