Evaluating an Offer
Congratulations on receiving a job offer! However, before you sign the offer letter, it's essential to evaluate the offer and ensure it meets your needs and goals. Here are some tips and resources to help you make an informed decision.
What to Consider in a Job Offer
Most job offers will include details on salary, title, start date, retirement, and health insurance. However, there may also be additional items, such as a signing bonus, equity or discounted stock options, paid time off, and more. Some items may be negotiable, while others may not be. Consider each item in the offer and assess its value to you.
A non-academic job offer may also include:
- Signing bonus
- Performance bonus language and commission (for sales)
- Paid time off (PTO) and virtual flexibility options
- Equity or discounted stock options
- Additional perks (company vehicle, cell phone, etc.)
- Moving expenses
An academic job offer may also include:
- Lab or research start-up funds
- Professional development allowance
- Teaching load
- Spousal placement
- Tuition remission
- Moving expenses
Assessing Salary
When evaluating salary, it’s essential to assess whether the offered salary is competitive and aligned with current salary trends. You can use resources such as the US Bureau of Labor Statistics National Compensation Survey or The Chronicle to research salaries. Also, consider geographic cost-of-living expenses with Bankrate’s Cost of Living Calculator. Don’t forget to evaluate health insurance premiums and other items the employer is offering, as they also impact your take-home pay.
Non-Monetary Benefits
Remember to assess non-monetary benefits, such as work-life balance, opportunities for professional growth, and company culture. Does the job offer long-term security or opportunities for promotion? Do you see yourself fitting into the company culture?
Additional examples of benefits include insurance, sick leave or personal days, vacation, car allowance or automobile expenses, pension plans or 401K, relocation packages, health clubs or wellness centers, expense accounts, profit sharing, stock options, educational reimbursements, company-sponsored training, financial planning services, flextime or telecommuting, relaxed work environment, casual dress code, and free parking. All of these factors should play a role in your decision-making process.
Resources for Evaluating Job Offers
There are various resources available to help you evaluate job offers. For example, Bestplaces.net compares costs of living and salaries, including food, housing, utilities, transportation, and healthcare. Salary.com provides salary reports for numerous career fields and helpful articles about benefits, office etiquette, and dream jobs.
When evaluating a job offer, consider all aspects of the offer, including salary, non-monetary benefits, and opportunities for professional growth. Use the available resources to assess whether the offer meets your needs and goals. If you need more time to consider an offer, don’t hesitate to ask for an extension. Remember, a good salary package is more than just a paycheck.
Salary Research Tools & Resources
U.S. Bureau of Labor Statistics National Compensation Survey
Use a combination of resources to better assess the average salary for the offered position. Keep in mind the hired individuals skills and qualifications are not disclosed in the above mentioned resources.