A job offer is so much more than any given hourly rate or salary. While fully considering an offer, you’ll need to take benefits, perks, and more into consideration, as there is more to compensation than just a dollar amount.
Whether you are comparing offers, or just want to fully understand the one you care considering, here is how you can analyze and break down a job offer.
An annual salary or hourly rate is pretty easy to compare if you have opposing offers, but there is more to factor into your analysis. Also take note of opportunities for commission or bonus structures. One job could be offering a lower base salary, but a higher chance at earning a bigger bonus. Make those calculations and compare.
If you’re only looking at one offer, make sure you are researching the market rate for the position you are considering. Always bear location in mind when exploring this, as positions in more metropolitan areas tend to pay higher than those in suburban spaces due to cost of living.
On a similar note, take costs of a commute or setting up a home office under advisement. Any investment you would have to make into a new position should be a factor.
Benefits can add a lot of value to an offer, so examine them to find out their monetary annual worth.
Calculate the value of a retirement plan by working out your employer’s matching contributions per paycheck, then by how many payments you receive per year. Also take programs for transportation, education, student loans, and more into consideration. These will likely be included in an official offer package, but request this information if it is not provided.
This factor is a bit harder to calculate with hard numbers, but it is still very important. Consider how important cultural factors are to you, use what you know about this company to rate them against these factors, then assess.
This can include things like:
- Diversity, Equity, and Inclusion programs
- Skills development opportunities
- Mental health support
- Frequency of social activities
- Flexibility of work
- Advancement opportunities
- Travel opportunities
There are many options that can fall under this category, as it is quite subjective and unique to the individual. Make sure you take the time to outline your priorities and consider them carefully.
If you would like more help finding your next job opportunity, please browse more of our advice section or reach out to one of our consultants today.
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