Look before you leap…

Congratulations — you’ve been hired! You experience joy, relief, and self-confidence. Thus, you ought to. You’ve received an offer for a job you really wanted. Take a moment to read the offer letter again before dialing the number to accept, though. This time, you observe that the company’s pension contributions are lower than you initially believed, despite the salary being satisfactory. Additionally, you’ll be required to spend “eight or more days per month” traveling abroad, which is more than you had anticipated. You learn that the only person with whom you did not “connect” during your interview was your line manager. You learn on the news later that day that the company’s stock price has decreased. You suddenly sense doubt starting to set in. Maybe it’s not the job for you after all.

The good news is that before accepting your job offer, you gave it some thought. Some people don’t. According to recent data compiled by the U.S. government, the average baby boomer changes jobs 11.7 times during his or her career – that’s a lot of job offers. Despite this, author John Lees found that many people spend longer researching their vacations than they do evaluating their job offers.

A job isn’t just a job for many of us; it’s our career. We spend the majority of our time there, and if we’re lucky, it’s also our passion. Therefore, even if our first instinct is to pick up the phone and happily accept any job offers we receive, it makes sense to evaluate them critically.

This article will explore the eight key criteria that you should consider when evaluating a job offer.

 

Why You Should Look Before You Leap?

 

It pays to repress the urge to accept the first job offer that comes your way, regardless of your situation or how eager or desperate you may feel. Any suggestions that you receive need to be carefully thought out. Your happiness, relationships, career prospects and advancement, self-confidence, well-being, and health, to name a few, all depend on you finding the right job. What if you choose incorrectly? You might find yourself stuck in a position you don’t really want and regret not giving it enough thought.

Give yourself time to evaluate a job offer objectively and thoroughly, and politely request a minimum of two days to decide whether it’s really the job for you. At the same time, remember to be realistic. The offer may not be perfect, and you may have to compromise on certain elements of the job, but your ultimate goal is to progress and improve on your current position.

A Good Starting Point Is To Evaluate Your Job Offer Against These Eight Criteria

 

1. Research Your Prospective Employer

 

 

Your potential employer has put a lot of effort into determining your suitability for the position. But have you considered whether it’s appropriate for you? Spend some time “playing detective” before accepting the offer to see if the company is a good fit for you. Social media is a great informational resource, especially if you want to gauge the public’s perception of the company.  Read reviews of the business on social networking sites or look up any recent news articles about it. Even better, speak with an employee already employed there.

Try to learn as much as you can about the people who work there, the company’s reputation, core principles, workplace culture, and the management style of your potential boss. Would it be a culture shock or possible seamless integration? If you worked there, would you be proud to say it?

The company’s most recent annual report or its quarterly SEC filing are additional helpful resources. You can find a wealth of information about its operations here, including details on its current projects, the director profiles, corporate values, and financial statements. Look over the company’s most recent financial reports, paying close attention to the revenue and profitability, to determine whether it is experiencing any financial pressure or if layoffs may be on the horizon. Try to ascertain the company’s stability, position in the market, and prospects for the future. Even without a crystal ball, you’ll want to be certain that the company you’re joining is not about to fail.

2. Salary

 

 

When deciding whether to accept a job offer, many people consider the salary to be the most important consideration. But before you accept the pay that has been offered, you should determine how much your knowledge and experience are really worth. Your industry, position, location, and employer’s average salary bands can be found on websites like Firsthand and Glassdoor.  It’s crucial to take your prospects for the future into account.  The offered salary may be adequate for the time being, but without promised annual cost-of-living increases, your income may eventually decline in real terms. Are the bonus structures reasonable if you’ve been offered a commission-based salary? It might be a good idea to inquire about your potential employer’s bonus structure or how frequently people meet their goals.

 

3. Benefits and Perks

 

 

Benefits can account for a sizable portion of your compensation package, so it’s important to carefully consider this clause of your contract since their value is frequently less obvious than the salary’s value. Even though the offered salary may be higher than your current one, if your employer contributes less to your retirement plan, you may ultimately be worse off. On the other hand, a higher salary can be offset by a generous benefits package and retirement plan.

Benefits and perks vary from business to business, so if information about your package isn’t in your offer letter, request to see a complete list of the contract terms. Assess the value of the benefits for which you will be eligible (and when) by learning more about them.

