There are few better feelings in the world than hearing that you got the job.
All your hard work, interview prep and resume revisions paid off. But that feeling of excitement can be short-lived when you see that the base salary of your job offer is lower than what you were hoping for, and now you’re stuck wondering if it is worth accepting the offer, staying in your current role, or if you should keep looking.
Before you decide to decline the opportunity, it’s important to remember that salary is only one of many factors that go into a compensation package, and it is important to look at the job offer as a whole.
Below are 6 commonly overlooked areas of employee compensation packages to consider when deciding to accept or pass on a job.
Income
You may not realize it, but those little work-related expenditures add up.
It is important to break down your current expenses into different categories: mortgage/rent, utilities, car maintenance, daycare/school, gas/tolls, insurance, food, etc. to really understand your current work expenses. From there apply what your monthly expenses will be with the new job.
What is the cost and quality difference in employee provided insurance?
Do they contribute more to your 401k than your current employer?
Will you be saving money on gas or tolls?
What does their bonus structure look like compared to your current one?
Are there profit-sharing options?
If you are going back to school, will they help with the costs for each semester?
Time
When you factor in a commute time, how long is your workday from door-to-door? Maybe that extra 30 minutes you get to sleep in is more valuable than that extra cash.
Additionally, if you have children, will you be saving money by picking them up from day care or after school programs earlier? Similarly, if you pay a babysitter or nanny by the hour, how much money will you be saving?
What does their PTO look like? Will you be able to take more time off for yourself and family?
Culture
Working for a company who has a great culture is huge! We all like to think that we’d be okay being a cog in the machine if it means a bigger paycheck, but working at a business where you are appreciated and you are able to see the tangible fruits of your labor impacts us more than we often care to admit.
Feeling accomplished and valued by your employer does have an impact on your health, overall outlook, and motivation.
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Flexibility
For some of us, you can’t put a price on a healthy work/life balance.
Does this company recognize you have a life outside of work? Are they flexible with your work hours so you can go to your child’s soccer game or leave early to meet the repair guy at your house rather than needing to take time off?
Are there options for you to work from home a few days a month?
Career Advancement
So maybe this position pays you a little bit less than you wanted, and is a little further from home than your current employer. Taking this job would mean you’d need to limit the amount of times you eat out a week and cut back on your morning premium latte. But can you really put a price on your future?
It is important to look at the career path potential employer can offer: Will this position open up opportunities for you down the road that will lead to a bigger paycheck in the future? What new skills and responsibilities will you learn, and will they make you a more valuable asset? What does the growth of the company look like compared to your current employer? Will you be in a better position in the future because you made some sacrifices in the present?
Other
What are some of the other perks the company offers?
Do they contribute to your cell phone bill or gym memberships, pay off student loans, or offer continuous education classes?
What about giving you a couple paid days off throughout the year to volunteer for the non-profit organization you love?
Do they have weekly catered lunches every Friday, or have a company pick up your dry cleaning?
Do they subsidize or fully pay commuter costs for public transportation and parking?
The Bottom Line
Often times people will miss out on a great career opportunity because they are so focused on making more money in the present.
Sure, a bigger paycheck is a goal when changing jobs, but things like your future aspirations, your time, stress levels and day-to-day work environment are all ways companies compensate their employees beyond simply dollars and cents.