Job hunting is one of the more stressful things we do in life and while finally getting a job offer can mean the end to cover letters and interview preps, it’s important to sit down and really evaluate a job offer before you accept.
There can be a lot more to consider besides salary (although that’s a big one) before deciding that this is the right move for you. Making sure the benefits align you and your families needs, and evaluating company culture are other important factors that will impact your overall happiness with your new job.
Things to consider before accepting job offer
Millennials especially have high turnover rates at jobs. A study by Gallup revealed that 21 percent of millennials have switched jobs in the past year. Avoid accepting an offer you’ll want to escape from shortly after with this list of things to consider before you accept:
1. Quantifiable benefits
This is likely the first part of the offer you paid attention to – the salary is the most obvious quantifiable benefit. But take it a step further by evaluating the salary to other options in the market. Is this above the city average, or below? Does that meet your expectations and background?
Other quantifiable benefits such as bonus, commission, and stock options can add a lot of extra cash to your salary depending on the offer, so make sure you evaluate those components before you accept and fully understand what is being offered to you.
Benefits is another quantifiable benefit you’ll want to take a hard look at. Do the math and figure out how much of your salary each month will go towards taxes and insurance.
2. Non-quantifiable benefits
Millennials in particular place a high value on non-quantifiable benefits. Things such as flexible work hours, work-life balance, and company culture may be really important to your happiness in this role so make sure to clearly define what those benefits and standards are.
You’ll save money on gas if you don’t have to commute every day and may gift you with a peace of mind you didn’t get before at your old company.
You’ll also want to look at how your industry and company is doing in the market. This will give you a better idea of your long term trajectory in the role and at the company.
3. Additional benefits worth mentioning
Sometimes an offer is worth more depending on the additional benefits. Student loan repayment and relocation reimbursement can directly put more money in your candidates pocket.
If your new company offers business travel, you can also build up travel points that will save you money on personal travel later down the road.
4. Unusual work perks
Ask if your new company has any hidden work perks. Companies that want to hire millennials are offering perks that may peak your interest, and give you a better idea on the company culture.
More things to consider before accepting a job offer
Check out our infographic below for more tips on evaluating your job offer. Also, there are example questions to ask the recruiter or hiring manager before you accept.
This infographic was created by selflender.com.