Today’s post is Part 3 of a Post Inspired by a Client who got in touch with me to get some advice on a possible job/career change. Here is my advice to this client.
Now that you have made the Decision to Make a Career/Job Change
…It is important that you keep your finances on track so that you don’t compromise your financial wellness. You have to answer the following questions to keep your finances on track?
Career/Job Change Decision-Making Inventory – Part 3
1. Have you discussed in detail your benefits package?
2. Is medical aid offered?
3. Have you discussed the annual and sick leave policy?
4. Have you discussed the maternity leave or paternity leave?
5. Have you discussed how performance and salary reviews work?
6. Will you owe any monies on your current medical aid?
7. Are group life, critical illness and disability insurance offered?
8. Can you transfer group life, critical illness and disability insurance into your own policies?
9. Is a retirement fund offered?
· What are your contribution options?
· What are the new employer’s contribution options?
· What are the investment choices?
10. How are you going to preserve your accumulated retirement fund savings?
· Frankly Speaking, you will be tempted to “cash in”, however if you do, this a very poor decision that will not keep your finances on track and will significantly harm your retirement preparedness.
11. What compensation are you entitled to, including back pay and leave days?
12. Do you have a study bursary that will require you to repay your employer?
13. Do you have a loan that you will need to pay back in full to your current employer?
14. Will your job/career change affect your shares/ share options with your current employer?
15. Will your job/career change affect your outstanding performance bonus with your current employer? Will the company pay a signing bonus in lieu of this?
16. Have you discussed how performance bonuses, share options or profit sharing work? Are you eligible? What do you have to do to become eligible?
17. Will you get a salary increase?
18. Will the new employer pay relocation expenses?
19. Have you updated your budget to reflect changes in income and expenses?
20. If the job requires travel, what is the company policy regarding reimbursable expenses?
What do you think about this advice? What factors have you considered in your past career/job changes?