When comparing job offers, you really need to compare all aspects of each job offer.
Congratulations! Let’s say that after much preparation and hard work that you have received three job offers. Now you have to decide which is the best offer. Is the best offer always the one paying the highest salary? Well, when you also look at each company’s benefits package, you might find a very different story, as illustrated in the table below. Why are benefits important? Benefits can add up to 30 percent to your total compensation.This example is purely a financial analysis of the three job offers, and does not take into consideration many other important factors that job-seekers should also evaluate before deciding on a job offer. These other factors are discussed after the table.
|Worldwide Widget, Inc.New York, NY||The Widget CompanyChicago, IL:||Best Widget CorporationAtlanta, GA:|
|Cost of Living Adjustment:||-$2,300||-$200||+ $1,000|
|Medical, Dental, Optical:||$3,000||$4,000||$4,000|
|Life, Disability Insurance:||$1,000||$1,500||$1,000|
|401(K) or Pension Plan:||$4,400||$6,000||$4,500|
|Total Compensation Package:||$62,500||$67,900||$63,600|
As discussed in our Salary and Job Offer Negotiation Tutorial, there are many other factors that job-seekers may want to consider when deciding whether to accept an offer, including:
- Reputation of the company
- Corporate culture
- The work itself (in terms of interest, challenge, etc.)
- Timeframe for advancement
- Quality of community (life, schools, etc.)
- Relocation expenses
- Dependent care
- Overtime/Comp. Time policies
- Professional memberships
- Health club/country club memberships
- Bonus/Raise policies
- Vacation time
- Paid holidays
- Sick/Personal days
- Work hours, including flex-time
- Telecommuting options
- Tuition reimbursement
- Profit sharing
- Employee stock ownership plan (ESOP)
- Employee Assistance Program
- Parking, commuting, expense reimbursement
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