Assess Offer

Evaluate Acceptance

When you receive a written or verbal offer you are obligated to respond. Before you celebrate the success of an interview, take time to seriously consider all aspects of accepting.

How to Evaluate a Job Offer

Questions to Ask Before Accepting an Offer

Financial Evaluations

Non-Financial Considerations

Further Evaluate the Offer

Additional References

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How to Evaluate a Job Offer

Alison Green

Adapted from: http://money.usnews.com/money/blogs/outside-voices-careers/2014/06/02/how-to-evaluate-a-job-offer

Congratulations! You’re probably excited, but don’t let excitement get in the way of an objective evaluation and understanding the terms offered to you before you accept it.

Salary

It sounds obvious, but rigorously think about the salary offered. You’ll have to be happy with it for at least a year (it’s rare to get a raise before 12 months or longer. You should have a salary in mind before you get to this stage. If the offer is below this range, now is the time to negotiate higher. Base any negotiation on research of market rates for this job and someone with your skill set in your geographic area.

Benefits

Beyond salary, it's important to evaluate benefits. A great package can make up for a lower salary, especially if you’re saving money on health care, allowed a flexible work schedule or getting more vacation time than anticipated. Don't underestimate how much a bad benefits package can cost you. Health care costs can take a big bite out of your salary, factor that in. When evaluating benefits, make sure to look at:

Health insurance: What will your monthly premium be? Is there coinsurance (where, you pay a certain percentage of all costs)? Is there an annual deductible that you must pay, if so, how much? What are the copays for routine care visits, specialists, out-of-network doctors and prescriptions? Are dental and vision insurance included?

Retirement plan: Does the employer offer one? If so, does it match your contributions or otherwise fund it? Up to what amount?

Time off: How much paid vacation and sick leave does the employer offer?

Ask when benefits begin. Some employers don't start your health care coverage.

until you've been there six months, or wait a year before getting matching funds in your 401(k). That's not the kind of thing to find after you've already started.

Hidden costs

Will you have a longer commute? Need a fancier wardrobe? Be expected to schmooze in your community on your own dime? If the job is a salary increase, it might be eaten up if you suddenly have big expenses in these areas.

The day-to-day work. Are you absolutely clear on what the job is that you’re being hired to do? It sounds obvious, but too often people accept jobs without truly knowing exactly how they’ll spend their time, what their most important responsibilities will be and how their success will be judged. As a result, you can find yourself in a role that doesn’t match the hopes you’d had. While you’re thinking through the role, ask yourself: Will I be able to excel at this work? Am I excited to do it? Is it moving me forward on a path I want to be on? Depending on your circumstances, you might not always have the luxury of choosing jobs based on the answers to those questions, but at a minimum you want to be clear-eyed about what you’re signing up for.

Do you need to ensure you can leave by 6 p.m. to pick up a child from day care? Care passionately about having your own office? Need relocation assistance to move for the job? Do you know the common working hours ?

Ideally, by the time you receive a job offer, you should have already explored other key factors that will affect your decision, like the company culture or the manager’s style. But if you still have outstanding questions, now is the time to ask. You’re signing on to spend a large portion of your waking hours at this job for several years, and it’s a decision that can have impact on your career even after you leave, so it’s important to get all your big questions answered.

Questions to Ask Before Accepting an Offer

Dawn Rosenberg McKay

https://www.thebalance.com/job-offer-questions-525770

You just received a job offer. Congratulations on such great news. You would love to say yes but you still feel a bit unsure. Before you make a decision about accepting a job offer, here are some questions you should ask yourself.

Have I Been Offered a Fair Salary?

Is It Comparable to What Other People in the Same Position Are Making? While money won't necessarily bring you happiness—how much you like what you do plays a bigger role in job satisfaction than how much you earn—you should be paid what you are worth.

Find out what others in the same field are making. Compare yourself only to people with similar experience and education. You should also consider your job's location because salaries differ by region. If you discover the salary is below what you think you should earn, you can try to negotiate the offer before you turn it down.

What Do I Think About My Prospective Boss?

Does He or She Seem Like Someone With Whom I Can Have a Good Working Relationship?

You don't have to be buddies with your boss and in almost all cases you shouldn't be. However you do want to get along with him or her. First impressions aren't always accurate but you should trust your instincts. For example it is a bad sign if you witness the employer mistreating workers or saying mean things to them or about them while you are visiting the workplace for your job interview.

What Do I Know About My Potential Coworkers?

You probably haven't had the opportunity to get to know any of your coworkers yet but you may have met them when you were given a tour of the office during your interview.

