There are lots of things you need to consider when changing jobs. Will you like your new colleagues? Are there sufficient development opportunities available? What are the perks and benefits like? These are all valid, but there are also some practical, but serious, considerations that every candidate needs to make when they look to that next opportunity. Here are our top five.
- Superannuation. David Whiteley, CEO of Industry Super Australia says super is an essential consideration when changing jobs, as it may help ensure you have enough money to retire with. “You should check that your super is in one, high performing fund that has above average returns and low fees. Once you know you’re in good hands, stick to that fund. Every time you change jobs, make sure you take your super fund with you. You don’t want to end up with multiple accounts and multiple fees,” he says. From the minute you walk into the door of your new workplace, be “admin ready,” he continues. “Have your bank account details, Tax File Number (TFN) and superannuation account information ready.” Super is compulsory and employers must pay you 9.5% super as part of your salary under Australian law. “In most cases your employer should also offer you a form that allows you to nominate your fund.” If in doubt, contact the Fair Work Commission, Whiteley concludes.
- Money, money, money. Financial considerations aren’t just related to your new salary. Before you get lost in the excitement of a new role (and potentially a better salary!) you need to consider what you will be owed from your current employer before you leave. Do you have annual or long service leave accrued that needs to be paid out? Are you a company shareholder? Did you have a company car, or did your employer pay your phone bill? If this is the case, consider how you’ll finance these things, and suitable product and service providers.
It’s best to have some money saved away to ensure that life as you know it doesn’t change too drastically or cause you unnecessary stress. This means you’ll be able to continue paying for the expenses you usually do and can prepare yourself adequately and comfortably – say, with new work clothes – for that next opportunity.
- The time between roles. You should also consider the time you’ll be without work as you transition from one role to another. Is it just a couple of days or will you have several weeks, or even months off until your new job commences? If you’ve got a longer period of time, did you intend on taking a holiday to refresh yourself before this next step? It’s important to work out how long you’ll be without work and a salary, to make the necessary changes to your life, and to make sure it’s a productive and stress-free time. If you’ve left a job without securing a new one, then this is particularly important, as there’s no defined wait time.
- The new commute. Where is your new role and company based? Will you now be able to wake up 40 minutes early and stroll in? Or will you have an extra half hour and a few tollways added to your journey? Consider how you’ll get to work each day, if you can share the ride with anyone, and what the associated costs might be. If you’ve got some time off before starting your new role, try a practice run, to work out the most suitable method.
- Your happiness and mental wellbeing. All of the above considerations will impact your happiness and mental wellbeing, and play a role in ensuring the transition from one job to another is free of anxiety and stress. Being organised and getting the practical elements of change under control will leave you more time to enjoy the rewards and perks of your fabulous new opportunity.
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