Evaluating job offers
There are lots of things that go into deciding whether a job offer is right for you or not. One of the workshops I saw at my conference did a great job describing lots of different factors to consider.
Everyone always looks at the money first, but they don’t really see all the money there is, or all there is to the money. When is the higher salary not the best choice? It’s flattering to be offered a bunch of money, but sometimes there are hidden costs to that higher salary. For instance, a company that offers to match part of your 401(k) is giving you a benefit that will reduce your taxes and increase your take home pay. If that same company offers other perks like vacation days, sick days, personal days, child care assistance, low interest loans, or mortgage assistance, that will definitely be the better deal, even if the base salary is lower than another company’s offer.
We didn’t even get to health care yet. Just about everybody has to pay something for health insurance these days. It used to be that Kaiser was free, but now people have to pay for that too. So expect to have to kick in something each month, but know how much that something is before you accept an offer. Vision and dental plans can also add value to a company’s offer.
What about retirement? If you are twenty something, you may not be thinking about that. I know I didn’t. We were busy with a young family and didn’t save a dime. Like someone once said, Pay yourself first—put something aside in a 401(k) or similar plan. Depend on yourself, not the company or Social Security.
There is a dizzying array of benefits that companies may offer, especially as the economy improves and competition for candidates increases. I read that we have now gained back all the jobs lost during the dotcom crash, so perhaps things are finally turning around. Consider all these:
Stock Options
Disability Insurance
Employee Assistance Program
Tuition Reimbursement
Flextime
Dependent Life Insurance
Flexible Spending Accounts
Concierge (dry cleaning, barber shop—there are still places that do this)
Adoption Assistance
Travel
Parking (if you work downtown, this can be a big expense)
There are other things to consider such as what you will actually be doing all day, the company’s expectations of you, how well your values mesh with those of the employer, the people you will be working for and with. Take time to talk over your options with someone before you decided. Whatever you decide, you’re going to have to live with it for many years.
posted by Career Guy @ 9:00 PM
2 comments
2 Comments:
I'd put the people and the work environment right at the top of the list. If you're working with miserable SOBs, who cares how much they're paying you? It's never going to be enough to put up with a moody split-personality boss or back-stabbing coworkers.
Also, I didn't see anything about overtime. No one pays overtime, but loads of companies, especially in the software industry, expect it. If you're going to work 60 hours/week at company A for $75,000, the deal with company B to work 40 hours/week for $40,000 is nearly the same pay per hour.
You're right, it is a big decision, but I think it's overstating the case to say it's one you're going to be stuck with for many years. The way companies dispose of people these days, no one owes their employer any loyalty. Work is not a marriage, it's a business arrangement that either party can sever at anytime. After being laid of 3 times in 4 years, I'm always going to be on the hunt for a new job. Better to be the dumper than the dumpee!
Now - if I could just find a job that would pay me money!!!!!!
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