Hello and welcome to the second post in my After the Interview series! If you've already been following along, welcome back! If not, I would highly recommend reading through my first post of the series, Getting the Offer, as a precursor to what will be a very informative series on what to do after the interview. Throughout this series, we'll be discussing topics like receiving and evaluating your offer letter, as well as handling the negotiation process afterwards. There's a lot to cover though, so let's continue the discussion with what to do after you get the offer letter.
"You never achieve success unless you like what you are doing." -Dale Carnegie
Congratulations, you did it! You received the offer letter you've been looking for and maybe even offers from multiple companies, if you're lucky. Now comes the difficult process of reviewing the offer(s) and determining if the offer, and company, are the right fit for you. This includes looking at factors such as the company's stability, how that company might impact your career development, your own happiness while working at that company, the financial package they are offering you, and other important factors that may be more critical to you and your values. Let's go ahead and take a little look into these various factors now.
I'm taking a leap here and guessing that you don't want be fired or laid off any time soon, right?
This is where evaluating the company's long-term stability is important. Are they a bigger company with a long track-record of profits and growth? Are they a smaller company at the beginning round of seed funding? Whatever may be the case, you have to do your research to ensure your future won't be turned upside down in a couple of months. It also will be important to understand your own wants and needs. Large, more established companies tend to grow more slowly, providing less opportunities to move up the career ladder. They also will be less likely to afford you the opportunity to work with bleeding-edge technologies.
If stability isn't an important factor of yours and you feel that you would be able to get a new job quickly, it could be better for you to take the offer from the start-up, even if it's unstable. Otherwise, stability might be more important to your values if you don't feel confident that you can get a new job quickly after a lay-off. Whatever the case, make sure you evaluate the stability against your own career development goals.
You have to review each offer before accepting to determine how the position might ultimately effect your career path. While one of these offers may be for the company of your dreams, it's very likely that you may want to move companies and start the interview process all over again. You should answer some questions honestly, and with deep consideration, to better understand your needs:
To some, hopefully most, this might be the most important category of them all. While the company and financial package is important, none of that will make you want to stay at a company if you are not happy. It will take a deep dive into understanding your needs and wants, your values, and what you're looking for in a career. The following are some examples of what these may be but you'll really want to look inward to identify what's important to you.
When reviewing the offer letter, be sure to look at more than just the salary. While that number is important, the amount that you actually receive from the company each year will be vastly different. Be sure to also look over the new hire bonuses, annual bonus, stock options, health benefits, retirement plans, and cost of living.
Remember that your salary will change year over year though and it's important to consider how a company will help you grow and advance your career. Try not to put too much emphasis on the short-term view of your immediate salary and consider how the company will help you towards your long-term financial goals
While the above factors are important, you'll also want to take some time and evaluate anything else that you feel is important.
This might include how close the new job location is to your friends and family, what types of events and activities you'll have in the city of your new job, walkability of the city, so on and so forth. Whatever you value in a career, company, and location are all important factors to analyze against each job offer to help you identify which is the right fit for you.
A great method to compare these potential offers would be to rank each factor's importance to you as a 1 (not important), 3 (important), 9 (very important). You can then rank each offer against how well they satisfy each factor, using the same scale of 1, 3, and 9, and multiply that against the factor's importance. After all have been evaluated, sum the numbers for each offer and you'll have your prioritization ranking for each. This can be done, not only for these other important factors, but also for the previously discussed factors above. Below is an example table showing this concept in action.
|Job Offer||Factor #1||Factor #2||Factor #3||Factor #4||Total|
|Offer #1||1 (3)||9 (9)||9 (27)||1 (9)||48|
|Offer #2||9 (27)||3 (3)||3 (9)||9 (81)||120|
|Offer #3||3 (9)||1 (1))||1 (3)||1 (9)||22|
That's all there is to it! A quick prioritization matrix can help you immensely in evaluating your offer and deciding what is going to be best for you. While there are numerous different factors to consider, this activity will be well worth your time. I hope you utilize it to properly consider everything and not just go with the offer providing you the highest salary. As you can see, there's a lot more to consider, which will net you a higher take-home pay in the future, as well as help ensure your happiness and mental stability are intact to see it all through.
If you enjoyed the post, be sure to follow me so that you don't miss the rest of this series, where I continue, in detail, on what to do After the Interview, including negotiating your offer letter! The links to my social media accounts can be found on my contact page. Please feel free to share any of your own experiences with the interviewing process, general questions and comments, or even other topics you would like me to write about. If this series of posts help you land that dream job of yours, be sure to let me know as well. Thank you and I look forward to hearing from you!👋