Turning down a job offer should take a lot of time, thought and consideration. As a candidate, you should be considering more than just the salary and here’s why. If you turn down a job offer based on salary alone, you may be closing the door to an excellent job offer without looking into the small details.
We have outlined the crucial details of the job offer to evaluate before telling the employer, “No, thank you.”
Salary: Meeting your salary requirements is a given but do the math! If a job offer calculates pay based on an hourly rate, you could be making more. If you are offered $25 per hour but want $50,000 per year, you should not turn down this job offer because simple math shows you making $52,000 per year, at $25.00 per hour. The salary is just displayed in a different metric than an annual salary. There are also other factors to consider that may make up for the difference in your pay if the company comes under what you’re asking.
Benefits: Benefits are vitally important and can include medical, dental, vision, HSA, FSA, commute, relocation, payday advances, and more. If one company is offering you less but willing to pay more of your benefits, you need to consider the cost difference. You may end up paying more out of pocket for your medical expenses. HSA plans are also better than FSA plans, even though some companies don’t offer either. HSA plans can roll over year to year and also follow you to new companies.
401(k) Plan: A company that offers a 401(k) plan that matches should also be considered as a deciding factor. Many companies don’t contribute to their 401(k) plans and, if they don’t have a vesting plan, you may be on the road to your retirement faster using their 401(K) versus a company that doesn’t offer a plan at all.
Schedule: If the job offers flexible work hours, you may want to consider this if you are a parent or taking care of a loved one. Flexibility would provide you the means to take care of crucial situations as they arise or taking care of a sick child while working remotely.
Work Environment: Whether working remotely or in a modern environment, the work culture and location also play a role in your decision. Are they an easy walk for lunch or to grab a coffee on break? Is there a place for a nice walk in the park, or am I surrounded by businesses and traffic all day? Do I get my own office, or am I sitting at a cubical with no windows? Consider your personality when making this choice. It is essential to be happy in the long run.
Commute Time: This may not feel important in the decision-making process, especially when there is a fair amount of pay on the table. After six months to a year, this could make a difference. Long commutes tend to slow a person down, and they get to work later and later over time. Finding excuses for accidents or long traffic delays can be annoying for both you and the employer.
If you take the time to look into all of the factors listed above, you will be evaluating the entire compensation package. If you need help, feel free to reach out to our team. They can walk you through your wants and needs versus what the employer is offering you.