Five Factors to Consider In a Job Offer
02 September, 2019
Are you considering accepting a job offer? Have you thought about how much you’ll be paid? No? Let’s dive deeper into the most important things to consider before accepting a job offer.
Evaluating a job offer
There are certain parts of a compensation package that are critical when it comes to accepting a job offer. But, there are other factors that you have to consider, such as employee benefits, perks, and other non-tangible things, before you accept the offer.
So what should you look for when evaluating whether or not to accept a job offer? What makes sense to you, and what doesn’t? That’s right! Not everything included in the job offer will be appealing to you. Hence, before you say yes, consider the entire compensation package; the salary, work environment, benefits, perks, schedule, and the work hours. Moreover, find the job description. Will you be happy working at this job with this firm?
In the end, weigh the pros and cons. Ask the employer when they need a response and take some time to think about the offer, instead of saying yes right away. Furthermore, if you have two offers to consider, then use a comparison list to settle on which one to accept.
Factors to consider in a job offer
Here, five factors you should consider before accepting a job offer.
Evaluate employee benefits and perks
For example, health insurance, vacation, retirement packages, leave, life, and disability insurance. Above all, this will constitute around 30% of your compensation package. As such, it is of utmost importance to you. Hence, take your time in reviewing these benefits, and evaluate if that's enough, you and your family need at this stage of life.
The retirement plan
A good retirement plan can significantly impact the value of a job offer. Remember: not all retirement plans are created equally. First off, take time to evaluate what is important to you in a retirement plan. Next, evaluate the job offer's retirement plan, and see if it meets what you're looking out for in a plan. But, you may need to make some compromises depending on your situation in life and the job.
Evaluate stock options
If you received a job offer from a public company, stock options would give you the ability to buy company shares at a specific price and time. Stock options can be very lucrative. In essence, this could be your shot at enjoying the profits from your particular industry.
But, before you make a decision based on stock options benefits, be sure to do your homework on how they work. Also, consider the industry you’re in and the growth prospects of it. There are plenty of job opportunities at Public companies. To conveniently search for such opportunities, start at Jobsora.com, where you can narrow your search by desirable benefits and perks, and make a smart choice for yourself.
How much time?
The job offer is not going to sit and wait for you. If you happen to be juggling between two or more offers, and you’re not sure of which job is right for you, consider asking for more time. It’s important not to rush into a job until you’re 100% sure. For instance, you may ask the employer for more time to decide by explaining your situation.
Negotiate salary and a counteroffer
After considering the details of your compensation package, and the time given to accept or decline the offer, next you’ll need to take a look at salary. Is it enough to cater for all your needs? Would you want more? Is there room for a salary negotiation?
If your salary is not sufficient, it doesn't matter if the benefits are appealing. Furthermore, if you're not sure of the salary, create a budget for your monthly expenses. This way, you can identify how far your paycheck will last through each month. Next, if your offer is negotiable, then request for a meeting to discuss the offer. You can approach the employer and see if you can negotiate for a better offer.
How and when to accept or decline a job offer?
After considering these factors, you will have a reason to accept or decline a job offer. The job might not be right for you, or the salary and benefits are not sufficient. As such, there’s nothing wrong with saying no. But, you’ll need to say so politely. Take your time in drafting an acceptance or declining letter, so you don’t leave the prospective employer with a bad image.