You get a job offer after searching for several months, sitting through stressful interviews, and dealing with job-search anxiety. It’s only natural for you to be excited about finally getting an offer and feeling a sense of accomplishment. Many people accept the offer blindly, without considering if the offer is right for them or suitable for their skills and qualifications.
You need to evaluate the job offer carefully before you accept and sign the dotted line. Here are some tips that will help you assess the offer and determine if it’s the right choice for you:
1. Salaries and Other Perks
You may have been offered a salary position; here are some factors to consider when you look at the salary offer:
- Consider your monthly expenses carefully. Add up all of you essential and non-essential expenses and see if your salary can cover them comfortably. For example, if your average monthly expense is around $2,500, then you need a salary that’s well over that amount to live comfortably.
- Think of savings. Living from paycheck to paycheck and on credit cards isn’t good for your financial health and security. If your monthly expenses amount to $2,500, a salary of up to $3,500 to $4,500 will allow you to save a little and still give you a small budget to splurge.
Most job offers will also contain other benefits outside of the salary. Sometimes, these benefits are worth more than a salary and can make your life easier. Here’s a list of factors to consider:
- Bonuses, including sign-on bonuses, performance bonuses, etc.
- Look at the health insurance premiums you must pay and compare it with deductibles and co-pays.
- Consider personal contributions, employer contribution, elimination periods, and pre-tax savings for your retirement.
- See if you employer offers profit sharing or stock options.
- Check if they offer child-care subsidy or services.
3. Consequences or Hidden Costs
Also look at the hidden costs of the job like cost of commute, formal wear, the amount of time you’re expected to spend on the job, etc. You need to make sure that the amount of effort and skill you put into the job is adequately compensated by the salary and benefits. If the commute is too long or you need to spend too much on formal wear and dress codes, you might want to take a second look at the salary and perks provided by your future employer.
4. Company Values and Your Values
You should also take a look at the company values, culture, and the office environment. People often underestimate just how influential these factors can be.
If you spend some time evaluating the job offer, you’ll identify if it’s the right option for you before you commit to it. Once you accept a job offer, you’ll want to commit to it for some time, and switching jobs isn’t always easy or immediate. If you don’t assess an offer properly because of your excitement, you might regret it.