Nothing is more exciting than receiving that phone call with a job offer for the opportunity you’ve been hoping for. But then comes the numbers game where you have to evaluate if the salary and job package is a fair deal.
It’s never easy, but you want to ensure that you’re being compensated fairly for the job you do and the area you live. Here are six ways to know you’re being offered a fair deal for your salary and job package at a new job.
Do some research on salaries in the area
Before you even begin your job search, you should complete salary research for the locations where you’re looking. This will help you go into interviews prepared and ready to offer a realistic number when asked what your salary requirements are.
If you didn’t do this work in advance, it’s not too late. You still have an opportunity to make a counter offer if you aren’t pleased with the salary you’re offered.
Factor in cost of living
Every city and location is not equal. If you’re prepared to move for your new job opportunity, be sure you know more about the area. Cost of living varies greatly across different locations.
You could be taking a position in another city that is a promotion for you but is equal or less salary than you currently make. Even if the overall number seems less, you may be moving to a city with a lower cost of living, making it actually equal or above your current take home pay. But, the same goes for those moving to a city with a higher cost of living. The job location is a huge factor in salary negotiations and understanding how much a position is worth.
Before taking a new job, you don’t have to know everything about the area, but you should know the basics about the economy. This includes rent, transportation, insurance and other key budgetary items.
Know the whole compensation package
An annual salary is only a part of the picture. You should ask more questions about the full compensation package. This includes:
- Signing bonus
- Retirement savings contributions
- Healthcare coverage and deductibles
- Vacation and sick days as well as holidays observed
- Education reimbursement
- Stock options
- Health club and other available perks
Consider your experience level and education background
Job postings often say that the salary is commensurate to experience. This means that it’s based off of how much time you’ve worked in your profession as well as the industry. Your education background will also factor in to how much you’re offered for a new position.
To understand if you’re receiving a fair deal, take a look at other jobs in the area that are hiring to see what the salary range is.
Evaluate company culture and flexibility
Choosing to change jobs might have nothing to do with pay and everything to do with finding the right culture and flexibility. Some companies now allow employees to work from home part-time or to make their own schedules.
This is one of those benefits that you don’t often see on paper as part of a job package and salary, but it’s an important one for many employees. This sort of flexibility can provide better work-life balance and make the position more attractive regardless of the annual salary.
Learn the career development and advancement opportunities
While you might not be making what you had hoped starting out, you might have the opportunity to grow through advancement. If there are a lot of growth options within a company, it may be smart to take a job that may be a bit below your pay grade.
Evaluating the salary and job package of a new offer to ensure it’s a fair deal can be tough to navigate alone. The Goodkind Group can be your partner in finding and evaluating your next career move. Contact us to learn more.