Early Career 9 Factors to Consider Before Changing Jobs Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on Tumblr (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Zina Kumok Modified May 11, 2022 5 min read Advertising Disclosure The views expressed on this blog are those of the bloggers, and not necessarily those of Intuit. Third-party blogger may have received compensation for their time and services. Click here to read full disclosure on third-party bloggers. This blog does not provide legal, financial, accounting or tax advice. The content on this blog is "as is" and carries no warranties. Intuit does not warrant or guarantee the accuracy, reliability, and completeness of the content on this blog. After 20 days, comments are closed on posts. Intuit may, but has no obligation to, monitor comments. Comments that include profanity or abusive language will not be posted. Click here to read full Terms of Service. Save more, spend smarter, and make your money go further Sign up for Free Sometimes, the grass really is greener on the other side. Sometimes, it’s just more of the same. So when it comes to leaving your current job for a new one, how can you tell beforehand if the opportunity is really worth it? While there’s always going to be risk involved when changing employers, you can make a more confident choice by considering some key factors. Here are the most important variables to take into account before changing jobs. Work-from-Home Flexibility As the Covid-19 pandemic has shown, many employees can work from home just as efficiently as they would at the office. While some companies have vowed to continue letting people partially or permanently work from home, others have steadfastly refused to make working from home the new normal. If you prefer a more flexible schedule because of family commitments, chronic health problems, or any other reasons, work-from-home flexibility should be a high priority. Health Insurance Health insurance is one of the most important factors to consider. A company that pays your premiums is essentially giving you hundreds of dollars in benefits every month. Ask about the health insurance coverage before you accept a new position, specifically how much the monthly premiums will cost. Many small businesses are not required to provide coverage for their employees. If you’re applying to work at a small company, inquire about health insurance early on. If the company does not provide coverage, you’ll have to buy a policy from the HealthCare Marketplace, where you’ll be 100% responsible for the premiums. Paid Time Off Paid time off is another major consideration to take into account before leaving one company for another. If your employer has a generous vacation policy, you may be surprised to find out that other companies are more strict. Paid time off includes vacation days, sick days, holidays, and parental leave. If you plan to have kids soon, examine your company’s maternity leave policy so you can compare it to prospective employers. Retirement Contributions and Stock Options If you currently receive matching 401(k) contributions from your employer, double-check the vesting schedule of your new job. The vesting schedule outlines how quickly you’ll earn 100% of the employer contributions. Many employers have a graded vesting schedule, which means that every year you will earn a certain percentage of the employer contributions. For example, if your company has a five-year vesting schedule, you’ll pocket 20% of their contributions every year. Once you’ve worked there for five years, you’ll receive 100% of the contributions. Others use a cliff vesting schedule, which has an all-or-nothing requirement. You have to work there for a certain number of years to be eligible for 100% of the employer’s contributions. If you work less than that, you won’t be eligible for any of it. If you don’t plan to stay at your next job very long, then it’s important to understand the vesting schedule. Public companies often provide stock options to their employees, which can be worth thousands of dollars in extra benefits. Employees with a stock purchase plan can buy company stock at a discount and resell it later for a profit. Educational Benefits If you plan to go back to school, look for a company that provides tuition reimbursement. Many employers will pay for all or part of your tuition, but the benefits vary. Some will require that your degree applies to your current position, while others will be more lenient. If you don’t want a full degree, you may be able to convince your employer to pay for special courses or certificates that will also boost your resume. Some companies have begun to offer student loan reimbursement. With these programs, employers contribute to your student loans by either matching payments or providing a set amount each year. Like a 401(k) match, you may have to work there for a certain period of time to qualify. Room for Advancement If you’re searching for a firm where you can stay for several years or more, it’s important to consider if there’s room to grow. The bigger the company is, the more likely it is that you can stay there and get promoted to another position. That’s harder to do at smaller companies where room for advancement may be limited. Company Culture The general office environment can impact your overall job satisfaction, but it’s a topic often neglected during the interview process. If you’re interviewing in-person, notice how the office looks and how employees are acting. Do you hear laughter or is it dead quiet? Do they have a diverse staff? Are there fun initiatives, like casual Fridays, or does there seem to be a strict dress code? Depending on what you’re looking for, the answers to questions like these are crucial. Company Stability No one wants to get a job only to be laid off months later. Before switching companies, investigate your prospective employer to see if they’re in danger of shuttering or being sold. Look through recent press clippings, especially from the local newspaper or business journal. If you have friends in the industry, ask if they think the company is stable. Sometimes you can’t help but take a risk, like if you’re working for a start-up or in a volatile industry. In this case, you should have a sizable emergency fund and keep your resume and LinkedIn profile updated in case you lose your job. Education and Training When you’re interviewing at a job, ask if they pay for employee education, like attending industry-wide conferences or local training sessions. It’s valuable to work for a company that cares about employee professional development. If you don’t expand your breadth of knowledge, then you may find yourself in a tough spot years later when looking for another job, with out-of-date skills. Use Your Intuition If you’ve considered all the factors listed above but are still getting a bad vibe about the new job, don’t hesitate to back out. Your gut intuition may be telling you something important about the company that you can’t verbalize clearly. Save more, spend smarter, and make your money go further Sign up for Free Previous Post 25 Must Read Books on How To Become A Millionaire Next Post How to Write a Business Plan: A Step-by-Step Guide Written by Zina Kumok Zina Kumok is a freelance writer specializing in personal finance. A former reporter, she has covered murder trials, the Final Four and everything in between. She has been featured in Lifehacker, DailyWorth and Time. Read about how she paid off $28,000 worth of student loans in three years at Conscious Coins. More from Zina Kumok Visit the website of Zina Kumok. Browse Related Articles Relationships 8 Hidden Costs of Job Hopping (Infographic) Career How to Start a New Career: 9 Career Change Tips Relationships Are You Ready to Make a Career Change? Salary What Is a Good Salary? And How Do You Compare? How To The Well-rounded Résumé: Six Jobs to Have by Age Thir… How To Switching Jobs? Here’s a Helpful Financial Checkl… Investing 101 Changing Jobs? An IRA Can Move With You Early Career Should I Take a Low-Paying Job with Good Potential? Financial Planning 6 Steps to a New Career Housing Finances Is Homeownership Right for Young People?