With the employment rates slowly increasing, more and more people are being offered positions. As the economy moves upwards, odds are your chances for moving up the corporate ladder or getting other job offers will increase. Also, jobs are opening up for graduates. Opportunities are opening everywhere from personal training careers to new graduate nursing jobs. Everyone enjoys their hard work being recognized. If you goal is to get a job elsewhere or one with better compensation, you may want to think twice before you accept the job offer. Whether you realize it or not, there are many factors beyond salary that you should consider when accepting a new job.
Distance from Home: Would your new office be farther from home? If
so, this not only means a longer commute, but more expenses on transportation. You not only have the cost of rising gas prices, but also the wear and tear on your vehicle. A longer commute also means less time at home with your loved ones (as a side note, maybe you’d also like to explore ways to make money from home if you’d like to spend time with your loved ones).
Salary vs Hourly: Would the new position be a switch from being
paid a salary as opposed to per hour? If so, you should make sure to take into
consideration that salaried professionals are often asked or expected to work longer hours. My former supervisor took her current mid-level management position at my current employer because she wanted to work closer to home.
Her husband was on disability and she wanted to be able to take care of him. She took a small pay cut for the benefit of a shorter commute and the idea that she would be working 35 hours a week instead of 40. Unfortunately, she is paid salary and her average work week is somewhere between 45-50 hours a week. Talk about a surprise! It won’t happen to everyone, but make sure to consider that it could happen to you.
Benefits: The prospective employer may try to impress you with a
decent salary (or hourly rate), but make sure to ask questions about their benefits package. This not only includes any retirement matching, but also health insurance coverage. Not only can health insurance premiums vary significantly, but a reduction in how much the employer contributes to your 401k or 403b can mean the difference of thousands of dollars each year.
Future Raises: Another thing to inquire about when considering a
job offer is the expected yearly raises. While many companies have a standard
percentage increase each year to match/beat inflation, it shouldn’t be expected. Make sure to ask about the anticipated annual raises. If they can’t give you a specific figure, ask about recent raises in the past.
My current employer used to give 3% salary increases, but with the current economy these have been all but eliminated. With the increase in health premiums that resulted from healthcare reform, I actually make less money than last year.
The important element in all of these areas that affect your final compensation is to ask questions. If you simply listen to the offer being extended, you may be
overlooking important aspects that will affect your financial compensation. If you are currently employed elsewhere, you owe it to yourself to do your homework and make sure it is the best decision. Compensation doesn’t have to be the only reason for switching jobs, but you should make sure to know all of the facts before making your decision.
What other factors do you include when considering a job
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.