How to Evaluate an Offer
Posted in Salary & Benefits
In the very competitive world of unemployment turning down a job offer can be the height of folly. But there are a lot of factors that can affect your decision whether it is the low income, bad location or you just plain don't feel the job. Job offers are made in person and can show how much that company requires your services.
You don't have to accept the offer on the spot. It's common for fresh graduates to accept the first job offer that comes their way not realizing that they can take the time to decide. Here are some tips that you should follow. It could spell the difference between getting the job you want or being shackled to a job you loathe.
Salary
Money talks. How much are you getting? Does it compensate your skills or do you feel you're working for chump change. Calculate how much is your take home pay after taxes, daily expenses and other deductions. Do you get your salary monthly, bi-monthly? This is also the time to talk about salary increases. Often companies give yearly evaluations to determine how much your salary increase would be.
Ask the basis of these increases and by how much would your salary would increase. When negotiating your salary be polite but firm. If you think you aren't getting enough a phrase like “I'm very excited about your job offer but I would like to discuss the salary you are offering” will start negotiations. Never undervalue your skills. They offered the jobs so they must need you.
Bonuses
Bonuses can add to your base pay. Whether it is overtime or night differential being informed about all of these additional bonuses can swing the job offer either way. Of course with the bonuses there are also the deductions like an percentage of your salary every time you are late. Other companies don't offer bonuses until after you become a regular employee.
Benefits
Health care and insurance are important considerations when you are considering signing with a company. Find out the provider and the types of coverage you will receive. Find out when your medical plan will take effect. If you are going to pay more for medical coverage then this is a starting point for negotiations. Some companies offer stock to their employees. How many stocks are you exactly getting? And what is the current price of stock to get a better idea of how much you are getting.
Perks
Salary isn't the only selling point of any job. Companies would throw in additional incentives to lure employees to their fold. Call it the icing on a cake. Some companies pay for education abroad provided you do come back to work for the company. There are also parking or commuting perks, health club memberships, etc. Traditionally perks were only given to high level executives but some companies now offer them to low level employees. Ask when you will be eligible for perks or if you are at all going to get any.
Goals
Sometimes money isn't the only thing that can make you accept a job offer. Before starting out on the corporate ladder do you even want to be on the ladder. Some people abhor being part of the corporate rat race. It may not be in your lifelong goals to be a stock broker. Or your interest diverge from your job that you'll be depressed a week into it. Evaluate yourself first. If you have the burning ambition to be a snake charmer you really won't be happy in a 9 to 5 job bored out of your mind.
- Other considerations:
- work environment
- working hours
- location
- prestige
- stability
If you do decide that the job offer isn't good enough for you reject the offer with a rejection letter. While you could reject the offer verbally, putting it in writing makes things more official. Be polite and tactful. If at some future date you do decide to come back to the company it would be better if you leave them with a good impression. The rejection letter is a simple note of thanks for the employer's offer. State how much you appreciate their interest in you.
One last thing to remember is that a negotiation isn’t a great evil. Your interviewers won't think any less of you for trying to get the best possible offer. Just try not to brag about it. Once the final offer is made stick with it. On the other hand if you are stuck in a job you took without properly evaluating the offer you can always console yourself that you have learned a valuable lesson and that you can quit anytime.
