Should you wait until 2024 to look for a new job? HR expert: “Changing employers this year could affect your end-of-year bonus”

JobatThere is no shortage of good intentions and fresh starts in a new year. But do you have to wait until 2024 to look for a new job and possibly even start it? Why is that a good idea and why not? And what about the notice period? Jobat.be asked Jari Kellner, HR expert at HR services group Liantis.

“Every situation is unique. Therefore, this golden rule: whether you are actively applying for a job or quietly looking for a new challenge, follow your intuition,” says Jari Kellner. “Nevertheless, it is essential to take into account some practical considerations around the turn of the year. If you choose to change jobs before the end of the calendar year, be aware that your employer is not obliged to pay out your end-of-year bonus or thirteenth month. Moreover, it is best to take into account possible wage indexations that you would receive from your current employer, when you receive a wage proposal from your possible future employer. Although financial aspects should not be the main drivers of your decision, it is wise to include them in your considerations.” Calculate here how much end-of-year bonus you are entitled to.

“To ensure that you do not miss out on valuable benefits, open communication is very important. It is best to discuss all these elements openly with your potential new employer and try to reach a consensus. It may be possible to agree together that you will not start until January, so that both you and your potential employer are satisfied. In short: follow your instincts when it comes to a unique opportunity or a desire for change, but be sure to inform yourself well. Moreover, you don’t always have to wait until you see open vacancies. In the current war for talent you can certainly take the initiative yourself and approach organizations that appeal to you.”

Are you sending an open application? Read these do’s and don’ts carefully in advance.

Rest period

Finding a job today does not always mean starting next week. Kellner knows: “That varies from situation to situation. If you decide to resign yourself, it is possible to reach an agreement with your current employer whereby you quit immediately or shorten your notice period. This offers the opportunity to start with your new employer more quickly. This agreement does require a mutual agreement between you and your current employer, and then no further compensation will be payable.”

“If you have been dismissed, and you therefore also have to serve a notice period, it is also possible to reach an agreement in mutual consultation with your employer to quit earlier. If you do not have to give any notice period, you can start working for your new employer overnight without any problems. Yet sometimes that is the time to enjoy a short break, completely let go of the old work and then recharge for the new challenge after a short period of rest.”

Double pay

The HR expert further warns against certain exceptional situations. “Suppose you are dismissed by your employer and he asks you not to do a notice period but simply pays you severance pay. If you start working for a new employer during the period in which you are reimbursed, you will in principle receive double pay for this period. And that can have a tax impact. To conclude: sometimes it is certainly possible to start with your new employer a week later, but that varies and depends on individual circumstances. In both the case of voluntary dismissal and forced dismissal, employees can make agreements in consultation with their employer to start more quickly with a new employer. Good communication and transparency are also extremely important there.”

Fast quitting: this is the impact of quickly resigning when you are tired of your new job.

How is the notice period calculated?

“A notice period is a crucial phase that follows when the cooperation between an employer and an employee ends,” says Jari Kellner. “It is a transition period during which the obligations and responsibilities of both parties remain in force, with the aim of a smooth transition. The exact length of the notice period depends on the employee’s seniority and any clauses in the employment contract. It is therefore always recommended to inform yourself well about this.”

“It is important to know that the notice period varies depending on who initiates the dismissal. Are you getting fired? Then the notice period may be longer than if you resign yourself as an employee. In the latter case, the maximum notice period is thirteen weeks.”

You can calculate your notice period via the Jobat tool.