I’m sure you have heard the expression, “The grass is always greener on the other side.” Well, this saying definitely holds true for your career as well. As workers mull through the day-to-day grind of work, they begin to wonder if there is anything else for them at another company. Most times, there are opportunities elsewhere, but how do you know if you should take them or not? What types of things should you consider? Here is a quick list to help you make the best decision.
1) Living Costs – If your potential new job would mean relocation, then you must consider the living costs of your new area. I once had a friend who moved from the cheap Midwest and took a job that seemed to pay a ton of money in California. As it turns out, Cali is expensive (as most of us know – apparently he didn’t) and he probably would have earned more money had he stayed in the Midwest and took a lower paying job!
2) Work Hours – How many hours are you working in your current job? If you are a salaried employee but do not work much more than 40 hours per week, then consider yourself fortunate. Your next job will likely not be so relaxed and will have you working at least 50, if not 60 hours per week!
3) Work Atmosphere – Do you like the group of people you work with? This makes a huge difference since you spend at least 8 hours a day at the workplace. If, when you interview with another company, you get a bad feel for the other employees, then you might just want to turn down that job. Otherwise, you may soon be looking for the next job.
4) Insurance Costs – You might not think about it right away, but insurance costs can be a huge factor if you’re thinking about switching jobs. If you only have to pay $20 per paycheck now but will have to pay $150 per paycheck at the new company, you will definitely notice a reduction in pay!
5) The 401k Match – Do you currently contribute to your 401k (if not, what are you waiting for?!)? If your company contributes 10% (through matches, bonuses, and other contributions) and the new company would only pay 3%, then this might mean a difference of a million bucks in 30 years. Don’t take your 401k match for granted.
6) Other Benefits – There are some companies that promote health and wellness, as well as being green. They will reimburse you some money if you buy a bicycle or a fuel efficient car, and will often pay you money for participating in local runs. If your current company pays out quite a few of these benefits, then be cautious about moving to that new company.
7) Salary – Of course, if you are going to switch jobs, you should also look at your new salary. It should definitely not pay out less money (unless the benefits and other factors above are amazing), but it should be enough to get you thinking about making that transition. This would typically mean paying you 10-20% more than you currently earn.
So what do you think? Is your next job worth it?