How to evaluate a job offer?
When you receive a job offer, it is critical that you thoroughly assess it so that you can make a good choice whether to accept or reject the offer. The last thing you want to do is make a hurried decision that you will later come to regret. Paycheck is important but there are more things that need to consider.
1. Salary (base salary, commission, bonuses, expected salary increases)
You may be overjoyed to receive a job offer, but take the time to carefully evaluate the compensation package before accepting. You’ll need to be content with your income for at least a year before you can expect a rise. Come prepared to negotiate the offer, based on your knowledge of market rates rather than a wishful amount.
2. Perks and benefits (vacation, sick leave, health insurance, life insurance, pension schemes, stock options).
In addition to income, consider the company’s benefits and perks, because a strong package might compensate for a lower wage if you save a lot of money on health care and have a lot of vacation time, a company-provided car, or a flexible schedule. Consider how much a poor benefits package may cost you paying a lot out-of-pocket for high premiums, deductibles, and co-pays can eat up a significant portion of your paycheck.
3. Hidden expenses
Is there on-site daycare available, or would you have to pay for your own? How will your commute be? Do you need to invest in more professional or pricey attire? Do you receive a corporate account to meet with clients, or will you have to network with them on your own? What seems to be a salary boost may result in a decrease in take-home income if you have unexpected costs.
4. Workplace
Do you know exactly how you’ll spend your time on a daily basis? Don’t get caught up in the trappings of money and perks, only to lose sight of the fact that the job may not be what you really want to be doing. Ask yourself if this job fascinates you, if you believe you’ll thrive at it, and if it will help you develop in your career. Is this the diverse and inclusive workplace you’re looking for? While you may not be able to reject down a job, thinking thoroughly about these questions will give you an idea of what to expect.
5. Pros and cons
Make a list of the pros and cons of your present work and the job offer you are considering. Which one comes out on top? If one outweighs the other, choosing a decision will be easy. If you’re included in another deal, make a summary of its benefits and drawbacks. What does your gut instinct tell you? Do you feel prepared to come up bright and early on Monday, or do you have a nagging feeling that this isn’t the appropriate job for you? Pay attention to your inner voice.
