This “ Factors To Consider In Evaluating Job Offers “ post details the ways or suggestions that can help you assess job opportunity you will come across with in your life.
Repost from The Practical Saver
Receiving multiple job offers does speak of a person’s work abilities and potential.
For many, getting multiple job offers is a dream come true considering the current job market situation. According to the Washington Post, job unemployment hovers around 5 percent and job participation is at 63 percent, the lowest rate since 1977.
Of course, these job offers can also be a pain especially when both jobs are promising and spark your interests.
My nephew has two job offers. Just the other day, he called me and asked for an advice on what to do. The first thing that came to my mind was the experience I went through when I chose the job I am in right over the other job that was equally promising.
To provide the best possible advice, I put on my practical mentor hat than the uncle hat. The uncle hat would suggest that he goes with the job that pays more. But the practical mentor hat would say something different.
Evaluating Job Offers For Your Own Benefit
Choosing your very first job can be daunting and exciting at the same time. It is good that my nephew called me as I have been in his situation a couple of years ago. Of course, I gave my best two cents on evaluating job offers.
For those who are in this situation (or similar to this), there are many things that need to be considered when evaluating job offers. For those who are not, may this post be a guide that you can use as reference in the future.
Money is never excluded when considering one job over the other but it shouldn’t be always be the top consideration. Well, that’s how I think it should be.
When evaluating multiple job offers, you need to understand what opportunities this job will provide you. Will this job allow you to grow and be more competitive? Will it open doors of opportunities you will be qualified for?
Remember that more likely than not, you will spend years working unless you can retire early and be financially independent (and that’s another topic to blog about). Even when the salary is minimal compared to other jobs, always remember that for the most part a job with opportunities can open doors that will lead you to better jobs and/or higher salaries. It may just take a you a little bit longer to get there.
Benefits differ from one company to another. Some people will choose a low-paying job with great benefits than a high-paying job with not-so-good benefits.
When it comes to benefits, always remember to put them among your top priorities when evaluating job offers. Benefits are more than just monetary in nature. Benefits can include health insurance, work-life balance, education opportunities, vacation and sick leaves, among others.
If you choose to go with the high-paying job with limited benefits, you may end up spending a lot of money, time, and resources to cover for things or expenses that would otherwise be covered by the low-paying job with great benefits.
Job stability is something that is hard to see these days. Just because you work for a big company doesn’t mean that your job is stable. Just take Intel for example. Intel announced that it will eliminate 12,000 jobs across its company.
Lesson here is to choose a job that is stable not just because it’s a big, well-known company. Be strategic and research the company before making any decision. If you choose to work for a company in a declining industry, there is a chance that you will lose your job in the future when the company shuts down its business.
Even worse is that you may find yourself in a financial dilemma if you lose your job and have bills to pay. Remembers bills don’t just disappear when you lost your job.
This is why a lot of people especially those with families would want to work for the state and federal governments because of job stability and benefits.
If you live in a rural, remote place, you may find it difficult to find a job that interests you and provides growth potential to you.
Thanks to the internet and the social media, you can easily search for jobs just about anywhere in the world.
When evaluating job offers, see what the company offers on relocation costs. Some companies will reimburse you and some won’t. Relocating to another city can be expensive and time-consuming at the same time.
Relocation feels like you are starting a new life. You may not have friends and family where you are going. You will need to adjust to the environment or life where you are working. You will need to build new personal and professional contacts for your own benefits. These contacts may come in handy in case you need assistance on just about anything from job loss to friendship.
Of course, income won’t be excluded in the things to consider when evaluating job offers. As much as a job can provide benefits, opportunities, among others, you need to consider the salary. For me, it doesn’t make sense to get paid when the pay is way less than your expenses.
Unless you have a lot of money to begin with, are a trust fund baby, won in the lottery, or something else that led you to have a ton of money, you should consider a job that will help you save money even when it’s not a lot to begin with.
Sometimes, great job opportunity and salary don’t go along with each other. In this case, you should consider which is best for you. You may need to make some sacrifices to ensure you get the most out what you choose.
6. Culture and Environment
Work culture and work environment should be factored in when evaluating job offers.
You may not want to work for a company that is toxic because if you do, you may be subjecting yourself to stress along with the health, physical and mental problems that come with it. For me, there is no reason to risk your life by working in a company that endangers your overall well-being.
I work as a budget for a company that promotes culture, diversity, and work-life balance. I can’t imagine working for another company because of how this company treats employees like me.
Evaluating job offers can be the most exciting, daunting, and exhilarating experience a person can go through. Choosing a job over the other should not always be just about salary. It is important to sit down, assess each job offer, and decide the one that will best benefit you.
When evaluating job offers, what do you consider the most valuable in helping you decide the best job for you? Please share your thoughts and comments below.
Allan Liwanag is a personal finance blogger who paid off at least $40K debt in 2.5years by adopting simple and extreme saving techniques while ensuring his family’s needs were taken care of. An analyst by day and dedicated blogger by night, he loves to share his thoughts - based on his research, personal knowledge, and experience - on topics related to family, life, and money. The Practical Saver