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Evaluating the Job Offer | JobSearchTV.com

Evaluating the Job Offer | JobSearchTV.com


In this video, Jeff Altman, The Big Game Hunter reminds you of some financial criteria to evaluate before accepting a job offer.

Summary

Today, I want to talk with you about evaluating the job offer when you get it.
Now, this isn't about negotiating the job offer. This is about the evaluation process and everyone tends to focus on salary and rightly so. But they tend to focus on the top line number or gross salary without taking into consideration some of the secondary criteria for evaluating the offer.
So, for example, I used to live in the New York area and for people who lived out of state they had to also take into consideration the difference in taxes. So, for example, if you live in Connecticut and work them to Connecticut, you had one tax that you would pay for to the state. However, if you start to work in New York State or New York City, you had a different tax structure to consider that might affect the net number. So, let's work with a simple example.
You get an offer for a $10,000 increase but you're going to have to work in New York City. Now, there's a commutation cost that's different than what you had when you drove to work. There's also a difference in your taxes because the New York taxes are higher than the Connecticut taxes. The money that you paid in New York is credited against your Connecticut taxes, but it's higher. You don't have the wear and tear on your car because all you have to do is drive the train station, but a $300 train ticket is basically costing you almost your entire raise. So, remember to consider the net number when you evaluate the offer.
Also, remember to consider the value of the benefits and the cost to you. Now, for some people, they're joining an organization and the real reason is because they have superior benefits to what they currently have. That's not just simply about cash bonuses for profit sharing which you need to take into consideration. After all. if a company has match on a 401K that's superior to what you have, that's real money in your pocket because you're going to be able to invest that towards your retirement and, even if you don't think that's important, don't be dumb. Take advantage of that because, frankly, eventually you get to be old and you like having that money set aside. Trust me!
So, you have to look at benefits and the simplest thing is cost of the insurance. You know, you're a married person with two kids at home and suddenly have a non-contributory benefits package. I know it's a big saving. You may have only been paying $200 a month at your last job, but that's still two and a half thousand dollars a year in savings that you have that you're not going to be paying for anymore.
Another thing to consider. I have a client that has an extraordinary benefits package and, additionally, they do free lunch for the employees. It's brought to their desk every day. They are handed a menu in the morning. By 11 o'clock, you fill it out. It's delivered to your desk at 12:30. Nice little gift, especially when you're in Midtown Manhattan where these folks are. Do you think lunches are $2? Of course not. Free lunch delivered to the desk. Completely free benefits. Very nice!
So, my reminder to you is when you evaluate the offer, you have to remember the about all the ancillary benefits. Now, those benefits, again, could also include the taxes, the cost of insurance, the cost of commutation, the cost of wear and tear on your car, whether you driving more or less to get to the new position. I don't want to take time into consideration because that's not going to be a factor from the employer's standpoint. So, you're kidding yourself, but, for you, you have to consider whether or not those that extra 30 minutes in the car for example, is worth it. Or that extra hour commuting to another city on the commuter train or bus is worth it. What you can do with that time if you had it or if you give it up.
So, these are all factors you need to take into consideration when you evaluate a job offer

ABOUT JEFF ALTMAN, THE BIG GAME HUNTER

Jeff Altman, The Big Game Hunter is a career and leadership coach who worked as a recruiter for more than 40 years.

Jeff Altman, The Big Game Hunter
Jeff Altman, The Big Game Hunter

He is the host of “No BS Job Search Advice Radio,” the #1 podcast in iTunes for job search with more than 1300 episodes and his newest show, “No BS Coaching Advice.” He is a member of The Forbes Coaches Council.

Are you interested in 1:1 coaching, interview coaching, advice about networking more effectively, how to negotiate your offer or leadership coaching? Connect with me on LinkedIn. Then message me to schedule an initial complimentary session.

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Jeff Altman, The Big Game Hunter
Jeff Altman, The Big Game Hunter

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