Evaluating a Job Offer <— Click this link to listen to the CSPD podcast!
5:44 minutes / 5.25 MB / MP3
Have your received one or multiple job offers? Do you need to evaluate each to decide if they are right for you? Learning how to evaluate a job offer and determining what is important to you personally will make the process easier.
Show Notes:
First please congratulate yourself. After sending out endless resumes, applying to positions, interviewing, and following up you have landed a job offer. This is wonderful news and should be celebrated; however your work is not over yet. First make sure you contact the company and let them know that you have receieved the job offer. Make sure there is an understood time frame in which you must accept or decline the position. If you receive the initial offer over the telephone make sure to express your gratitude for their offer, whether you love or hate the position, and ask when you should expect to be receiving the offer letter. After receiving the letter, your normally have two or three weeks to accept or decline their offer.
It is important that you evaluate your job offer to make sure it is a match for you. During your job search you should already be beginning this process. You need to understand which factors are important for you personally. If you have this list already compiled, it will be much easier to evaluate a job offer, or offers, when you receive them. We are going to discuss a few of the options to consider:
1- Salary
Please evalute the salary and factor in the cost of living of wherever your position will take you. How often will pay be reviewed? Are raises performance based?
2- Location
Make sure you realize what is important to you. If a position will move you 200 miles from your family and family, make sure you are comfortable with this. Is the position in a rural area? This might be difficult for a city lover.
3- Company Culture
Think back to your interview, the people you met, and the tour of the company. Did people seem happy? Was there a lot of team interaction or was the office generally quiet with everyone working in their cubicles? Everyone has a different comfort level in regards to how they best work. Make sure you research the company, take notice of what is imporant to you, and make a decision that will make you happy. Also think about dress code. If dressing business professional in a suit everyday makes your cringe, you want to take this into consideration.
4- Signing Bonus & Relocation
These can both be big benefits. Remember that you should not base your decision on which company gives you the biggest signing bonus, rather factor this into the overall picture. If there is a relocation involved than please make sure to understnad what is covered in their relocation benefits.
5- Benefits
The benefits are an intangible compensation that goes beyond salary. Are your health, dental, and eye insurances covered? If you have a family, are they covered? How soon does coverage begin? How much time off do you have? Benefits are generally not something in which you can negotiate, so make sure they will work for you.
6- Job Description
Beyond a job title, a job description will let you know exactly what is expected of you in your position. Make sure you understand your responsibilities, daily tasks, and who you will be reporting to . Compare the description to your strenghts and interests and evaluate your findings. To some, doing what they love to do is far more important than a large salary. You need to make this decision.
7- Retirement Package
What type of retirement programs does the organization offer? It is never too early to start planning for retirement.
8- Professional Development
What type of on-the-job training will you receieve. How much coaching and mentoring can you expect? What career growth opportunities are available? As an entry level employee, these are very important and will facilitate your growth in your career.
9- Organization Performance
The level of employment stability you can reasonably expect given the organizations strength and values of its management, are important to consider. How does this organization compare to others in the industry? What is the future outlook for the industry?
10- Hours and Travel
Make sure to understand what your hours will be. Are overtime hours expected on a daily basis or only when needed? Does your employee shun upon leaving at 5 when the work day is over? Also, if you will be expected to travel often for your position, make sure this is something you will enjoy.
Evaluating a job offer is really an individual task but you should share with someone close to you the details of your position and see if they have any additional questions that you did not think of. If you decide to decline the offer, do so politely, be honest, and positive. If you decide to accept, congrats, this a really exciting time in your education and career and your first job will start you on your track to success! Contact the company and verbally accept, expressing your enthusiasm, and follow up with a written acceptance, including your start date and your job title. Ethically, at this time you must terminate all of your job search activity. Acceptance of an offer is a commitment to your employer.