Assess your finances before changing jobs

2017-01-11 06:02

Before polishing your CV with the aim of making a fresh start in the form of finding a better or more rewarding job, get your financial affairs in order. A bad credit rating will not reflect well on someone applying for a financial or senior management position.

Marlies Kappers, DirectAxis head of marketing, explains that prospective employers may look at your financial profile before offering you a job.

“A proper understanding of their financial affairs will better enable them to evaluate their remuneration package, which will enable them to identify any gaps in their financial situation when they change jobs,” explains Kappers.

In a statement, Kappers highlights that one’s ability to manage his/her own financial affairs could have a bearing on whether the job application is accepted.

“South African law entitles you to a free credit report annually and it is worth getting, particularly before applying for a new job. Errors can creep in and it is best to sort these out before you get a nasty surprise at the job interview,” states Kappers.

Once you have made it through the application and interview pro­cess, assessing an offer is not always a comparison of how much one will take home at the end of the month.

“A clear understanding of your existing package, including all the benefits, will make it easier to decide whether the move is a good financial decision. Although the new job may put more cash on the table at the end of each month, you could be worse off in terms of your overall financial standing. If your current package includes a company car, you may need to consider the costs of buying and insuring your own car. The same would apply to housing benefits.”

It is important to check on life policies, medical aid, car insurance or other insurance that one’s employer may pay for fully or in part.

“If these are not part of the new package, you will need to take over these payments or get quotes for replacement policies. Changing jobs, particularly in a sluggish economy, is a big decision. You need to give yourself the best possible chance of getting the position you apply for, as well as ensuring that you really will be better off if you decide to make the move,” says Kappers.

  • The following issues are to be taken into consideration: make sure your credit rating is an accurate reflection of your ability to manage your own financial affairs;) compare your existing package against what is being offered;) when you make the move, check that there are no gaps in your financial security.

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