A career lateral move refers to when an employee transfers to a different department without much change in salary, either within the same company or by moving to a new company. When considering a lateral move, there are several factors that should be weighed.
5 Reasons why you should consider a move:
More Take-Home Pay—Depending on the circumstances, employees can often make more take-home salary when making a lateral move to a new company. Although the annual salary may be the same, situations that involve a candidate moving closer to home and saving money on their daily commute can mean more money in the long run.
Better Benefits—Every company offers a different benefits package, which is why it is essential to weigh these factors when considering a lateral move. Company A may offer a higher salary and few benefits, while Company B may offer a lower salary but include full medical, dental, and vision insurance along with monthly travel reimbursement. This example shows the importance of viewing and considering the “whole package” before making a move. Some factors to consider, along with salary, include insurance packages, retirement plans, and on-site features such as childcare or dining. Also determine the amount you contribute toward your or your dependents’ benefits and if it is tax deductible.
New Job Better than No Job—In today’s economy, many employers are downsizing by eliminating job titles and laying off employees. Those who have seen layoffs in their company may be wondering “am I next?” Employees who are fearful of a layoff may consider a lateral move to a more stable/profitable company before they have to deal with the hardship of losing their job and income.
Career Advancement—For employees who have been in their current role for several years with no offers for promotion, a lateral move might be a good move. Staying stagnant when wanting to advance oneself can lead to unhappiness in the workplace. Choosing to move from the current employer to a new employer could mean more opportunities and chances for advancement. Transferring from one department to another in the same company can also provide the same benefits, if the new department is larger and may offer more room for advancement.
New Skills and Experiences—A new position, whether it be at a new company or with a current employer, can provide employees with the opportunity to learn new skills or advance their current ones. A wide range of skills and experiences make an employee more marketable in the workplace. The larger the skill bracket one has, the more opportunity for advancement and promotion, and the easier it will be to land a job when wanting to move to a new employer.
When the benefits to making a move outweigh the reasons to stay, a lateral move might be the best move.
Amanda Hopkins is a member of the Casino Careers, LLC Recruitment Team. She specializes in identifying resources to publicize career opportunities enabling qualified candidates to connect with Employers seeking their expertise. Amanda possesses a Bachelor of Arts in Mass Communications and was Editor-in-Chief of The Voice at Bloomsburg University in PA.
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