Don’t compromise your financial wellness. You have to answer the following questions to keep your finances on track when you are making a career or job change:
- Have you discussed in detail your benefits package?
- Is medical aid offered?
- Have you discussed the annual and sick leave policy?
- Have you discussed the maternity leave or paternity leave?
- Have you discussed how performance and salary reviews work?
- Will you owe any monies on your current medical aid?
- Are group life, critical illness and disability insurance offered?
- Can you transfer group life, critical illness and disability insurance into your own policies?
- Is a retirement fund offered?
- What are your contribution options?
- What are the new employer’s contribution options?
- What are the investment choices?
- How are you going to preserve your accumulated retirement fund savings? Frankly Speaking, you will be tempted to “cash in”, however if you do, this a very poor decision that will not keep your finances on track and will significantly harm your retirement preparedness.
- What compensation are you entitled to, including back pay and leave days?
- Do you have a study bursary that will require you to repay your employer?
- Do you have a loan that you will need to pay back in full to your current employer?
- Will your job/career change affect your shares / share options with your current employer?
- Will your job/career change affect your outstanding performance bonus with your current employer? Will the company pay a signing bonus in lieu of this?
- Have you discussed how performance bonuses, share options or profit sharing work? Are you eligible? What do you have to do to become eligible?
- Will you get a salary increase?
- Will the new employer pay relocation expenses?
- Have you updated your budget to reflect changes in income and expenses?
- If the job requires travel, what is the company policy regarding reimbursable expenses?
- What do you think about this advice? What factors have you considered in your past career/job changes?