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Getting a new job is tricky enough – and this year it seems set to become harder than ever.
But, whether you’re switching companies, earning a promotion or even jumping into an entirely new career or industry, the first port of call for many is simply over whether they are going to be earning more money than they were.
That is, of course, vital. It’s a big part of the reason why many people take particular jobs, and it should never be discounted in terms of importance, relevance or ambition.
But it shouldn’t only be the base rate salary that we take into account when judging whether to take a job or not – especially as other things can directly contribute to what it’s “worth” or what the job ends up costing you – for example, whether there is paid overtime or if time off in lieu (Toil) is offered. Additionally, consider your tax band and whether additional income might send you into the next one.
Outside of direct payment, though, there’s still lots to consider – here are your starting points which can affect both your pocket and your mindset when heading into a new role.
Perks and benefits
Not a difficult one to begin with, but benefits associated with your potential new job are a must-consider.
This can range from how many days annual leave you are entitled to, to contributions or cover for health benefits. Fitness memberships, signing bonuses,
Even beyond that though, you may want to consider finding out if there are paid-for development plans possible to incorporate, alongside training and personal growth options related to the role.
More informally, “perks of the job” are often cited as being a positive for some people over why they take (or remain in) positions, perhaps which give you direct access to something you love within the wider role or take you to places you wouldn’t otherwise necessarily get to experience.
None of this might directly impact your salary; all of it will certainly affect how much enjoyment and value you get to take from a new role.
Travel time and work patterns
This one will potentially impact your pocket.
If you are taking a new job which is a higher base payment rate but which means you have to travel further (or by different methods perhaps), make sure you do your sums. Is it going to be more expensive to get trains regularly to the new location? Are your fuel costs covered or contributed towards?
On the other hand, perhaps you’ll be working closer and can skip public transport or cars and instead walk, run or bike?
And outside of the actual mobility question of getting there, what about the time impact?
Naturally, working centrally in towns or cities can be more time-consuming for the commute than if you work locally, but what’s the extent of the change? Is there a number you’d place on your salary if it means you’ll be a full hour or more worse off each day getting to and from the office?
To that end, flexible hours as much as flexible locations is worth considering, as well as whether your role entails weekend or evening work. Sometimes it will be a requirement of the job of course, so make sure you know what’s being demanded.
Really think about what’s important to you and where your priorities lie at this stage in your life and then do the sums accordingly. It’s not much point taking a “raise” if your transport costs are suddenly increasing by even larger an amount, even before considering possible costs like extra childcare or paying more tax.
Flexibility
Then again, perhaps “going to work” itself is still a big question mark for some. So, is hybrid working important for you and your lifestyle? Have you been used to working from home or do you prefer heading into the office?
The latter is obviously linked to the last point on travel time and how that impacts your at-home life, but it’s also worth noting that plenty of industries are starting to insist on workers being in place more often again.
Of course, remote or office-based work are going to be partly dependent on your job type, perhaps even your title and the area of the country you’re in.
But it’s definitely worth at least being aware of the competition for your role, how in-demand your own skills are and the urgency with which you – and the company – need to fill the position.
If you’re in a strong negotiating position, more or fewer days working remotely can certainly be written into the deal if it’s something all parties come to an agreement on.
Pension contributions
Yes, we know people tend to hit the ‘off’ switch in concentration terms when pensions are mentioned. Please don’t.
It might be an issue for further down the road in life, but the problem is, if you haven’t sorted it before you get there it might be too late to do anything about it.
Very, very briefly, pension contributions through workplace salaries are made out of your pay packet before tax and then are added to (sometimes matched) by your employer.
So particularly if you are getting a raise, consider very strongly your ability to put an extra percent or so towards your pension – the chances of you noticing it in your monthly income might be very small, yet it can have a big impact on your pot down the years.
If your employer is also adding an additional percent to match your contribution, you’re doubling up the extra income for the future you.
Maternity, mental health and other policies
Individually, there might be a lot more to consider when taking on a new job, and it’s important to factor in not just what you value now, but what you might need, require or benefit from across the coming months or even years.
Are you planning to extend your family? Maternity and paternity leave are – in the UK – of course built around government guidelines and laws, but plenty of companies have their own additional policies.
Mental health support, childcare support, life insurance and even stock options are all other possibilities to enquire over, depending on the type of company you are moving to, your role and what is important for your own circumstances.
And after all that, don’t forget the apparent rise of the four-day week – who can tell, maybe that’s on the line for everyone in future anyway!
