Is Now the Right Time to Job Hop? 5 Things to Look for

iQuanti: Whether you're looking in the same career field or are ready to switch to a new industry entirely, there's a lot to consider before you take the leap to a new job. And while it may not ever be the perfect time to make a move, certain key indicators can let you know when switching jobs is a good decision.  

Here are five things to look for if you're contemplating a job hop.  

Desirable Salary  

When people change jobs, they're often looking to increase their salary as a result. And while salary certainly isn't the only consideration for a new role, it's a significant contributing factor that can make or break a move.  

If you're looking for a comparable position, a salary bump of around 10-20% of what you currently make is reasonable. But if you're applying for senior positions or a more skilled role, feel free to go for more. Never fear the salary negotiation, the worst the new job can say is no. 

Great Benefits Package  

More money in your base salary is great, but it's important to review a potential job from the perspective of total compensation. A company's total compensation offering may include a retirement plan (with or without a match), stock options, and employer-subsidized insurance options like health insurance or life insurance

As you assess the non-salary benefits, it can be helpful to assign a dollar value for each one. For example, figure out how much a term life insurance plan would cost to purchase on your own. Then, add up the amount of all supplemental benefits and combine it with the base salary to determine your actual total compensation. 

Work/Life Balance  

Striking the elusive work/life balance is especially important when you're looking to job hop. Keep in mind that the balance includes things like commute time and expectations for responses in non-working hours. 

A new job may require 40 hours at your desk, but with commute time and answering email after hours, you could be looking at 50+ hours and far less balance than you currently have. 

Room for Growth  

It's a natural human desire to want to grow at a company and take on more responsibility over time. But the reality is some companies allow for more rapid advancement and a clearer path for growth than others. 

As you scan job openings, look for key terms like "room for advancement." Then, ask questions during the interview process to clarify how rapidly others in the role have advanced and where they are now.  

Continuing Education  

While it's important to grow in your role at a new company, it's also critical to continue learning and developing as an individual. Look for companies that offer continuing education as part of the job description. 

Some companies reimburse their employees for job-specific courses, while others may provide a yearly stipend to attend conferences. Be sure to clarify any allowances for continuing education and ask other employees how they use the money to make sure the benefit is actually used. 

The Bottom Line  

Deciding to job hop always comes with some risk. But if the pros of moving to a new job outweigh the cons, making a move can be smart. Be sure to consider the total compensation package, not just the new job's salary. Then, factor in elements like work/life balance, room for growth, and continuing education to make sure you're moving into a role that will keep on working for you in the future. 

Source: iQuanti, Inc.

Share:


Categories: Career Planning

Tags: Career Planning, Financial Services, Insurance, Personal Finance