Changing Jobs? Not Before Considering These Six Things

Changing jobs is a life changing decision that you will make for yourself at one point in your life. Gone are the days where the company takes care of employees through a pension and job security. Employees have to take care of themselves and their family on their own.

It’s an exciting time. I get it. You met with your potential future boss and you couldn’t believe how lucky you were to have met them. The coworkers were all very happy and the higher ups were open to providing opportunities for you.

You think it’s just too good to be true. However, it’s not just your imagination. The opportunity actually is that good. So you seriously consider their offer. Then you now have to decide whether changing your job is a good move for you at this time. It’s not a simple decision.

Even if the job is in the exact same city, it’s not as simple as that. One of my coworkers had two opportunities to change jobs from Banking to Private Equity. She turned both of those offers down and stayed at the company that she was still working for, even though it was for more money.

Changing jobs is not as simple as “oh, it’s just more money, I’ll just take it”. There’s much more things you have to consider before making the leap. Otherwise, you may just make the biggest career mistake you’ve ever made in your life.

Changing Jobs Can be a Double Edged Sword

You think you may be going to a better opportunity but just remember. You have no idea if the new boss will be better. They could be worse than your current boss. One of the people I know moved jobs for a $180k comp offer right as we were getting out of the Great Financial Crisis, in 2011.

Then the boss turned out to be a major jerk and he quit after 6 months. Whoa. Stories like that aren’t uncommon. Changing jobs can be a good opportunity but it’s not as simple as everyone else thinks. And getting another job is not as easy as anyone else thinks either.

You have to interview, negotiate, have the person like you, and the like. It’s not that easy especially when you’re already juggling a 9-5 job that’s so demanding to begin with. Remember that an $80k job with a good boss is better than a $90k job with a bad boss.

The money is an important part of a job but it doesn’t make the job. If you generally like your job but it’s just the money that you’re looking to change, then it’s not a bad idea to stay at the job if they offer to match your pay. Many people, including myself, stayed behind after accepting a counteroffer.

If you’ve been job offered, there are important things you need to consider before changing jobs. You might just be making the biggest mistake you’ve ever made in your life if you don’t take it seriously. I know because I’ve gone through the misery myself.

Six Things to Consider Before Changing Jobs

The first thing to consider when changing jobs is to SMASH that social share button and post to your favorite social media! Many people could be making the mistake of their lives when they don’t consider these six things.

So with that said, let’s go over the factors to consider before changing careers!

1) Being Aware of Industry Trends

Industry trends are more relevant than ever, especially in 2022. Redfin cancelled job offers. Coinbase cancelled job offers. There were many job cancellations, layoffs, and firings across the tech industry in 2022. Tesla, Microsoft, Apple, Shopify, and many more tech startups cancelled job offers.

When you cancel someone, they may have mental anguish. When companies cancel job offers, they are messing with their life and ability to provide for their family. Tech companies were not as appealing as before and gone were the days of getting $300,000 job offers for copy pasting jobs.

If you’re changing jobs and you got a good job offer, you can’t ignore the industry trends. It may work out, such as for Tim Cook who joined Apple when it was nearing bankruptcy. However, it just as may not work out as well.

Therefore, being aware of industry trends to see if it’s a risk you want to take on is key. You need to know what you’re getting yourself into.

2) Leaving for an Extra $10k/Year

A single promotion may increase your income by an additional $10,000 per year. In 2021, I had a job offer that would’ve added an extra $5,000 to my income. That was after they adjusted their first offer. That was after I negotiated for a higher salary.

So, of course, naturally, I politely declined them. A couple of months later, I got a job offer that came with a whopping 30 – 35% raise. That was insane. And on top of that, my coworkers were better and my boss was better. My happiness level is just through the roof right now.

When you’re changing jobs, $10,000 per year should not be something you care about. It’s just not enough upside to compensate for the risk that you have with changing to another company. There are people who even decline whopping $50,000 increases in comp.

The money has to be worth it for you to move.

3) Running Away From a Job instead of Running To a Job

When the new job is objectively not better than the job that you have now, then you’re not running towards something. You’re running away from your miserable life that you have right now. That’s just not the right choice to make. Problems can be solved.

Decisions to change jobs can’t easily be backtracked. Sure, if you have a good relationship with your prior boss, it may work. However, it doesn’t always work like that. Changing jobs can be the greatest opportunity for your life. However, it can also be your biggest downfall.

Running away from a job is not something that you should do. Trust me, I’ve ran away from jobs before, and I regretted my decision within six months. Plus, we were in the middle of the coronavirus pandemic and no one was hiring. I definitely felt stuck. It was one of the worst things I felt.

You don’t want to be in that position.

4) Thinking Long Term

Is the new job aligned with your long term career goals? In 2022, I changed industries. I moved from working in one part of finance to another. However, from a long-term perspective, I realized just how much more I would much rather work at my current job than before.

Changing jobs means looking at it from a long term perspective and not caring about the short-term consequences. If the new job is more in line with what you want to do, then it makes a whole world of difference. Passion that comes with a good pay raise is a great combination.

I personally believe I found my “forever” job. I don’t ever want to work for any other company than the current company than I’m at right now. I’m so happy (so far) that I can’t see myself leaving for another company unless an economic meltdown forces me to do so.

