Key factors to consider when weighing a new job

<p><img alt="Time for change" src="/getasset/0fa1614b-97bb-4c7b-9792-f96a2ca96509/" /></p>

<p>Michael Johnson, President of Paramount Aviation Resource Group, shares his advice on...&nbsp;</p>

<p><strong>Key factors to consider when weighing a new job</strong></p>

<p>One of the best aspects of my job is helping people.&nbsp; It’s wonderful how you build a personal relationship with someone that is in a position where they need a job.&nbsp; We all share the same financial burdens of life:&nbsp; family, food, house payments, car payments and so on.&nbsp; This means that your job is extremely critical to all aspects of your life.</p>

<p>Most of the time we initially tend to focus on the financial aspect of a job – but this is not always the best barometer of how well the job will suit you and your family.&nbsp; Ideally, we all wish to earn more and work less, right?&nbsp; Who wouldn’t.&nbsp; However, reality dictates that we balance multiple factors when considering a new job.&nbsp; I realize the urgency varies when participating in the process of securing new employment- when you’re out of work you tend to lower the threshold of what is acceptable versus when you have an existing job and are looking for something new.</p>

<p>First and foremost, whenever you are considering a new position it is essential to perform proper due diligence on the company and people you would be working with.&nbsp; There should be no sense of urgency to accept a position until you answer the key questions you have about the company, your responsibilities, your coworkers, your supervisor, expectations and, of course, renumeration and benefits.&nbsp; As a pilot I like the use of checklists – create a list as you progress through the application and interview phases and make sure to answer all questions on your checklist.&nbsp; Checklists also allow us to make direct comparisons for all of the various elements of the current job and the new job(s) being considered.&nbsp; The process can seem daunting, but keeping data organized reduces the burden of making comparisons and evaluating all aspects of the jobs directly.</p>

<p>There are dozens of reasons as to why we look for new jobs:&nbsp; career advancement, proximity to home, commute to work, wages, benefits, corporate culture and work environment, boredom – lack of stimulation, and relationships with co-workers or supervisor among others.&nbsp; However, generally speaking, we can classify the three key elements of what one considers when looking at a new job:&nbsp; Pay, Quality of life and Stability.&nbsp;</p>

<p><strong>Pay</strong></p>

<p>This is straight forward enough – or is it?&nbsp; How many times have you had special assignments or projects that have used up your time beyond normal working hours? If you are on a fixed salary, I suggest tracking your hours for a week or a month then dividing that figure by your gross (pre-tax) pay to calculate what your hourly rate equivalent is.&nbsp; It is surprising how low it often is.&nbsp; Companies have no problem assigning tasks with deadlines and do not consider nor care how it affects your time.&nbsp; Likewise, if you are on an hourly rate then it is imperative to know the weekly standard of hours to be worked and how your pay will be adjusted for any hour over that standard.&nbsp; Remember, you are providing a service on behalf of the company that affords the company the opportunity to make money.&nbsp; As such, the relationship between your services and the benefits (in the form of revenue or productivity) to the company should be equitable.&nbsp;</p>

<p>With all of this in mind, when considering a new job make sure you are making equal comparisons.&nbsp; If you are going from an hourly rate to a salaried position make sure you clearly understand the expectations of how much time you will be working to complete your tasks then figure out what the equivalent hourly rate would be so you can determine if you’re actually getting a pay raise – or simply making more money to do more work and have less time off.</p>

<p>Additionally, take into consideration the overalls scope of the compensation package being offered – tax implications, insurance benefits, retirement benefits, expense account, per diem, travel allowance, housing allowance, education allowance, and a multitude of others.&nbsp; All of these elements need to be listed for your current job and each new job you are considering so direct comparisons can be made.</p>

<p>Interestingly, though, money is often not the most important element when considering a new job.</p>

<p><strong>Quality of life</strong></p>

<p>This tends to be the most important element when looking at employment options.&nbsp; We all enjoy time off to spend with family and friends, to pursue hobbies, to go on holiday&nbsp; - to enjoy life.&nbsp; Quality of life elements are truly important for enjoying your lifestyle and working environment – often they will dictate your overall happiness and satisfaction.&nbsp; Quality of life is not just about days off.&nbsp; Quality of life includes several sub-elements, such as, days off, commutability (when working remotely from your home location), work environment, opportunity for advancement, and others.&nbsp; This is the critical aspect of your due diligence because these are the aspects of your job that will have the greatest affect of your life ad lifestyle.&nbsp; The best starting point is to make a list of what it most important to you.&nbsp; The list changes with various phases of your life – so this has to be done as part of your current job search.&nbsp; Using a list from ten years ago will not synergize with your current lifestyle the same as it did a decade ago.</p>

<p><strong>Stability</strong></p>

<p>We don’t mind looking for jobs on our terms, but having to find a job because you lost your current job creates an immediate sense of urgency and stress.&nbsp; Therefore, knowing the financial stability of your target company, the dynamics of their business market and the outlook and trends in that market are&nbsp; essential.&nbsp; For example, in aviation all indications support sustained growth trends for the next two to three decades.&nbsp; Yet, despite these strong market trends we have seen well established airlines cease operations in the past few years.&nbsp; In other words, stability is the company’s ability to withstand downturns in the market.&nbsp; How do you measure a company’s stability?&nbsp; Fear not, you do not have to be able to analyze complicated financial reports and annual filings.&nbsp;</p>

<p>If the company is a publicly held company then all financial information is available to the public – usually on the company’s website.&nbsp; In this case, review the net profits and look for multi-year trends to see if profits are increasing, decreasing or static.&nbsp; Simultaneously, perform the same analysis of costs.&nbsp; If costs are rising year-over-year at a faster rate than profits then it may be an indication of reduced future performance.&nbsp; If the company is privately held then you may not have access to such financial information – which means you should ask.&nbsp; Do not be intimidated to inquire as part of your interview process about the health of the company.&nbsp; Remember, when you interview you are interviewing the new company as much as they are interviewing you.</p>

<p style="text-align: center;">~~~</p>

<p>Weighing new opportunities is a decision that affects you and your family.&nbsp; Therefore, creating a list of critieria that are important to you before considering a new job is essential.&nbsp; Use a spreadsheet or checklist to itemize each criteria so you can measure and compare your current job against each new job you are considering.&nbsp; Take the time to perform adequate due diligence and do not take short cuts nor make assumptions in your analysis – it’s worth the time and energy in the long run.</p>