Steps to take when deciding between multiple job offers
If you’re considering competitive job offers, you’ve already passed the hardest part of finding a new role. However, it doesn’t mean your job hunt is over yet. Choosing the right company and position might be challenging, particularly given the many factors playing a part in your final decision. Read on for some key tips to help lucky professionals with more than one offer on their plate.
1. Determine your priorities
Before you start evaluating job offers, ask yourself: What matters most to you in a job? Is it a high salary, flexible working hours, work-life balance, company culture, or growth opportunities? Knowing your priorities will help you evaluate job offers based on how well they meet your needs.
Related: Ready to Find Your Dream Job? Start with Knowing What You Want
For example, let’s say work-life balance is your top priority. You may want to consider an offer with a flexible schedule or remote work options. On the other hand, if you value career growth, you may want to prioritize competitive job offers with a clear path for advancement and mentorship opportunities.
2. Consider the salary and benefits
By the time you’ve reached the offer stage, the salary they offer should not be a complete shock if you’ve had a transparent conversation with the company about your expectations. But, regardless of whether conversations have taken place, chances are the offers will vary slightly. This depends on how each company is calibrating the role and responsibilities for the position they’re offering you.
An advantage of competitive job offers is your ability to leverage them against each other. This won’t always work depending on the company’s circumstances, but it could be worth a shot.
Related: How to Leverage Multiple Offers to Get the Job You Want
The job offer with a higher salary and better benefits might be very attractive too. However, it’s important to consider the entire compensation package, including bonuses, stock options, and other perks. Additionally, account for the cost of living in the area where the job is located.
A high salary may seem impressive, but if the cost of living is also high, it may not go as far as you think. Consider the overall value of the compensation package, including both salary and benefits when evaluating job offers.
Related: See how companies value your experience with Hired’s Salary Calculator
Does the offer include other types of cash compensation?
In addition to base salary offers received, don’t forget to account for stock options and bonuses, or other incentives.
Stock options can be difficult to value for private companies since they’re not actually worth anything until (or if) an exit event occurs. That said, many startup employees have made off well after their employer goes public or gets acquired. So, stock options may be a valuable perk if you believe in what the company is doing.
Offer packages typically indicate a number of shares. Ask the hiring manager for the total number of shares outstanding to calculate the percent ownership of the company you’ve been offered. This is a better indicator of value than the absolute number of shares.
What benefits do the competitive job offers provide?
Health insurance, commuting costs, and retirement plans are commonly added perks used to attract talent. It’s worth comparing these benefits between companies. If you really want to get granular, research the market value of each of these perks. Then, add it to your cash offers to get a holistic sense of how each package affects your finances.
For those thinking about starting or growing a family, research the maternity and/or paternity leave policies for the companies you’re comparing. Given the significant cost of adding a new member to the family, a great parental leave policy might make or break whether a salary package makes sense for you.
In addition, research vacation allowances for each company. Many established tech companies and startups have flexible, or even unlimited, vacation policies. If you’re a big traveler or need frequent weekends away, vacation policies might play a significant role in your decision.
3. Assess the company culture
Company culture is also an essential consideration as it will have a significant impact on your job satisfaction and overall well-being. Research the company’s values, mission statement, and work environment to determine if it aligns with your personal beliefs and preferences.
Consider factors such as work-life balance, employee perks, social events, and company values. A company with a strong culture aligning with your personal beliefs can make a big difference in your job satisfaction and long-term happiness.
Keep this in mind: There’s more to negotiate beyond salary. The number of options might surprise you! Check out this ebook for guidance on all the perks and benefits you could integrate into your total compensation.
How well do you get along with the team?
At the end of the day, you’ll be spending most of your days with the rest of the people on your new team, so how your personalities mesh is one of the most important factors to consider before accepting a position.
Depending on the role and team dynamic, it may even make sense to ask to meet some of the team outside of the office. Maybe ask your potential new manager for a coffee chat if you’re questioning whether you’ll enjoy working with them.
4. Evaluate growth opportunities
Assessing each job offer’s potential for career advancement can be difficult before starting a new role. But do your best to have frank discussions with the hiring manager for each position you’re considering.
Consider factors such as training and development programs, mentorship opportunities, and potential for upward mobility. You may want to look for a job offer with opportunities for learning new skills, attending conferences, and taking on leadership roles.
While smaller startups can offer unparalleled opportunities to explore new job functions and learn quickly, career progression isn’t always as clear as it might be at a larger company. Think about what your near and longer-term career goals look like, and how the various companies do (or don’t) fit into those goals.
5. Analyze the job responsibilities
The job responsibilities and expectations can significantly impact your job satisfaction and work-life balance. Therefore, you’ll want to analyze each job’s responsibilities and determine if they align with your skills, interests, and career goals.
Consider factors such as job duties, work hours, and travel requirements. If you’re not excited about the job responsibilities, it’s probably not the right fit for you.
6. Seek feedback from people you trust
Finally, get feedback and advice from trusted friends, colleagues, or mentors. They can provide insight into factors you may have overlooked and offer a fresh perspective on each job offer.
Ask for feedback on the company culture, job responsibilities, and growth opportunities. Additionally, get their input on how each job offer aligns with your long-term career goals and personal priorities.
Making the decision between competitive job offers
When it comes down to making a decision, there is no perfect formula for making a decision when you have multiple offers to choose from. It depends on a variety of factors you ultimately have to prioritize for yourself and your career path. These tips will help organize, guide, and hopefully lead you to the right decision.
Source: Talent Acquisition - hired.com