The phone rings. You receive a call notifying you that you landed the job of your dreams. While your first instinct may be to scream an immediate “yes”, there are several factors to consider and possibly negotiate to ensure that you will be happy in your new role.
• Salary. This one is pretty obvious. Be certain that you are being paid commensurate with your knowledge and experience. Also calculate any living expenses you may have prior to accepting an offer.
• Signing bonus (sign-on bonus). If you are not able to negotiate your salary, it may be worth negotiating a signing bonus, which is a great one-time monetary perk.
• Paid time off. At some companies paid time off may be standard, but at others you may actually be able to negotiate this element of your offer.
• Working from home options. Work doesn’t always need to be done in the office. Some companies are quite flexible with allowing employees to work entirely, or at least partially from home. Be sure to inquire about this before signing your name away, especially if you will have a taxing commute.
• Performance review cycle. During a review, your performance is evaluated and you may become eligible for bonuses, raises, and promotions during this time. If you believe you are starting at a salary or title lower than you would like but still want the position, ask about an expedited review cycle.
• Relocation expenses. Sometimes the perfect job opportunity requires you to move to a new state, city, or even country. If this is the case, you will likely be eligible to be reimbursed for some of the relocation expenses you incur along the way.
While these next items are usually not always negotiable, they are definitely important things to consider!
• Health insurance. Consider whether your employer offers health insurance, and if so, what is covered. This is especially if you have chronic disease. Along with health insurance, consider ancillary services such as dental and eye care. These can add up if they are not covered under your health plan.
• Stock options. If your prospective employer is a publically traded company, you should inquire as to whether or not employees have discounted stock options. If so, this could be a great way for you to (literally) be invested in your work.
• 401(k). This is a way for your employer to invest in you. Take time to consider whether a 401(k) is offered, and how your employer will match your contribution. Employer contributions may range from 3% to 100%, and this is certainly important to consider when planning for the future.
Click here to learn how to negotiate your job offer.