Studies indicate that over half of the American workforce may be looking for a job change as the economy becomes more stable. I have witnessed situations in which a single job change was a tremendous springboard for a fabulous career. Unfortunately, many professionals also make poor decisions, derailing the future of their career. How can you properly evaluate alternatives regarding a decision as emotional as a job change?
Surprisingly, yet most importantly, you must weigh the opportunity based on non-monetary attributes. It may seem funny that I would begin with this; however, money is the easiest part of the puzzle to examine. Peeling back the proverbial onion is not always a simple task.
1. When evaluating a company, consider your own personal attributes compared to those of key employees in higher level roles. For example, if you hope to move into senior management with a prospective employer, consider the backgrounds of their senior management? If all senior managers have been relocated from the home office overseas, are family members, or hold a Chemical Engineering degree from Clemson University, how does your background compare? How might the differences affect your ability to be promoted, assuming upper management is your long term goal?
2. Is the culture of the prospective employer a fit for you? If you have a strong personal value system, you will not fit into just any environment. Talk to the company’s vendors, customers, current and former employees. Ask questions during the interview process to uncover this information. Take note of the physical environment, the employees’ respect for one another during your visit, management’s respect for their business partners, and the perceived importance of their clients, among other things.
3. Where do you geographically want to reside in the long term? If Greenville, S.C. has been your family home for generations, you own a family farm, and you never want to leave, make sure that you can grow as far as you desire with the prospective employer in Greenville (or that you are willing to conduct another job search in a few years in order to advance your career). In many cases, only limited career progression is possible without relocation to a headquarters or other facility. Carefully consider well-meaning promises made by managers who may not be in place five years from now to keep those promises. Many career-minded individuals are happy to relocate as their career progresses—just make sure it is a match with your personal goals.
4. The most obvious of all: will you work well with your new team of managers and coworkers? If appropriate, request a meeting with the team as part of the interview process. Ask questions regarding their understanding of the company direction or their perception of barriers, as well as their likes and dislikes.
5. Finally, the money! When evaluating the financial side of the equation, carefully consider the entire value of the offer, including cost of benefits, consistency of bonuses/commission (ask for historical data), 401K including possible match, stock options, car vs. car allowance, club memberships, fitness center access or discounts, parking, and executive benefits. These things add up, so don’t forget that your new salary is also your new starting point. Salary structures are based on the market as well as the value of the position to the organization. If you have earned a higher salary in the past than you will earn in your new position, understand that you aren’t likely to make a quick leap up to your former salary.
6. As obvious as it might seem, take time to truly evaluate your reason for making a change. If your motivation is career direction, financial, location, etc., then make sure that you clearly evaluate the new opportunity in relationship to what is important to you. Don’t allow yourself to be sidetracked by perks or incentives that aren’t really the basis behind your desire to move. Many firms have struggled during the past few years, yet those who have survived the recession may fare extremely well in the future. If you have been employed by a firm who is coming out of a difficult time, the best may be yet to come. Remember, you are judging “the inside” of your current employer against “the outside” of another. The grass may actually be greener on your side of the fence; however, you will only determine your best option by going through a methodical decision-making process. Best wishes for an outstanding second half of 2010!
