Consider all options before changing careers

Email inboxes are becoming systematically less cluttered as many of us start looking forward to a well-deserved break.

While some may be daydreaming about surf and sun others may be taking to opportunity to consider their career paths.

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Have you grown restless within your current position?

Perhaps difficult work relationships and micro-managing have reached fever pitch.

On the other end of the scale, you may have been presented with new challenges, opportunities to earn more, upskill and build your professional repertoire.

Changing jobs is a decision that should not be taken lightly as the impact may go beyond the lure of a higher salary.

“Before submitting your resignation it is vital that you do your homework and consider factors such as your prospective new employer’s work benefits, potential workload and skills development opportunities,” said Shafeeka Anthony, marketing manager at JustMoney.co.za, a website aimed at educating the South African workforce about making wise money choices.

“You may be enticed by a higher salary, but keep in mind that this could entail moving into a higher tax bracket, a longer commute or less downtime with family and friends.”

JustMoney offers the following tips to consider:

• Timing: Use the upcoming break to regain perspective and assess the reasons for your dissatisfaction within your current working environment. It will be easier to decide when you are relaxed.

• Goals: Consider your long-term personal and career goals to determine if the new job aligns with these. Consult a mentor or trusted adviser to make an informed decision.

• Current contract: Review the fine print in your current employment contract. Take into account restrictions such as restraint-of-trade agreements barring you from working for a competing company or current customers, for a prescribed period.

• Company benefits: Review the overall compensation package on offer, including medical aid, retirement benefits, bonuses, company shares and perks. It’s advisable to consult a financial planner when making this assessment.

• Corporate culture: Research your prospective employer’s culture. Search for information on the company website, read media articles and check social media reviews.

• Tax implications: Consult a tax professional to ensure you are up to date with tax laws, particularly if you’re considering moving abroad.

• Work-life balance: Evaluate the expected workload and work hours. How will longer hours and extensive travel affect your personal life?

• Professional development: What new skills and experiences do you stand to gain? Does the company fund or reimburse further studies?

• Job security: How stable is the new company and sector in which it operates?

• Emergency fund: Ensure you can cover your living expenses for at least three months. You may incur unexpected costs, it may not meet your expectations, or you could be retrenched.

“Taking the time to review these factors carefully will help you make a well-informed decision that aligns with your long-term financial goals and overall well-being,” said Anthony.

“You should then stand a greater chance of improving your standard of living, with fewer drawbacks.”
Finally, Anthony advises those leaving their current employer for greener pastures, to not cash in their retirement fund.

“Transfer your pay-out to a retirement annuity, your new company’s fund, or a preservation fund.”

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