BT Money Hacks: Smart money moves - Key considerations before switching jobs
Are you among the 67 per cent of employees in Singapore considering a job change within the next 12 months? If you’re thinking about making a move, you’re not alone. The trend surpasses the global average of 60 per cent, signalling what’s often referred to as ‘The Great Resignation.’
But before you jump ship, there are crucial financial considerations to keep in mind. The podcast, Money Hacks, a series by The Business Times, dives deep into these considerations, providing valuable insights to help you navigate your financial journey.
Host Howie Lim speaks with Susan Fanning, head of wellbeing solutions at Aon, to shed light on the financial and non-financial factors to consider.
Understanding industry dynamics
Fanning shares eye-opening data from Aon’s employee sentiment survey, revealing that industries like business consulting, community services, life sciences, and financial services experience high voluntary turnover rates, ranging from 17.3 per cent to 23 per cent, providing a glimpse into where employee demand is peaking and where talent is likely moving.
When switching jobs, the top benefits employees look for are above-average pay and meaningful benefits. Lim and Fanning break down some of the findings offering listeners insights into what truly matters to employees today.
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More than just salary
It’s not just about the paycheck. Fanning emphasises the importance of understanding your overall rewards package when contemplating a job switch. This includes base salary, performance-related bonuses, and health coverage and shares detailed insights.
What if you leave your job in a hurry without planning your next step? The conversation covers emergency strategies for such situations. For example, Fanning advises assessing your savings and immediate financial needs, ensuring you can cover essential expenses like rent, utilities, and groceries.
Employer competitiveness in benefits
One significant trend highlighted in the podcast is how companies are becoming increasingly competitive in providing employee benefits to retain talent. This includes personalised benefits packages, greater flexibility in work arrangements, and support for overall wellbeing including physical, mental, and financial health.
Switching jobs isn’t just a financial decision. Fanning and Lim discuss the importance of considering non-financial factors like workplace culture, support for skill development, commute times, and job security. These elements collectively contribute to overall employee satisfaction and well-being.
Invaluable tips for career planning
Evaluate your current financial situation, consider promotional opportunities and future salary increases and understand the importance of a supportive work environment. Leveraging your networks and using social platforms for research can also offer critical insights into potential employers.
Listen now if you are considering switching jobs to cover all the considerations.
BT Money Hacks podcast offers reliable and engaging conversations with expert insights, actionable advice and a focus on current events - each episode is designed to help you navigate your financial journey. If you have feedback or story ideas for us please email btpodcasts@sph.com.sg.
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Written and hosted by: Howie Lim (howielim@sph.com.sg)
With Susan Fanning, head of wellbeing solutions, Aon
Edited by: Howie Lim & Claressa Monteiro
Produced by: Howie Lim & Chai Pei Chieh
A podcast by BT Podcasts, The Business Times, SPH Media
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