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