Is a 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. Consider not just the pay but benefits and oher compensation. Once you have a clear picture of what you’re being offered, you may be able to negotiate a better deal.

Starting point

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.

Include any other perks you enjoy — cellphone 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. You may not want to walk away prematurely from a significant payout.

Compare

Perform similar calculations for a job you’re being offered. If perks and benefits aren’t clearly laid out, ask for details and specific numbers.

Then check to see if you deserve more. Your current salary may lag what most other employers pay if you’ve worked at the same company for many years, says Lazetta Rainey Braxton, a CFP in Brooklyn. She recommends using sites such as Salary.com to get a feel for what similar jobs pay.

The health plan test

Some employers offer a range of health insurance plans from which to choose, while others don’t. If the only option is a high- deductible plan, for example, that could be fine if you’re a young, healthy person — or a disaster if you have substantial medical costs and not enough savings to cover the deductible, Mullikin says. Similarly, a plan with a limited network of providers could become expensive if your doctors aren’t included.

Ask about waiting periods, too. Employers can make you wait up to 90 days for health insurance coverage or a year to contribute to a 401(k). Parental and other leave policies can have waiting periods as well.

Company policies about time off vary enormously, and smaller companies may be exempted from laws that apply to larger ones. For example, companies with fewer than 50 employees typically don’t have to comply with the federal Family and Medical Leave Act that otherwise provides covered workers with up to 12 weeks of unpaid, job-protected leave for caregiving or serious health conditions.

Use your leverage

Financial considerations must be weighed with all the other aspects of a prospective job. Are there opportunities for advancement? Flexible scheduling and work locations? Is the workforce diverse and the culture engaging?

Risk tolerance matters, too. You may be willing to accept a smaller salary and fewer benefits in exchange for stock options that could deliver a big payoff someday. Or you may prize job security and the opportunity to save for the future more.

If the job is tempting but the offer is lacking, see if you can negotiate a better deal. You may never have more leverage than you do before you formally accept an offer that’s been extended, says negotiating expert Kwame Christian, director of the American Negotiation Institute in Columbus, Ohio.

Liz Weston is a columnist at NerdWallet, a certified financial planner and the author of "Your Credit Score." Email: lweston@nerdwallet.com. Twitter: @lizweston.