There are many valid reasons to leave your job. For some, it’s about not being motivated, or having a terrible boss, or wanting more growth and flexibility. And for others, it really only comes down to one thing: money.
There’s nothing wrong with this! At the end of the day, you’re a person who may love their job, but also has rent to pay, a family to feed, and passions to fund. So, when you’re starting to feel antsy, it’s only fair to consider not just the growth opportunities, but your potential new paycheck, too.
Lucky for you, we’ve found a (free!) calculator that does all the hard work for you. Fidelity Investment’s changing jobs calculator looks at all things money-related when you’re considering a new role—such as your current and new salary, bonuses, commission, retirement plan matching, as well as if you’re relocating or shifting to be self-employed or part-time—to show you just how much more (or less) you’ll make compared to where you’re at now.
Because while things may sound good on paper, it’s quite possible that “better” option is actually worse financially.
As Kristen Robinson, Senior Vice President of Emerging Investors at Fidelity, told me when I asked her what things people mistakenly overlook in job offers:
Millennials are more likely to consider factors such as salary and bonuses when evaluating a job offer—while only 4% consider other financial components such as stock options and profit sharing. According to Fidelity’s Evaluate a Job Offer Study, other overlooked benefits include retirement benefits (39%), health and medical insurance (28%), and paid time off (27%). Thinking about a benefit such as a workplace retirement savings plan, a company that offers a lower salary but a greater 401K match may give you a better start on reaching your retirement savings goals. So, it’s important to carefully weigh the different factors when deciding which job to choose.
Now, if this calculator tells you you’re going to earn less overall and you already have an offer in hand, that’s a good starting point for your negotiation.
But if asking for more money isn’t an option, Robinson says “Ask yourself—aside from salary—what’s important to you right now? Consider asking for professional development courses, more opportunities for bonuses, extra vacation time, or request a six-month review to evaluate your early performance—which could be your first opportunity to prove your value for a raise.”
If you’re unsure how to bring this up during the conversation, here’s a handy template (I know, you’re welcome!).
Money isn’t everything, but it’s definitely not nothing. And when you have the choice between staying at your current company or moving on, it could be the deciding factor.