Scheduled maintenance is planned for June 13 at 4pm, during which time the site will be temporarily unavailable.
.png)
In the immortal words of The Clash: “Should I stay or should I go?” This has been the refrain of many young professionals as they try to work out whether the grass actually is greener in a new job.
For my parents’ generation, staying in the same job for decades was standard; I recently worked with a client who was retiring after 41 years at the same company, although her role had evolved over that time! For my peers, however, it’s par for the course to change jobs on a regular basis and, in fact, statistics from the US indicate that women change jobs more often in their career lifetime than men do – but when and why you should change are the real questions.
Firstly, it’s important to distinguish between changing careers and changing jobs. Having done both, I can say that changing from nursing to finance was much more of a leap of faith, looking for an industry that would give me not only a good income but the right work-life balance, as well as incorporating all the aspects of nursing I had loved in a different format. By contrast, when I have changed jobs within the finance industry, it has been much more about career progression, recognition and company culture.
A lot of considerations go into choosing a job, with hours and flexibility as well as opportunities for promotion being just as important as pay. It’s worth noting that 58% of millennial mothers said that being a working parent made it harder for them to get ahead at work, compared with only 19% of millennial dads.
So when is the right time to start looking for your next dream job, and how do you know you’re making the right decision? Start by checking whether you are making the wrong decision – why are you actually looking to leave?
Seeing a job ad, throwing your hat in the ring and landing a flash new job without actually reflecting on why you are moving is a big risk. You could end up in a role with exactly the same issues, or worse ones! Here are a few questions to ask yourself:
By looking through those starter questions, you can see that without knowing what is really going on in your current role, you can’t know if changing jobs is the answer.
Another consideration, if you are tempted by that high-paying role, is to make sure that you have considered your full package and whether you are gaining or losing anything material such as insurance plans, company car or phone, or extra KiwiSaver contributions, for example. Also, please always check whether you are being offered a salary or a total remuneration package.
Always check whether you are being offered a salary or a total remuneration package.
Lastly, bear in mind that a significantly higher pay offer may mask red flags within the company, most frequently an expectation that you will put in long and often unsociable hours, contributing to burnout and often also incompatible with the responsibilities most women have outside the workplace.
Identifying what success means to you will be a big part of this process, as is knowing your financial position and goals so you can negotiate effectively. It’s certainly not always the case that to get more money you have to compromise on your values, workplace culture or hours. Financial planning clients of mine who both worked in not-for-profit roles were able to change jobs while continuing to work in the same sector, continuing to work in alignment with their values but more than doubling their household income. It was a bold and life-changing move for them.
If you are changing jobs for a higher salary, then make sure you know how much you need to earn to achieve your goals. If the salary being offered is not at that level, are there other benefits or perks you would value equally or do you need cash in hand to make your plans happen?
Sometimes the ability to make more money by changing jobs stems from the opportunity to take a step up to a management or other leadership role that is not available in your current company. You may also be given more challenges, professional development or scope to expand into an area of interest if you have tapped out all the learning opportunities at your current work, which provides not only greater job satisfaction but possibly greater remuneration.
When you do change jobs, especially if you don’t want to keep job hopping each time you want a pay rise, make sure to negotiate your starting salary well, knowing that you may stay on that salary, or have only minimal increases for the next few years.
A career coach can help you with all of the above, from understanding what success looks like to you through to what roles work with your skillset and even how to pitch yourself when negotiating your pay.
My one piece of advice for you will come as no surprise – it’s to have a plan. Whether you grab a notebook and draw out how you imagine your career trajectory or create a financial plan that guides what you need to earn or sit down with your partner and talk through what hours, pay and benefits you’re looking for to suit your stage of life – just take the time to think.
Just like relationships, there is a honeymoon period with jobs and when that wears off it’s easy to look for the next attractive offer. And maybe you should take it, but you’ll know that for sure if you know what the plan is. You’ll also present yourself better, negotiate better and know what you are or are not willing to compromise on.
I always spend my summer break considering what the year ahead has to offer and what I want to do the same or differently in all areas of my life. If you’re feeling dissatisfied with your day job this year, why not try some reflection over the summer and then see what 2024 brings?
Elizabeth.
Hi, I'm Elizabeth, one of the Financial Advisers here at Velocity Financial. Day-to-day, this involves engaging in conversations with clients about their lives, families, aspirations, and, of course, financial goals. In a big picture sense, though, I'm driven by my perpetual desire to improve outcomes for individuals and, eventually, communities. At Velocity we aim to bolster the financial literacy of Kiwis, helping to alleviate financial anxieties, and opening up the possibilities of what can be achieved. We empower our clients to formulate a plan for the future. I'm particularly passionate about assisting women in reaching their financial goals and feeling confident in managing their money. To aid in this, I write a monthly blog on topics that affect women and maintain an Instagram page @what_would_she_do.vf. This platform provides financial content for those who might not be prepared to consult with an adviser yet but still require and deserve sound advice. In my past life, I was a nurse, so helping people is essentially my modus operandi (I'm also quite resilient and not easily grossed out!). During my spare time, I'm likely attempting to keep up with my energetic kids. If I do manage to find some time for myself, you'll find me curled up with a coffee and a book.
Disclaimer: Elizabeth Tsikanovski (FSP693611) is a Financial Adviser with Velocity Financial (FSP95466). No investment decision should be taken based on the information in this blog alone. Please see Elizabeth’s disclosure statement on our website.
Book in a meeting with Elizabeth here
Elizabeth is the author of the monthly blog What Would She Do? A column for women, by women.
Read more about Elizabeth and her blog
Follow What Would She Do on Instagram