One thing we all know is that change is hard. Yet, I feel like most of the time when we are presented with a job change, we jump at the opportunity. The majority of the time you get a pay change, or you get better benefits or maybe it is closer to home. My last job change I accepted a job for $100 more per year in salary, but it was 20 minutes from my home instead of an hour 20 minutes to 2 hours each way five days per week.
What else to consider?
When you are looking at changing jobs, money talks, but there are things that we need to consider besides how green our paycheck is. Consider the benefits options, a big thing now if for companies to 100% pay the premiums on your health insurance, if you don’t have that where you are that is more money in your pocket. Look at what other perks they give you, do they pay for long-term and short-term disability. Do they match dollar for dollar your 401k or 403b? Is it hybrid, remote, work from home? I have weighed options recently and where I currently work our insurance costs are beyond high so I am on my spouses plan and my current job does not match or contribute to my retirement fund and I am in office. So, if I find a job that will pay my insurance premiums 100% and match dollar for dollar my retirement contribution and I am at least hybrid, but pay me the exact same dollar amount as I get now, I am getting paid more.
How is this a pay increase?
When my spouse can remove me from insurance coverage, we will see an increase in pay. Although it isn’t coming from me, it takes the insurance premium that was being paid to cover me and puts that back in our bank account each pay period, giving us more money for expenses and things. There are more ways to grow bucks than just getting paid more; be sure to look at the whole package and not just the paycheck contribution.
Worst Case Scenario
My thoughts do not apply to if something unethical, immoral or illegal is happening. In cases like this, it is best to take care of yourself. In some instances, you may have to stay and go through it if you do not have the financial means to support yourself. If you do have a backup plan such as a different job opportunity, a good emergency fund and/or savings, then you have to weigh what is in your best interest to protect yourself.