If you didn't meet them, you may have at least caught a glimpse of them at work. Did most of them seem friendly and happy to be there? If you consider the amount of time you will spend at work you will realize how important it is to have an amiable relationship with your coworkers. If you haven't had any contact with them yet, it may be time to access your network.

Find out if one of your connections knows someone who works for this employer. LinkedIn is a good place to look.

Will I Be Comfortable in This Office Environment?

Some offices are prim and proper while others are more relaxed. While you may be more comfortable in one type of environment over the other, neither may be the wrong place for you to work. If you do think you will uncomfortable in a particular environment, consider looking for a job elsewhere however.

Is the Corporate Culture in Line With My Own Values, Attitudes, And Goals?

Does the thought of working an 80 hour work week make you want to cry? Does animal testing make you cringe? Do you always play it straight even if it means you may lose sometimes? Well, a job with a company that requires very long hours, supports animal testing, and encourages their employees to win at all costs isn't for you.

Can I Handle the Commute to This Job?

You should consider how far the job you've been offered is from your home. Driving an hour to a job interview is one thing but making that trip to work twice a day, five days a week may be too much for you. Before you accept a job offer, think about the amount of time you will spend driving your car or being a passenger on a train or bus.

Financial Evaluations

Tips on Evaluating a Job Offer

Selections from: https://www.salary.com/tips-on-evaluating-a-job-offer /

Think over an offer carefully and negotiate if necessary. Your goal is to see the compensation and benefits in your job offer at least meet your current status.

Jobs are customarily offered over the telephone or in person. The employer should explain the offer in detail and answer your questions and provide it in writing.

Salary

Understanding the salary information - the most important piece of the job offer - can help you reach an educated career decision. Find out your base pay, which can be stated annually, monthly, or both. Make sure you know how frequently you will be paid. Most employers pay biweekly (26 times a year) or twice a month (24 times a year). If you are a nonexempt employee, you should be paid at least twice a month.

Be sure to ask about the timing of your salary review - in other words, when will you be eligible for a raise. Your salary review sometimes is tied to your performance review and is a chance for the employer to recognize and reward you for your accomplishments. Generally, the review will take place one year from your start date

Bonuses

Bonuses can add money to your total compensation package. Employers should tell you about the different bonuses offered, which can be based on personal performance or be relative to the company's profit. Sometimes a bonus simply will be a set percentage of your base pay. If you were offered a signing bonus, be sure to ask about the details, such as the date you will receive the pay.

If an employee referred you to the company, then he or she may receive a referral bonus, which is contingent upon your employment. This means you may have to be employed at the company for a specified period before the bonus is granted.

Remember, you want an offer that matches your current employment status. A good starting point is to take the list of benefits from your current job and use them as a checklist for your new job. If you currently have short-term and long-term disability insurance coverage, find out whether the new employer offers comparable programs. Some other common financial benefits are pension plans, retirement plans, life insurance, travel insurance, and severance packages.

Benefits

Compensation includes the benefits. The most important benefit is health insurance. Find out the name of the provider and the types of coverage offered. You should also be aware how much your insurance will cost each week, and how much your employer will cover. Companies offer various kinds of coverage, if your company makes you pay more for health coverage, you have an incentive to negotiate.

Medical plans sometimes take more than a week to process, so find out whether your new medical plan will take effect on the day you start working. Your health insurance plan at your current job expires on the day you leave, but under federal COBRA laws you have the right to continue to purchase health insurance under your old plan for 18 or 36 months, depending on the plan..

If your new plan will not take effect right away and you elect to extend your old plan, ask your new employer to pay part or all of the plan's costs until the new one kicks in

Some companies, both public and private, offer stock options as part of the compensation package. If you are offered stocks, find out how many shares you'll receive and when they vest. Vesting in this context is the period over which an employee has the right to realize the right to exercise options (purchase and sell shares of stock). Vesting schedules vary, Tips on Evaluating a Job Offer ask when the vesting period begins.

Non-Financial Considerations

Tips on Evaluating a Job Offer

Selections from: https://www.salary.com/tips-on-evaluating-a-job-offer

Like an interview, a job offer can tell you a great deal about a potential employer. An offer can reveal how serious the employer is about the offer, how valuable you are to the company, and most importantly, whether you should make the move.

Respond to an offer within two to four days. Rarely would an employer expect you to accept a position on the spot. While thinking it over, consider these softer issues:

Titles

The most basic information is your title. Titles are more than names; they are a short, strategic, and functional explanation of your job and its responsibilities. You need to be clear on your duties so that you know what is expected of you, which can help minimize surprises after you start working.

