Breadwinner women have a lot to think about before changing jobs. In addition to financial compensation, you may be concerned about your job responsibilities, career progression, and work/life balance. A career move can be life-changing. Make the best decision by considering three important questions before making your move.
Consideration #1: Will you be better off in your new situation?
No doubt, this seems like a most obvious question to ask, however, answering the question isn’t always so simple. Executive compensation typically has many components, both cash and non-cash, some with tax consequences that are difficult to analyze. Your current position is a known quantity where you may have security, accumulated benefits and a solid reputation. Your next move may be a great opportunity, but there are unknowns.
Consideration #2: Is there room for negotiation?
Once you have a complete understanding of what you’re giving up versus what you’re getting, be prepared to negotiate a better offer. If you are currently employed you have greater leverage, and you’re also coming from a position of strength if you have in-demand skills, multiple job offers or unique qualifications. In addition to base salary and bonus, you may be able to negotiate on perks that can be quite substantial.
Consideration #3: Who can help you make an informed decision?
You want to make sure the decision you make supports your overall wealth goals. When you are a senior executive, a career move can open many doors, but may also put a lot at stake. Your Luma Wealth advisor can help you analyze your opportunities and guide you toward a decision that makes the most sense for you and your family.