When you’re changing employment, your attention is more on the new opportunity starting, and finishing with your current job with everything correctly handed over.
Any detail about your pay slips and can therefore be unfortunately left with an assumption that this will just happen automatically through the Payroll and HR Departments of each employer.
However, it’s worth looking at the detail and figures with this early on in order to make sure you don’t miss out. Even though the actual processing of your pay will be completed by the relevant finance or accounts person, the decisions you make now can make a whole lot of difference.
So here are four in particular to make note of:
1. Matching the End and Start Dates
When you hand in your notice with your current employer, this will determine what your end date. Is. When you complete a new contract with your new one this will shape what the start date then is.
In simple terms, one will be after the other and therefore there will be no days left in between where you don’t get paid from either employer.
If you want to have say a holiday break in between, then this is fine of course, however, make sure that you’re aware that you won’t be getting paid for this luxury if you’re not prepared for this.
Also, if you’re not careful you can end up causing such a gap in pay without realising it, for example if it naturally falls over a weekend. So, one job may nicely finish on Friday and the next one on the following Monday, but this means Saturday and Sunday fit in between with no pay.
2. Happy Holidays
In addition to enjoying whatever holidays you have planned, just make sure you don’t pay the price for them.
The norm for your current employer is to apportion these in your final pay anyway, so any holidays that you haven’t used up will mean an additional pay.
Therefore, remember that this can be like getting paid for your holidays up until that point. So, whereas normally you have to use your allowance up every year, here is an opportunity to get paid for those you don’t decide to take in your notice period.
3. Expense Payments
Don’t forget to get all your expenses in with your current employer in plenty of time to be processed without any queries.
Also, watch out for any that do technically run past your employment date, for example subscription to any schemes, that may be queried and may need to be processed with your new employer, along with a general understanding with your current employer with what can and can’t be processed with them going forward.
4. Pay Dates
Really important to know this, as each employer will tend to have different actual pay dates, often at the end of each month but not necessarily.
This will not only need to align with any of your costs going out on standing orders or direct debits, but the first month or so making sure you’re not out of pocket if it means a longer period than a month between these.
Always nice to get of course if you do have the privilege of receiving these, therefore, make sure it is not only clear on what will be paid but when it will be.
Often people do leave handing in their notice until they receive a bonus, the receive part being the important emphasis i.e. actually being paid into your bank. But even then, just check that there’s no ability for this to be recovered afterwards if you do hand in your notice.
Paying the Price of a New Job
As you look to change jobs and therefore salaries, make sure these above points are considered even before you hand in your notice and agree a new one.
Even though things might be rosy with a higher-salary, and even though some of this detail will only follow afterwards anyway in a new contract – take the opportunity to still look at now and not regret later on.