You might want to consider the following questions when assessing the value of your benefits package:

• Leave. What is the sick and vacation leave allowance?
• Health Saving Account contributions. Which premiums are there? Do dental and ophthalmic coverage come with it? When will you be eligible?
• Stock. Which stock options are offered? Do you have to work for the company for a certain amount of time before you qualify for stock units as part of a bonus?
• Tuition reimbursement. If you choose to sign up for pertinent, for-pay educational courses, will the employer cover your tuition costs?
• Incentives. Do personal accomplishments or the overall performance of the company factor into the incentive program?
• Insurance. What types of insurance are available? How much will they cost?
• Pension. What will the business contribute?
• Profit sharing. Is it intended to distribute a portion of company profits to the workforce?
• Use of a company car, cellphone, or computer. Are these available? If so, will taxes be reimbursed for these costs? 
• Other perks. Are there any additional benefits offered, for example, gym membership, daycare, travel costs, sabbaticals, etc.?                                                                                                                           
  

  4. Savings and Expenses

   

 

Your commute is one of the biggest costs to take into account when assessing a job offer. Will your travel expenses go up or down? Your new job may require you to relocate if it isn’t flexible. If so, you’ll need to account for the costs of moving, changes to your taxes and property, as well as adjustments to your insurance rates.Sometimes we overlook the additional expenses that come with a new job offer, such as a new wardrobe or insurance coverage (if you aren’t yet qualified for the company insurance plan). Will the company give you suitable equipment if you’re working from home?

 

5. Time

 

 

It can be challenging to estimate how much time your new job will require (outside of core hours). To try to understand what workload you might be expected to take on or how much overtime you might have to work, it might be worthwhile to speak to someone who has a similar role in the company. If you are paid hourly, you might welcome the chance to put in more time. If you get paid a salary, however, you might come to dislike working for a company that demands you put in 12 hours a day but only pays you for 8. If working overtime is expected on a regular basis, you might even find yourself making less money per hour than you do now.

The amount of time it takes to get to your new job is another important factor, especially if it’s a long or challenging commute. How much of the day will your new journey take up? How trustworthy is the transportation you’ll be using? Keep in mind that while a long commute might be tolerable at 25, it can become difficult at 60.

 

6. Career Path

 

 

Even though finding a new job might be your top priority right now, you must carefully consider how it will affect your long-term career prospects. If you impulsively accept a job offer and it doesn’t work out, you might feel compelled to quit. If you keep making the same mistake, your resume might start to look cluttered with numerous temporary jobs. This could make you look unreliable to potential employers, leading you even further away from your chosen career path.

It’s especially crucial to think about how the job will benefit you and move you closer to achieving your career goals if the work itself or the potential career advancement on offer appeals to you more than the pay or the benefits. Consider whether it will stretch you, introduce you to novel experiences, and help you develop.

7. Research the Role

 

Reread the person specification and job description. You must be certain that the work you are doing is something you want to do and that it will satisfy you. Additionally, it’s critical that you are aware of all expectations and that they are reasonable. You may need to return to the HR department for additional clarification if the job specification seems to be too long or short or if it doesn’t match the job title.

8. Your values

 

Consider your own values as well as the values of the organization. What characteristics should a potential employer have, in your opinion? Do your values match those of the business? Perhaps you have a strong conviction about working for a business that practices sound environmental management or collaborates closely with particular charities. Is your potential employer actively involved in the causes that are most important to you?

On their websites, the majority of businesses describe their mission, core values, and guiding principles. Examining the company’s corporate social responsibility (CSR) report, which describes the actions it takes to uphold its values, may also be a good idea. These are typically available for download from business websites.

After receiving a job offer, this is the time to discuss any remaining concerns you have with HR regarding the company’s values.

 

Making Your Decision

 

 

It’s time to decide once you’ve finished analyzing your job offer.

Some offers are simply too appealing to pass up. The advantages outweigh the drawbacks, and the new position will advance your career in the directions that are important to you. If this applies to you, taking the job may be the best course of action. However, occasionally the position may feel like a good fit even though the offer isn’t what you were hoping for or some of the contract terms worry you. It might be appropriate to negotiate in this situation. People are frequently discouraged from negotiating because they think their job offer will be withdrawn, but if your demand is reasonable and the company has room for negotiation, you might end up in a better situation than you started in. The best course of action is probably to decline the offer if, after carefully weighing all the options, it still falls short of your expectations. Don’t forget to behave properly. Always maintain good relations with the company because you never know when the ideal opportunity for you might arise.

However, there are times when you might not be able to say no. If so, think about looking into other possibilities, like temporary employment, or accepting the position while you look for one that better fits your long-term career objectives.