Understanding a Job Offer
-Other than salary… What Else Do You Need?
The first thing everybody thinks of when receiving a job offer is the salary. While this is important, there are many more factors to consider. What kind of benefits will I receive? Will I have a flexible schedule? Is there an opportunity for growth within the company? These are just some of factors that every potential employee needs to think about before accepting a job offer.
Job benefits are one of the most important parts of a job offer. Depending on what you value, companies will offer insurance benefits such as health insurance, life insurance, vision insurance, etc. We all know how expensive insurance can be, so having your company pay a percentage of your insurance will help you immensely. Not only will companies offer insurance benefits, they may even offer to help pay your student loans. How cool is that? Be sure to think about how important different benefits are to you and pick the ones that help you live a comfortable life.
Another key thing to look for is a 401(k) or some other retirement savings plan. If your company offers one, is there a company match? When does the match begin? Planning your retirement starts on the first day of your first job. Don’t forfeit a company match. It’s FREE MONEY!
Remember to ask about promotions. Do you know when they happen and how the pay increases work? You want to work for a company that values great work. Finding out the amount of time it takes to get promoted will be a key component when looking at the job offer. Frequent promotions within a company means that you have a better opportunity to advance and earn more money for your hard work.
How many sick/vacation days will you receive? Will you have family leave? These are some of the questions you need to ask. Not only will you want to know how many vacation days you receive, you will want to know how you earn them and how long they are available. If you have a family, look for companies that offer paid/unpaid family leave. Time off can be tricky, make sure you know understand their policies regarding vacation days, family leave, and holidays.
Extra benefits from companies might include a stipend for an apartment, help with childcare, working from home, etc. You want to know every benefit that is offered to you and how it may help with your everyday life. A lot of companies also accommodate your requests for extra benefits if they know it will make your work life easier.
Knowing the ins and outs of a job offer helps you understand if the job is right for you. Think about your personal life and which benefits you value the most. There is more to a job offer than the salary and knowing more helps you decide which job fits you best!
If there is any part of a job offer, you don’t understand, pretend you are on a game show. You can always phone a friend. There may be more value in a job offering a strong benefit package than one with a high salary and no benefits.