Canadian Finance Blog

Posted: 19 Oct 2011 02:00 AM PDT

Ever since we moved to our new home, I’ve been doing some job hunting. The reason that I am looking for a new job is that I want something that pays a little better, and is in a field that I can grow into over the next few years. I’m sick of dead end jobs. So I’ve taken the opportunity that I have had to shop myself around the city and see if I could find something a little bit better. When it comes to changing jobs, however, there are a lot of different factors that I have been considering to ensure that I pick the best job. While I do want to earn more money, it isn’t always about the compensation. Here are some of the factors that I’ve been considering when applying for jobs.

Salary

First and foremost, I have to worry about the wage that I would be earning. I am the primary earning in my family, so I have to ensure that whatever job I take will be able to support my wife and I. I also have to worry about if my wage will be able to support children in a few years from now, so that is definitely a consideration as well. When you’re comparing job’s salaries, also take into consideration whether or not there are raises, and if those will be regular or not.

Commute

Your commute is one of the most undervalued aspects of your job. Not only will a longer commute cost you more money, in terms of gas, vehicle depreciation, and the like, but it will also cost you a lot of time. Probably more than you might realize. A 10 minute difference in commute will add up. It changes a 40 hour work week into a 41.5 hour work week, effectively lowering your hourly rate.

Benefits

Benefits can be a big deciding factor when considering jobs. A job without benefits can be worth significantly less than a job with benefits. Depending on your family and their needs, it can be a 2,000 to 15,000 a year difference. Ask a lot of questions about the benefits before you agree to take a specific job, and ensure that you are not taking a big step backwards.

Type of Work

There are different toils that different jobs can take on your life. If you are doing a hard, physical job, then you might have to consider that there are only so many years that you can do that job. The wear and tear on your body effectively will decrease your life’s enjoyment, so even though you may be making more money doing something difficult and physical, you may not be able to enjoy it. In my case, I am seriously considering doing an easier job at a lesser wage just because my current job is too physical for me to sustain it for too much longer.

Advancement Opportunities

The other major problem that I have had with past employment is that once I’ve entered the company, there has been no where to go. Of course, they never say that right away, but 3 years with a company and not being able to move up nor there even being an opportunity to means that I was misinformed. So again, check carefully whether or not there is something that you can move into once you’re in the company. Even if the wage is low, and the commute is bad, if there is something that you can switch to in 6 or 12 months that is closer and better paying, it may be worth investing that initial year in order to get where you want.

What factors do you consider when job hunting?

How To Pick The Best Job originally appeared on Canadian Finance Blog on October 19, 2011.