When considering various jobs and job offers, there is more to consider than salary alone.
Be sure to review the entire compensation package and job content as well as salary. Only when you consider all aspects of a job offer can you make an informed and wise decision. So are you making the right decision?
Points to consider:
• Individual Needs. Does the position match your interests, skills, and values (ex. lifestyle, economic return)?
• Family/Friend Lifestyle. Does the position compliment with regards to your family and friends (ex. location, lifestyle)?
• Career Goals. Is this position what you are looking for in a job? What is the employer’s reputation? Are there training and mentoring opportunities? Is there room for personal, professional, and educational growth?
• Evaluate the Offer. How does the package offered compare to other opportunities that may be available to you?
Understanding Benefits Benefits mandated by law:
• Social security
• Worker’s compensation
Additional benefits commonly offered:
• Health Insurance Program (ex. HMO, PPO, or POS). Typically, employers pay a portion of the premiums.
• Dental & Vision Program
• Paid time off, including vacation days, holidays, sick days, personal time, and educational leave.
• Insurance, including Life Insurance and Short & Long Term Disability
• Retirement Plans (ex. 401K, 403b, Pension)
• Stock Options or Vesting
Other Perks that may be offered:
• Bonuses (ex. signing or seasonal bonuses)
• Tuition Reimbursement (ex. time or money for an advanced degree or training)
• Flexible work arrangements. Be familiar with how hours are tracked and employer expectations.
Click here for additional benefits and perks that may be offered.
Negotiating the Offer
When negotiating an offer it is important to do your homework. Before quickly asking for more money or other perks that will make up the compensation package, do research.
Some Perks that may be Negotiable:
• Salary: Research salaries offered in your field by location, experience, and degree.
• Location of Position: Does the community offer what you want? Can you negotiate the location of the job?
• Department or division you will work in the company: Is it appealing?
• Reporting Date (start date)
• Signing Bonus
• Travel or Relocation Expenses
• Appraisal Reviews: Can you get an early performance review, which may impact when you get a raise/bonus?
If you decide to negotiate:
If your plan is to try and negotiate, it is very important that you negotiate effectively and professionally. It will be important to do some research to find out how the salary and compensation package for the position compares to equivalent positions at similar companies in comparable geographic locations. Link to resources to conduct research on salary data. Also, you are welcome to reach out to Babson College’s Compensation Manager in Human Resources for additional recommendations if you feel necessary.
If you know you want to work with this employer but plan to negotiate the offer, start the negotiations early. Negotiations should be conducted verbally (generally over the phone) and should not be requested via email. Filter out your conditions ahead of time; compare what you are looking for in an offer to what you have found from the research. Are you being realistic? You will also need to articulate your unique strengths and abilities and convince the employer that your qualifications exceed those of other candidates and deserve what you are asking for in the offer.
Finally, keep in mind that negotiating salary offers as a new undergraduate hire for an entry-level position doesn’t always go the way you want it to. You can certainly ask, but do not be disappointed if the employer does not meet your request.
Requesting an extension to make your decision
Generally an employer will give you at least a week to make a decision about an offer. If you need more time to make an informed decision keep in mind the following pieces of advice:
• Do not request an extension on the day of your deadline. It is best to let the employer know a day in advance before the deadline that you are requesting an extension.
• Keep in mind that you may ask for more time…but you may not receive it.
It is best to phone your contact to make this request and then follow up in a confirmation email. Here is what you may want to include in your request for a deadline extension:
• Reinforce your interest in the firm and position
• State that this is a very important decision, and you do not feel you have all the information to make an informed decision by the deadline.
• You are asking him/her to consider the possibility of extending the deadline for a decision to (give a new date).
• Let them know if you need additional information from them that will help you make an informed decision.
Thank them for their consideration of your request.