Evaluating a Job Offer

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martinis and your money

Evaluating a Job Offer

I tell clients that the best way to make more money and further your financial goals is to start with your day job and make sure that you are in the right place and appropriately compensated. I get asked all the time, though, about evaluating job offers and what financial and non-financial aspects should be weighed to make sure  the right choice is made.

Fidelity recently released a study about jobs and specifically what millennials are thinking when it comes to job offers. I was glad to have my friend Kristen Robinson from Fidelity on the show to discuss this and factors that should be weighed when reviewing a job offer. I think this is a great episode for anyone currently looking for a job or thinking about the next move they want to make in their career.

What are we drinking?

Kristen — Smart Water

Shannon — Green Tea

Podcast Notes

  • Shannon says the best way to address women and millennials is by changing the way you address them and with new, different content directed towards them.
  • Fidelity did this study because they received lots of questions about job offers from millennials.
  • Besides the salary and the bonus, there are three other components that are very important when considering a job opportunity:
    • Benefits (retirement, healthcare)
    • Tax Implications
    • Costs of Moving
  • Fidelity found that 60% of millennials accepted a job offer without negotiating it.
  • Shannon asks Kristen what parts of a job offer she thinks are open for negotiation besides salary.
  • 60% of millennials said improved quality of work life was more important than benefits.
  • Shannon says if you’re wondering about if you can negotiate or not, the worst you can hear is no, but make sure to do all your research up front.
  • Very few people in the study calculated the benefits as part of their decision-making process.
  • Kristen says calculating your benefits makes a big difference.
  • It’s not easy evaluating a job offer, but Fidelity created a job offer calculator to help you.
  • TAKEAWAY: The three main question you should ask when evaluating a job offer are:
    • Will my benefits change?
    • Will my taxes change?
    • Will my costs of living change?

Random Three Questions

  1. What is your favorite TV show to binge-watch?
  2. Are you a morning person or an evening person?
  3. If you could live anywhere else in the world, where would you live and why?

Fidelity Links

Would you accept less of a salary for quality of life benefits? What’s most important to you when reviewing a job offer?

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Shannon is a financial planner who left a “traditional” financial services firm to start her own company, The Financial Gym, because she felt traditional financial services firms did not have the tools or resources to help people in their 20s and 30s who are starting out and trying to build assets while also managing debt. She realized that the key to long-term personal financial success is a commitment to financial fitness and making smart financial choices. Through her blog, Financially Blonde, her book, Train Your Way To Financial Fitness, her podcast, Martinis and Your Money and The Financial Gym, Shannon is committed to making financial fitness fun, easy and accessible for everyone.

8 COMMENTS

  1. When I was looking for a job, one of my priorities is to find a job that’s not stressful, which I considered to be one the benefits I was looking for a job. For me, I rather have a job that’s not so giving when it comes to salary but is one that allows me to be free from stress or close to being one. I’ve seen people get burnt out with their jobs because of work. I don’t want that to happen to me.

    As with negotiations, I was not able to negotiate my salary because it was an entry-level. Having said that, my salary increases substantially every year. In just under three years, my salary doubled, which is good. Lesson learned here is I was more on the potential salary growth than the starting salary. I heard that if I had gotten a big salary to start with, the salary increase potential may not be as high (dollar wise). So, I guess everything worked out for me.

  2. I loved this episode, and that calculator is bomb.edu (it would have been a huge time saver the last time I interviewed for new jobs).

    Like most millenials, I’ve turned down more lucrative job offers to maintain/enhance my quality of life. On the other hand, other than actually quitting or changing careers (which I’m doing now), I don’t know that I would accept a pay cut for a better quality of life in the same job/career. Somehow, I believe that the result would be me doing the same amount of work while earning less money.

  3. I totally switched jobs a year and a half ago to one that paid $25,000 a year less and I am so much happier with life. When your job is making you miserable, it can really get to be too much too handle – you spend so much of your life there. It doesn’t have to be fun all the time, but it shouldn’t make you feel nauseous to walk in the door.

  4. In job offer evaluation, I think you have to consider the benefits and the job responsibilities thoroughly so that it’s clear and helps you make a wise decision whether to accept it or not.

  5. I hate hearing that people don’t try to negotiate their salaries. Yes, it can be somewhat uncomfortable, but if you’ve done your research, you should be confident in counter offering with a reasonable figure. Plus, it tells your employer that you value what you bring to the table. If I hadn’t countered with my current company, I would have been earning $10K (!) less than what I ended up with. It’s always worth the discomfort to try to get the better salary, vacation days, etc. So just do it, people!

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