Changing jobs requires long term thinking because it affects 1/3rd of your life for the rest of your life.

5) Trusting Your Gut at the Interview

At the interview, something may just feel off. You can’t tell what it is, but something just feels off. Trust your gut at the interview. People are terrible at hiding who they are. They generally don’t hide who they are, anyway. When someone indirectly tells you that they’re going to be a bad boss, listen to them.

You are better at predicting your future survival rate than other people will be. Trust your gut at the interview process. Because more oftentimes than not, your gut will be right. The company isn’t the only one trying to make sure you’re a good fit at the job.

You’re trying to make sure they’re going to be a good fit for you as well. Changing jobs is a two way street. You’re interviewing them just as much as they’re interviewing you. Don’t let them use money to hide their real intentions. Their turnover rate is high for a reason.

6) Upside Potential

Some jobs are dead-end jobs. There are no ways for you to move up, it’s just a job that you earn a paycheck. See if there is upside potential. One of my friends interviewed at a company who told him that he will be eligible for a promotion at the 18 month mark.

If you are OK with a pigeonhole job, then by all means. However, if you’re not OK with that, changing jobs is not the move. You shouldn’t have to join a company to get pigeonholed if you don’t want that. You should join a company that has everything that you’re looking for.

$200k jobs working only 40 hours a week ARE out there. Some just take much more searching than others. The upside potential is something that many people miss when they’re evaluating a job offer. You don’t want to find out there is no upside potential at the end of the 1-year mark.

By the time it gets to your performance review, it’s too late.

Rule of Thumb in Changing Jobs: Take Your Time

When you got pressured to take a role, then that’s a surefire sign that the role isn’t the right one for you. The devil you know is better than the devil you don’t. Changing jobs is a life changing decision and if someone is asking you to decide in a day, that’s an instant no.

One of my prior job negotiations wanted me to say yes literally on the spot. I was absolutely angry that they would even try to pull such a move. Changing jobs is a life altering decision and they’re so needy and demanding that they want you to say yes right then and there?

How pathetic can they get? The best time get a job is when you don’t need a job. Therefore, if you’re looking for a job when you don’t need a job means that you can easily turn down companies that treat you in such a manner. It’s your life that’s on the line.

When companies offer job offers, it’s because it helps their bottom line. For you, it’s literally a life changing decision that’s potentially going to change your life forever. Changing jobs should take time. Even if it’s a great offer that you don’t think that you could turn down.

No one should make such a heavy decision that quickly. That’s just not a reasonable nor is it a good expectation of a job candidate. If they’re going to treat you like that before the job even starts, imagine how they’re going to treat you after the job starts.

Changing Jobs Should be About You

Don’t do it because ‘it’ll make your parents happy”. Do it because it makes you happy. Happy doesn’t mean loving your job every waking moment of the way. But it does mean you can tolerate it. There were even media stories of a son committing suicide after telling his father how stressed he was about being in investment banking.

Hie dad didn’t want to hear any of it and told him “you’re in the door, you can’t quit now, you’ve worked your whole life for this”. The example may be extreme but that doesn’t mean that it doesn’t happen. Changing jobs should be your decision and your decision only.

If other people have a problem with that, then that’s their problem, not yours. If you have a family to take care of, that’s another story. Maybe then you’re thinking about the greater good and think that it’s better to take one for the team to let your family flourish than the alternative.

That’s a completely separate story. It’s what my dad did. He stuck it out even through the bad times even though he could’ve easily just gave up in the middle of the journey. That takes much strength and discipline in order to pull that off.

However, if you have no dependents, then changing jobs shouldn’t be about anyone else but yourself. Not your significant other, not your parents, not your best friends, but yourself. You are the one who’s going to meet the consequences of your decision. Not anyone else.

Never take advice from someone who doesn’t have to live with the consequences.

Changing Jobs is Not Something to Take Lightly

Changing jobs is a highly emotional subject and it will impact your life forever. It’s something to take very seriously because whether like it or not, most of our identity comes from our jobs. Whether we want it to or not. It’s what we spend the most of our lives doing.

We don’t introduce ourselves by our hobbies and interests. We introduce ourselves to others through our jobs. When it’s something that impactful, a hasty decision is not the way to go. Even if you think the job is a no-brainer job, there’s always something that you could’ve missed.

Learn from my mistakes of going through my job offers quickly. It’s one of the biggest mistakes that I’ve made so far in my life. I can only imagine just how much further along in my journey I would be in if I didn’t make those decisions so lightly.

The best time to change jobs is when you just got a promotion, too. Then you can say that you got a 25% increase in compensation to the other party, and it will be true. Imagine if they give you an additional 25% increase in compensation on top of that.

The other checklist for it to be a good job has to be met as well. However, a 50% increase in your original compensation isn’t a bad start to get there. Changing jobs will certainly be something you will face in your life. The average person changes jobs 12 times in their life.

Six Things to Consider Before Changing Jobs

• Being aware of industry trends
• Leaving for an extra $10k/year
• Running away from a job instead of to a job
• Thinking long term
• Trusting your gut at the interview
• Upside potential