When you come to evaluate a job offer, you might be tempted to compare just salaries as far as money is concerned. The headline number is certainly important, but so are the benefits and perks of the job, which could easily translate into money savings every month.
Beyond the salary, allowances and benefits like health insurance, paid time off, travel perks and discounts can mean significant savings. In addition, look for the employer’s record and criteria in terms of raises and bonuses before you bounce to a job that doesn’t eventually keep up with inflation or your financial needs.
To make sure you don’t miss any financial comparisons at the rush of getting a new job, consider the following points closely.
Overall money package
What are you being offered? Salary, stocks, bonuses and the like should compare and exceed what your current package if that is what you’re looking for in a new job. In addition, pay a close attention to any employer contributions and allowance for tuition, transportation, accommodation, etc. These could make a big difference.
In addition, look for clauses regarding pay increases. Ask current and past employees about their experience with these raises. Some employers might offer attractive salaries to bring new talent, but overtime they don’t maintain the same standards.
Stability
If you are offered an exceptionally high salary, be careful to check that the position is likely to be stable. Some employers may compensate for short-term position by offering more attractive packages. To understand the employer’s prospects, check with existing works as well as the industry’s perception of the employer. In short, quitting your job for what appears to be an attractive offer that doesn’t last may not be a wise decision.
Paid education and training
This might not appear as an immediate need, but if you’re looking to stay with the employer for several years, you must know if you will be able to keep up with your certifications and training without paying out of your pocket. Don’t take it for granted that an employer will have a budget for continued education or professional training.
Based on your industry, some certifications could be costly and must be maintained for your own career goals. So do your due diligence before jumping into taking a new job.
Perks, discounts and partnerships
Some larger employers have many partnerships that could help you receive perks in your day to day transactions — from free meals to discounts on travel and at larger retailers. Although these perks in themselves may not be a reason to take or leave a job offer, they might impact how you see the money — especially if you’re already having them through your current employer.
If money is not a big factor in your decision, you might not worry about those perks. But keep an eye out for any major discounts you’re getting on big ticket items — like school tuition or accommodation. Aside from expanses of that magnitude, it really a matter of your own preferences and what you’re looking for in your package.
Long-term investments
What money will you be able to walk away with if you leave? Gratuity pay may differ, and the difference could help you make the move to your next adventure or not. In addition, consider other employer’s offers like pension or investments. Employers who help you save and invest for the future are long-term employers, the move might be worthwhile if you’re not using this job as a stepping stone, even if the pay is not fantastic.
In short, when you’re evaluating a job offer financially, make sure you look beyond the salary and match the offer with your current and future priorities. Money does matter in the long run, even if it is not — and should not be — the only reason to change jobs.
What to check in a job offer
■ Overall salary and benefits
■ Perks and discounts
■ Future stability, raises and bonuses
■ Long-term savings and investments
The writer, a former Gulf News Business Features Editor, is a Seattle-based editor.
