Be sure to consider: Is new job the right financial move?

Whether you call it “The Great Resignation,” “The Great Reshuffle” or just high time for a change, millions of American workers are looking for new jobs — and some have already quit the ones they have. Better pay isn’t necessarily the motivator, labor experts say. Many people are seeking greater flexibility, the ability to work remotely or other nonfinancial benefits.

Still, money is important, and a job change can be a great time to significantly improve your financial prospects. In addition to the pay a new job offers, you should consider the value of a wide range of benefits and other compensation. Once you have a clear picture of what you’re being offered, you may be able to negotiate a better deal.

Total your current compensation

Start by calculating the compensation package of the job you currently have, or your most recent job if you’re unemployed, says Seth Mullikin, a certified financial planner in Charlotte, North Carolina. In addition to salary and any bonuses, commissions, profit-sharing or stock options, you should include employer-paid health and life insurance premiums as well as company contributions to health savings accounts and retirement plans. (These contributions are often listed on your pay stubs, or you can ask the human resources department.)

Include any other perks you enjoy — cell phone reimbursement, employee discounts, gym memberships or company-provided day care, for example — along with the value of benefits you’re likely to use in the next one to three years, such as infertility coverage or tuition assistance, Mullikin suggests.

Next, contemplate what you might give up by leaving now. Some benefits vest over time, such as stock options, 401(k) matches and traditional defined benefit pensions. This compensation may not be enough to handcuff you to your job indefinitely, but you may not want to walk away prematurely from a significant payout.

“If you were leaving a company where you had stock options that were close to vesting, would you be better off waiting another year?” Mullikin says.

How does the new job compare?

Perform similar calculations for a job you’re being offered: