top of page

What To Do When Changing Jobs?



The job-change mistakes are by far the ones most commonly cited by the search consultants; the themes are echoed in the HR heads’ survey comments and in the executives’ stories about their best and worst decisions.


Switching careers at any age can be intimidating. If you're going to change careers, your 20s and 30 are the best time. Study online to gain fresh knowledge and help yourself get closer to realising new career goals.


Here are some of the Job Change Checklist



1. Carefully Read Your New Job Offer


Receiving a job offer is an exciting part of the job search process. How you respond to a job offer is a step that you should approach with care, professionalism and respect. Carefully consider how to accept or decline a job offer so you can positively begin your new employment or maintain a positive relationship with a business contact.



The biggest giveaway is the email address that the job offer has been sent from. If it's been sent from a free e-mail account like 'google.com or hotmail.com' then you should know that it's fake.


A job offer letter includes:

  • General details like the company's letterhead, employee name, location, etc.

  • Reporting structure.

  • Designation and work profile.

  • Salary and remuneration.

  • Policies.

  • Perks and benefits.


2. Evaluate Your Current and Future Financial Situation.


As soon as you decide or know that you’ll be changing jobs, make an effort to save more money. You may have to endure an extended period without income, depending on when you receive your last paycheck at your old job and your first one at your new job.


Evaluating your financial situation


1.Do you have a low amount of debt relative to your income?

2. Do you have enough savings to cover an unexpected expense or emergency?

3.Are you on track with your retirement contributions?

4. Do you have a low amount of debt relative to your income?se or emergency?


3. Review Your New Salary and Compensation Package


When you have an offer in hand, it’s time to consider the entire package. If the proposed salary is not what you expected, examine the benefits and perks. A top-notch package may make a lower salary more palatable. Or, if the perks aren’t what you were expecting, you may be able to negotiate certain items.


Depending on your circumstances, you may also want to consider questions like these:

  • What are the out-of-pocket costs for benefits such as health insurance?

  • What level of coverage is there for dental and vision insurance?

  • Does the company offer employees the opportunity to buy its shares? If so, is there a discount?

  • If you’re in a same-sex or domestic partnership, is your partner eligible?

  • At what intervals will your performance and salary be reviewed?

  • What career development programs will you have access to?

4. Consider Your Retirement Account Options


1. Retirement Accounts with Your Old Employer


  • Once you leave a job, you and your former employer stop contributing to your retirement account with that firm, and you will likely have options for how to keep those funds. You may be able to move the account from one employer to another, keep it where it is, or simply roll it over into a traditional IRA or a Roth IRA. Choosing a direct rollover option, which is when your 401(k) provider sends the account funds directly to your IRA provider, alleviates the possibility of forgetting to deposit the cash into your IRA within the set time frame guidelines from the IRA and incurring penalties. Review the options for making the various moves, as some may generate penalties and taxable events. Taking the plan in cash before you are eligible may result in an additional tax and could push you into a higher tax bracket.


  • Consider your choices carefully by keeping in mind the flexibility of investment options and allocations, fees, expenses, distribution requirements, and tax treatment.



2. Retirement Accounts with Your New Employer


  • Understand your new employment retirement plans and options. Does it offer an employer match or profit sharing? What are the investment options available as well as the associated expenses? Employer matches for retirement plans can help grow your retirement plan at a quicker rate. Some employer matches have a vesting schedule. Make sure you are saving enough to get the maximum employer match.


5. Develop and execute your plan.


Execution is taking an idea and actually making it happen. The execution of a plan is when you put it into effect, like the execution on the field of a football team's game plan. It can also mean the style in which a project is carried out, like a ballet's creative execution.




How to execute an effective plan

  1. Gather information. Before you can begin developing a successful plan, you need to make sure you have all the information necessary.

  2. Identify key resources.

  3. Develop SMART goals.

  4. Create the framework.

  5. Assign tasks.

  6. Establish regular communication.

  7. Track your progress.

  8. Evaluate performance.


Read Free Book Summaries by Execkart.



Read Other Articles








14 views0 comments

Comments


bottom of page