How to Evaluate if a Job Offer is Right for You
Episode 275 | Author: Yanil Nunez
My name is Yanil Nunez, and I help undergraduate and graduate students connect their academic coursework and life experiences to landing their ideal job.
I recently joined the Bossed Up Team as a Job Search Coach for HIRED, our 3-month job search accelerator. Today, I’ll be sharing what you should be asking yourself before you accept a job offer.
This post is inspired by a Bossed Up community member who shared that she quit the job she hated, then shortly after received a job offer.
Here’s what she said:
While this was exciting news, the new position offered less annual salary and less PTO. This left her wondering what questions she should ask the HR Representative in advance to confirm that this opportunity was the right fit. You might find the questions I’m about to share overwhelming, but the more details you get regarding the job, the more confident you’ll be in accepting the position.
First things first, do your research!
When it comes to the best questions to ask yourself, consider the following factors and ask these questions if they seem appropriate to your needs:
Base Salary
Where is the company located?
What is the cost of living and average salary for that location?
Companies base their initial job offer to you by doing local market research.
For instance, a software engineer in New York is likely to make a lot more than a software engineer in North Dakota because of the differences in their cost of living.
Does the salary you are being offered reflect the value of your skills?
After taking a look at comparable salaries for the position in that area, if you determine that the salary does reflect the value - great, accept!
If not, feel free to ask the HR representative questions. Inquire about the salary and directly state that you are aware of the comparable salaries for the position in that area. Don’t be afraid to make it clear that you’ve done your research.
Are there hidden costs for commuting, or buying lunch out, etc?
If the company is located in an expensive area and you’re not a fan of meal prep, you’ll likely be spending a pretty penny weekly on food.
If you’re commuting from the suburbs into an urban area, not only will it cost you time, but it’ll also likely add transportation costs to your budget. Of course, if your organization offers catered lunches and a monthly transportation stipend, you can add this to your base salary benefits.
You’ll also want to consider how much is taken out for taxes or a contribution toward health insurance costs. Health insurance coverage varies from company to company. If you’re responsible for a loved one, will the insurance premium increase in order to support them? By how much?
While this may not seem like a significant cost at the start of a role, you want to consider what it looks like over the span of a year.
For example, contributing $50 per bi-monthly paycheck may not seem like a lot, but over the span of a year, you’re considering a $1,200 expense coming out of your pocket annually.
Job Responsibilities
Before you accept a job offer, make sure you know what your role fully entails. If you didn’t get a chance to ask during your interview, now is the time to find the answers to the following questions:
What does the average work day look like?
Is there a lot of overtime associated with the position?
Any travel involved?
Are there opportunities for professional development or training?
What is the structure of the department you will be joining?
Will your work be heavily supervised, or more independent?
Knowing the answers to these questions prior to joining the organization or department allows you to make a more informed decision.
For example, perhaps you’re really adamant about pursuing graduate school knowing that it’ll open more opportunities for you in your field in the future. You may consider taking a job that doesn’t meet your annual salary goal at the beginning, but is willing to pay for your graduate education. An organization that pays $50,000 annually, but is willing to pay $30,000 annually towards your graduate education is offering $80,000, if you use this benefit.
The Benefits
Remember a job offer isn’t limited to pay. What benefits are of value to you based on your lifestyle? Health and dental insurance? 401K? Company retirement matches?
Once you received your job offer, make sure you connect with the HR representative to find out the answers to these questions:
What are you receiving beyond your base salary? A signing bonus? Stock options?
Do benefits like health insurance kick in right away, or is there a waiting period? Do you pay anything out-of-pocket for these benefits?
If you need to relocate for the job, will you be reimbursed for moving expenses?
How many vacation days are you granted each year?
When looking at the compensation package, remember it’s just that! A package. Make sure to look at it holistically and don’t be afraid to negotiate!
A job offer is not final and HR representatives expect you to counteroffer. Remember, the worst they can say is ‘no’ and if they do, at least you know you tried!
If you’d like to continue this conversation, connect with me on LinkedIn.
Looking for a new job? Join me and a cohort of like-minded peers in HIRED: our Job Search Accelerator Program.