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Job Seekers Beware:
Prospective employer's financial offer
is about more than salary

 

As the economy improves, many Americans are voluntarily leaving a familiar 9-to-5 for the promise of financially greener pastures. In fact, 40 percent of respondents to a 2014 NAIC survey cited "improve my financial situation" as a key influence on their decision to quit a job, second only to "reduce stress," at 51 percent. But as many new hires soon learn, it pays to consider more than salary when evaluating that enticing financial offer.

 

According to the survey, 43 percent of respondents said when considering the financial implications of a job change, they spent "significant time" thinking about salary. However, only 20 percent spent as much time on insurance benefits, and only 16 percent thought as much about insurance out-of-pocket costs during their job change assessment.

 

The survey further highlights how not paying attention to insurance implications can be costly. Nearly 25 percent of respondents said after making a job move, changes in insurance benefits and out-of-pocket costs either "slightly or greatly worsened" their overall financial situation.

 

To avoid surprises, consider the following before saying goodbye to a current employer:

Source: Online survey via Research Now consumer panel fielded February 2014. 251 respondents age 18+ who left a job voluntarily within the past five years.