You have great news! After submitting your resume and attending job interviews, you have an offer on the table to consider. You’ve put in a lot of work between developing your resume, researching positions, and preparing for interviews to land the job. But the work isn’t over yet because now you have a decision to make: You can either accept, negotiate or decline the job offer.
It's important to learn how to evaluate a job offer, so you can decide if it's the right career move for your professional goals.
Important Factors to Consider When Evaluating a Job Offer
Companies typically provide an official offer letter that outlines your job title, anticipated start date, compensation package, reporting manager, work schedule, and tasks and responsibilities. It's important to consider each element of a job offer to help you decide if it's right for you. Here are a few necessary factors to consider when evaluating a job offer:
Salary
While salary shouldn't be the only kind of compensation to consider in an offer, it’s a top factor for many potential new hires. There are a few ways that you can evaluate the compensation package of an offer. First, determine your financial needs by adding up your financial obligations. Include things like your rent, utilities, car payments, and student loan payments. Compare the compensation package to your monthly budget to find out if it's enough to cover your costs.
Market Value
Another important element to consider as you learn how to evaluate a job offer is determining the fair market value of the position. Use external resources, like the Occupational Outlook Handbook, to find out what others in a similar position with similar experience are earning. Finally, it can be helpful to evaluate how the company handles bonuses, raises, or cost-of-living increases.
Benefits
Benefits can increase the value of a compensation package. Make sure you're checking what benefits are available when evaluating a job offer. Most job offers will include this information, but if they don't, be sure to request a copy of the available benefits. A few key elements to consider are health insurance, retirement funding, profit share, and paid time off. Some benefits may even make up for a lower-than-expected salary.
For example, tuition reimbursement can help you cover the costs of student loans. Without having to cover these costs, you have more money to spend on other living expenses. In addition to these benefits, you'll also want to find out how many vacation days and holidays you get each year. Inquire how the company handles time off requests and whether your PTO days roll over to the next year or if you're expected to use them in the same year.
Job Responsibilities
This is where you'll want to consider the specific tasks and responsibilities in your new position. Your job duties can help you determine if you have the necessary skills for the role and if those duties align with your career goals. Consider opportunities for upward mobility, including how the company handles promotions.
Work Environment
If you accept the job offer, you'll spend a lot of your time with this company. Evaluating the work environment, including company culture and morale, can be a great way to find out if it's right for you. You can learn a lot about a potential employer's work environment by talking with current employees.
Larger companies may have social media accounts or reviews from current and previous employees online. Find out what people like and dislike about the company so you can decide if it's a good fit for you.
Determine Whether to Accept, Decline, or Negotiate an Offer
After considering important factors like compensation and company culture, you should have a better idea if the job offer is right for you. It can be helpful to weigh the pros and cons of a position. Reviewing your short- and long-term goals can also help you decide if the position fits within your plans. You have a choice to either accept, decline or negotiate a company’s initial offer of employment. Once you’ve decided, communicating this with your potential employer in a timely manner is respectful and considerate because it shows professionalism which helps you further down the road.
Accepting the Job Offer
If the compensation is right and the position aligns with your career goals, you may decide to accept the offer. Many companies request that you sign the job offer letter within a specific timeline and return it, leading to an official start date and benefits enrollment.
Declining the Job Offer
Don't feel bad about turning down a job offer that's not right for you. The right career should align with the needs of both the company and the employee. If you decide to reject an offer, it’s helpful and professional to formally communicate your decision with the company by sharing your reason for passing. It’s good practice to show your appreciation for being considered for the offer as well.
Handling a Job Offer You're Still Unsure About
Even after evaluating a job offer, you may still be unsure if it's right for you. Maintain open communication with the employer to gather any additional information you may need to make your decision. Depending on the company, you may have room for negotiation. If the company is unable to increase its compensation, it may be able to offer you additional benefits to make up for the difference.
One-on-one career counseling – like the career services available to Columbia Southern University students – may also help you make a decision.
Learn More about Career Services at Columbia Southern University
Evaluating a job offer is an essential part of the hiring process. Taking the time to consider any offers can help you find a career that matches your professional goals, work/life balance, compensation needs, and desired work environment.
The guidance offered by the Columbia Southern University Career Services Team is one of many benefits available to help students and alumni achieve their academic and professional goals.
For more information about CSU’s online degree programs, visit ColumbiaSouthern.edu.
Multiple factors, including prior experience, geography and degree field, affect career outcomes. CSU does not guarantee a job, promotion, salary increase, eligibility for a position, or other career growth.
