We’re in the midst of what economists and journalists are dubbing “The Great Resignation" -- where as many as 40 percent of employees are thinking of quitting their jobs and finding new ones in the coming months.

With so many people on the hunt for and starting new gigs, it is vital to take necessary steps when starting at a new company to ensure you have your finances in order. There are a number of forms you often need to complete in the first few days at the new job, which are full of enough details to make your head spin. Knowing what responsibilities await you, the six financial tasks below can help keep you focused on the road to being financially healthy.

1) Reassess and realign your budget. Did you get a raise in pay at your new job? Congratulations! Looking at your budget is the most important step you can take with a new job. A common pitfall among those who receive a raise is they increase spending without making any changes toward saving. Assess your income versus all of your expenses and look to devote more funds towards savings, especially emergency savings if you don’t have that built up yet.

2) Review your tax withholdings. I can’t tell you what withholding is right for you, but make sure you review your first paycheck closely to make sure you are not withholding too much or too little for taxes. If you have questions about determining what amount is appropriate, consult a tax professional and they can provide advice in accordance with your unique situation.

3) Set up retirement fund contributions and take full advantage of a company match, if there is one. If your new employer offers a retirement savings plan, be sure to sign up. Best practices are to put aside 10 percent of your paycheck for retirement savings. You may not be able to do that, but working your way up to that is a great goal to strive for.

Also, be sure to ask if your employer has a company match and, at a minimum, contribute the appropriate amount to your retirement savings to take full advantage of the match. For example, let’s say your employer matches 100 percent of the first one percent of pay you contribute, and 50 percent of the next five percent of pay you contribute. In other words, contributing at least six percent of pay allows employees to take full advantage of the maximum 3.5 percent matching contribution of pay.

4) Don’t forget any previous retirement savings accounts. If you have changed jobs multiple times and each of those jobs offered retirement saving options, what did you do with those accounts? Are they still with each of the respective companies?

If so, it may be in your best interest to roll those previous accounts into a single retirement account. That way your retirement savings aren’t scattered across multiple companies, and if you moved jobs in the future, those retirement savings can be rolled into the new account. To open such an account, it is best to work with a wealth management professional such as a certified financial planner (CFP).

5) Review your insurance policies (health, life and disability). Be sure to sign up for your employer’s health insurance plan if you don’t have coverage. Many employers offer multiple options, so be sure to analyze the costs and coverage to make sure your needs are met. Life insurance, short-term disability and long-term disability coverage is helpful if unfortunate circumstances were to arise. Life insurance is often either covered by the employer or if it isn’t, can be quite affordable.

Short-term and long-term disability is often covered by the company and you will want to review that to ensure you understand the level of coverage you would receive. Disability insurance doesn’t often cover 100 percent of your salary. If it doesn’t, some people choose to purchase supplemental disability insurance to ensure 100 percent of their salary would be covered if using the insurance is necessary. Also, keep in mind that for some people, these are the right options for insurance, but it may not be right for everybody. The most important action you can take is to do the research to see what is right for you.

6) Consider opening a Health Savings Account if you don’t have one already. With many employers offering High Deductible Health Insurance Plans (HDHP), a health savings account (HSA) is a helpful tool to build savings that can be put toward health expenses for you and your family. Health savings accounts are tax-advantaged accounts for members and dependents covered by a HDHP. You can use account funds to pay for current qualified medical expenses or save for future/unexpected medical needs. The contribution limit in 2021 for an individual was $3,550 and $7,100 for two-person or family.

A new job can be a simultaneously exciting and scary event. The door is open for many new possibilities and opportunities as you build your career. One item you must take advantage of along your career journey is assessing your financial health. You possess the opportunity to make improvements along the way and starting with these six tasks is the appropriate first step.

Celeste A. Kier is senior vice president for marketing and customer experience for ESL Federal Credit Union.

This article originally appeared on Rochester Democrat and Chronicle: Great Resignation: Finance tips for new hires