What to Consider When Evaluating a Job Offer
There are six main things to consider when evaluating a job offer: the organization, position, location, benefits, compensation, and budget. Read on to find details of each below.
|The Organization||The Position||The Location|
Look for dental, vision, retirement plans, healthcare, and vacation/sick time options (also known as PTO – Paid Time Off). Take into account that sometimes benefits can be so great that they outweigh a lower salary offer. Make sure that your benefits package has full coverage for the items you need.
Salary and Bonus
It is essential not to accept or decline an offer based solely on the salary. Consider the benefits package and the salary growth potential within an organization. Bonuses should not entice you into accepting an offer if you are not sure about working there. If the salary is lower than you expected, there may be room to negotiate.
Be sure to research the going rate for the job offer you have received and try to have your salary offer match or beat the going rate. Our staff can help answer some of the confusing questions you may have about salary negotiations. Additional resources in the Resources section of connectSC can help with your search, including FirstHand and Big Interview. Websites such as Salary.com, CareerOneStop, PayScale.com, Glassdoor.com and ZipRecruiter Salary Calculator, can also provide salary and employee satisfaction data.
Many companies also offer prospective employees equity as part of their compensation packages. This means having company ownership through stock options, Restrict Stock Units (RSUs) or other equity. If a job offer includes equity, it is important to evaluate this option, and even negotiate. See the following articles on How to Negotiate Equity in 9 Steps and Negotiating More Equity Shares in Lieu of Pay.
Create a Budget
It is critical to assess whether you can afford to accept a job based on your monthly expenses and lifestyle. The first step in determining this is creating a post-college budget that accounts for fixed costs like rent, student loan payments, and discretionary expenses like entertainment. Take into account startup expenses, including work clothes. Websites such as Mint and Buxfer can walk you through the process of creating a budget; so can this article on 9 Steps To Take When Creating Your Post-Grad Budget.