Whether you’re in your very first job out of college, or you’re far along in your career, there’s a good chance you won’t be in your current position forever. The average time an employee spends in a position is actually only about five years. That’s because changing jobs can be a great way to gain more experience, finally get the raise you deserve or explore a new passion. However, along with these advantages come some less expected drawbacks.
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You probably already know that having a history of changing jobs too frequently can look bad on your resume. However, changing jobs at the wrong time can have negative consequences no matter how long you’ve been at your company. That’s because depending on your company’s retirement contribution schedule and vesting policy, your account could lose thousands in value simply because you quit too early. Or in other scenarios, you could miss out on weeks of pay if your state does not require your company to pay for unused leave.
Though these setbacks are surmountable and may be outweighed by a significant pay increase or a better work-life balance, it’s still important to understand all the implications of leaving your job. Knowing what you could be facing financially is an important part of making an informed career move. For more unexpected costs of changing jobs, check out this infographic by Turbo:
This infographic was originally published on Turbo.