You may have heard recent conversation around “The Great Resignation,” witnessed colleagues change companies, or seen friends pursue new opportunities lately. We are currently experiencing a great shift in the workforce as people leave their current jobs for new positions offering greater flexibility, better pay, or a more positive company culture. If you are considering changing jobs or shifting careers, there are a few things you should consider before handing in your resignation letter.
1. Work from home flexibility: Since the beginning of the COVID-19 pandemic, there has been an increase in the number of employers allowing for employees to work from home full or part time. If you enjoy working from home or the option to, this is an important factor to consider when looking at new opportunities. It could also impact your job opportunities as you may be able to consider employers that are not local to your community.
2. Retirement benefits: Employer-provided benefits is a common consideration, especially as someone looks to change jobs. The benefits provided by an employer can make a huge impact over the long term. An employer’s match to your retirement accounts may not seem like a huge deal, but that 3-5% can add up over multiple decades of employment.
3. Health insurance: Does your current employer offer free or low-premium health insurance? Are you a family with little kids and frequent trips to the doctor? Does your employer match contributions to a Health Savings Account? It is important to consider what kind of plan your current employer offers compared to the plan offered by any potential employers, along with whether your doctors remain in-network on the new plan.
4. Career progression: If you would like to continue moving up in your career, make sure that you articulate that when looking for a new position. Making others aware that you would like to continue growing will allow you and any potential employer to know what it is you are looking for in the future and give you opportunity to understand if growth is important to the company as well.
5. Paid time off: As work-life balance continues to be important to employees and a topic of conversation for employers, we can anticipate continued changes to company policies. Asking about the company’s paid time off policies and understanding what holidays the company observes can give you insight into how the company feels about work-life balance and how many days you can count on having for personal use.
6. Company culture: On average, you are spending 40 or more hours per week working for your employer. You want to like who you are working with given you are around those people for such a large portion of your day. Take time to assess the culture of a potential new company and ensure it aligns with your own core values and beliefs.
If you have questions along the way about how a change in jobs, benefits, or employer may affect your financial plan, please do not hesitate to reach out to a member of your JNBA team.
Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from JNBA Financial Advisors, LLC.
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