How to Evaluate your Job Offer
Receiving a new job offer is extremely exciting, but it's very important that you don’t just jump into a decision. There are a range of issues that it's important to consider before saying yes or no.
Before even applying for jobs, you probably should have a desired salary range in mind, based upon industry, your experience and your job requirements. Do your research and consult people you know within the industry.
Make sure that any job offer you get meets these expectations - you don’t want to sign up in the excitement and then come to terms with a low salary when it’s too late.
Think about how the salary will impact your lifestyle and that of your family. A difference of just 5% can have a big impact! Will you be able to afford all of your weekly expenses and still have money to spend? Perhaps draft some budgets to forecast what your future might look like on the offered salary.
If you receive an offer lower than you are willing to take, don’t be afraid to negotiate! Make sure you can make a case as to why you deserve more and use industry statistics to bolster your argument if possible. Be confident and know how to sell yourself.
Lower salaries can be offset by a good benefits plan. It’s important that you spend some time to weigh up the benefits being offered and determine their true value.
Make sure to pay attention to insurance plans, holidays and the flexibility of your schedule. These will all come up at some point and it's important that you don’t sign up to anything too restrictive.
Don’t be overawed by a large quantity of benefits, as it's definitely the quality that makes the most difference.
There are a lot of hidden costs involved in different jobs that you may not consider at first, when signing up.
Think about all of the variables that may end up costing you money or time. How long will your commute be? Will you need to move areas of residence? Will you need to purchase a vehicle? Do you need to buy more expensive clothing? Will you have to buy food everyday?
These are all basic things that many people overlook, that come back to bite you later. Consider all of these hidden costs and factor them into your evaluation.
The biggest thing to remember when evaluating a job offer is that you always have the power to say no! Determine your BATNA, or your “Best Alternative to the Negotiated Agreement” and use it as a tool for negotiating a better contract or flat out rejecting.