11 Aug 09 7 Personal Finance Tips for Switching Job
There is a common belief that, if you stick in a company for long, you are crippling your chances of getting a rewarding career. You may get the promotion, but the raise that accompanies the promotion is never decent; hence, one should switch the job as soon as a better opportunity peeps round the corner. In this article, I am not contesting this assumption; all I am doing is telling you what all to consider when you think about changing your job.
Do not get tempted by the shine of a dollar
Higher salary is worth the chase but, not at the cost of quality of work. Do not run after higher salary alone; consider factors like quality of work, work environment, future prospect, career growth, and available opportunity to learn before hopping from one job to another.
A perfect shot requires a perfect timing
If you are expecting a raise in salary after the annual appraisal in March, then wait till you get the hike. This is wise because, the salary you will get after the hike will become a new bottom-line from which you can negotiate even higher salary in the new job.
Do not settle for suitable-for-all CTC (cost to company)
CTC is a misleading term, so, do not forget to ask about the salary breakup, and when you find yourself stuck in the situation where two companies are offering same CTC, go for the one which gives more cash in hand. Always remember, you can negotiate the salary breakup of CTC; why not exercise the option?
Respect the notice period
Notice period is not just one of those laws that mean nothing. Do not take notice period lightly. Companies do sue their employees and seek compensation, which usually is higher than what an employee is paid in a month, if someone leaves the job without serving notice.
Tax Issues
I know, tax is a dreaded word, but one still needs to think about it. Get all your tax deduction papers and other related documents from your previous employer before switching your job.
Insurance coverage
If you were given medical, travel, or any other insurance by your previous employer, make sure, you get it from the new company as well. This will save you a good some of money, which otherwise will go to pay yearly premium.
Employee stoke ownership plan
You should ask your company, if you can encash the stock that you were given as a reward for your continuous hard work or long stay. You should also negotiate stock options in the new company.
Tags: Assumption, Belief That, Bottom Line, Career Growth, Chase, Cost Of Quality, Finance Job, Future Prospect, Insurance Coverage, Misleading Term, New Job, Notice Period, Perfect Shot, Perfect Timing, Personal Finance Tips, Rewarding Career, Salary, Serving Notice, Tax Deduction, Work Environment
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