Getting a new job for the new year could be one of the best things to happen to you. It can also be one of the most nerve-racking events ever to come at the start of the year. People choose to start a new career for a lot of reasons. There are those who are looking to increase their monthly income while others are trying to get on to a new career path.
Whatever your reason is, starting something new will always let the butterflies loose in your stomach. Taking on a new career can be exciting, scary and strange all at the same time. It can be similar to getting your first job or attending the first day in college. It can even be likened to your first day of being in a relationship.
This is because there are a lot of uncertainties that come together when starting a new job. These unknowns usually makes it hard for people to make the right decisions. They are caught in the moment that they fail to think straight and analyze what is in front of them. This can lead to failed attempts in getting on a new career path.
There are a couple of things to remember when looking for a new career that can be very helpful for consumers. It is important to be on the right track especially as you are making the move at the start of the year. You might feel like you have a lot of room to make up for mistakes but it is better to have a great start to a new year.
Here are a few things to consider when taking on a new career for the new year.
New job means new health benefits
Heart.org underscores the importance of having health insurance especially for cases where a person suffers heart disease or even stroke. They share that these two are the leading causes of medical bankruptcy. Before signing above the dotted line on a job offer, be sure you have a clear picture of the health benefits you will have at work. In fact, your decision should not solely rely on what your take-home pay will be. You should factor in your health benefits into the whole mix. You need to know how your prospective company puts a premium on your health. This is actually one good indicator that you are looking at a quality employer.
Be mindful of the retirement package
Another factor you need to carefully look into is your retirement package with your prospective employer. You need to understand how you will be in a position to earn a living at present while simultaneously preparing for your future. One of the things you need to carefully look into is if your employer has a matching program for your 401(k). Overlooking this part constitutes a financial mistake that can come back to haunt you. This is comparable to free money when you talk about your retirement fund. Your employer matches a portion of whatever amount you put into your 401(k). Add compound interest to the mix and your retirement fund becomes bigger over time.
Take note of the vesting schedule
As you look at your retirement package, another important factor to consider is your company’s vesting schedule. The IRS.gov explains that employees who have reached normal retirement age must already be 100% vested but what if you are still young? If you are still decades away from retiring, you need to know the vesting schedule for your 410(k) program. If not, you run the risk of losing everything should you decide to leave the company.
Do they allow telecommuting
One of the advantages of technology nowadays is that it enables a new breed of working possibility – telecommuting. Working from home is a possibility with the advent of technology. Communicating with the whole team and accomplishing tasks using internet connectivity can all be done at home. Check if this is something your new job offers because it can save you a lot of resources. You can save time as you do not have to commute or drive to and from work every day. It also helps lower down your clothing expense because you do not have to dress up for work. Food costs will also go down as you can cook your own food and brew your own coffee at home.
Long term goals
Does your new job figure into your long-term goals in life? Will it be in-sync with your retirement plans or your dreams of buying your own house? How about your plans of having your own family if you are single? Or your plans of building up a college plan for your children as they grow up? Make sure that your new career will figure in positively with your life goals. If it will deviate away from your plans then you need to re-evaluate everything. Short term gain would only get you so far and it can blind you away from your long term goals.
Negotiating your pay at your new job
One of the ways to improve your finances with your new career is to make sure that you have a pretty good pay. This helps you budget easier and cover more expenses and investments in your finances. Here are a few things to consider when negotiating your pay.
Ask what the position pays
Rather than having to give a hard number, turn the conversation around. Try to ask them what the position pays in the company. This can give you a better idea on how much to ask for in terms of pay. It also showcases your negotiation skill with the company. The bottomline is to make them give out a number first. This puts you in a position to negotiate better.
Benefits are important
You need to have a clear idea what the benefits are in your new work. Benefits and perks complete the whole job offer package and are essential components of your whole experience. It is important to integrate the value of these benefits in your overall computation. This also lets the company know that you have a pretty good sense of what you need.
Give out a range
If pressed for a number, give them a range. This helps you maneuver around with more flexibility rather than being pinned in a certain amount. It helps your negotiation efforts down the line. However, Payscale.com reiterates the importance of actually researching and doing your part in looking at the industry. This helps you put out a decent range rather than pulling numbers off of thin air.
Starting a new job in time for the new year can be a very daunting task. However, it can also be one of the most rewarding changes that can happen in your life. To make it so, you need to look into every detail of your new career path. From the pay to the benefits, you need to understand everything. They also need to be in line with your long and short-term life goals. However, life is also full of risks and there are a lot of uncertainties that you would not be able to account for. You need to factor this in as well as you try and play your cards right.