The names and titles of your immediate supervisors also should be mentioned in the offer. Most likely, you have already met your supervisors during your interview and have gotten acquainted with them. You'll be working with your supervisors every day, so it's important to feel comfortable around them. Knowing how many supervisors you have also will give you a better idea of the amount of work involved in your job.

Perks

Traditionally, companies offer added perks to executives and some senior managers. With today's labor shortage and the emphasis on having a work-life balance, more companies are offering perks to some or all employees. These benefits include daycare, reimbursement for parking or commuting fees, and health club memberships. More creative perks such as personal concierges - someone to take care of your dry cleaning, walk your dog, and make dinner reservations so you can concentrate on work - are becoming popular among employers. Not all companies offer these services, and not all employees are granted these perks.

Employers also offer training programs, and often every employee is sent to at least one training session, regardless of industry or job title. An employer that values its staff wants to help them grow and develop professionally. Ask about the types of training you would receive. Some companies also offer tuition reimbursement to encourage employees to pursue higher education.

Vacation Time

Don't forget to ask about the all-important vacation time. Always ask when you are in doubt - and never assume - because policies differ from company to company. Generally, every employee receives two weeks of vacation time each year; the number is usually higher for senior-level positions. Vacation time also is negotiable if you are offered less time compared with what you have at your current job.

Two benefits overlooked when evaluating a job offer are sick days and personal days (sometimes called floating holidays). These benefits should be stated in the offer letter, and you should clarify when you can access these benefits. Usually, you must wait three months before you can take a vacation day or a personal day, so if you know ahead of time about an upcoming engagement, negotiate now so that there will be no surprises later. Plus, this is proper business etiquette.

Start Date

An employer will discuss your start date, which should be stated in the offer letter. If you are currently employed, the start date will be at least two weeks later, giving you enough time to notify your current employer. It could be as long as four weeks if you hold a management position or if it takes longer to find a replacement for your current position. Negotiate for more time if you feel it's necessary to help you make a smoother transition into your new career.

Further Evaluate the Offer

Domique Rodgers, Monster contributor

Adapted from: https://www.monster.com/career-advice/article/evaluating-a-job-offer

Take a breath. Consider the whole picture. Make a list of what you really need and want from your next job. The things we must have and the things that would be nice to have are very personal and change as our needs change.

Envision your life (and your bank account balance) six months from now. If it’s measurably improved, this job could be a great fit. If not, you might need to keep looking. Use this three-part checklist to evaluate a job offer.

Start with the money…

Salary is probably your No. 1 consideration in determining whether a job is a great fit. Once offered a salary, double check your budget to make sure it’s really enough.

This is especially important if the job requires a move or major change in your commute. Will your commute require more gas or taking a train or bus? How much will that cost? Once those expenses are calculated, make sure you have enough left over to contribute to savings and retirement—even if it’s only a negligible amount.

Other financial aspects to consider:

· Is there a sign-on bonus, or an opportunity for performance-based bonuses?

· Health insurance and wellness benefits. Analyze the premium you’ll pay and compare that with the co-pays and deductibles. Pay especially close attention if you are comparing traditional plans with high-deductible options.

· Retirement. Factor in your contributions, employer matches, elimination periods, vesting schedules and pre-tax savings.

· Profit sharing or stock options. Request details and timelines, if this is part of your compensation plan.

· Relocation assistance. If you have to move for this job, will the company pay for all or part of your expenses?

· Day-care on-site or a child-care subsidy

· Ancillary benefits. Ancillary or voluntary benefits are things like cancer insurance, life insurance, identity-theft protection or legal services.

· Other enticements like free bus passes or complimentary dry cleaning.

Then the company culture…

You’ll be spending an awful lot of time at this new job. It’s important that it pay your bills, but you also want to fit in. Here are some things to consider.

· Work environment. Ask to take a tour including where you would be seated. Can you see yourself working in that space? Do the other employees seem happy or overwhelmed? Is there natural light? What's the dress code?

· A cursory tour will reveal a lot about the corporate culture.

· Ask about opportunities for professional development in the company.

· The in-office culture is important, so is the balance with the rest of your life. Will you be able to spend as much time with your family as you want?

Travel requirements.

· How much travel will be required of you? What travel-related expenses will be reimbursed? Will you have to arrange child care when you’re out of town?

· Paid time off, vacations, personal or sick days, family leave. Find out upfront about time-off policies. Are there any vacation blackout dates? What happens if you need to take extended personal leave?

· Will the company let you work from home sometimes? All the time?

· It can be difficult to negotiate more schedule flexibility once you've started, so go for it now, If you’re hesitant to ask straight out, check the company’s careers page to see if they mention flexible work arrangements there.

Whatever your final package ends up being, get everything in writing. A handshake deal may not be honored if the officer leaves the organization