Congratulations on your offers! You have now completed an important step in your professional journey. Whether this is for an internship, part-time, or full-time job, it is important to consider a variety of factors when choosing just one.
Salary
Obviously, salary is the main consideration when reviewing your potential offers. Internships and part-time work will usually be shown at an hourly rate, while full-time occupations will provide a yearly salary. Instead of automatically gravitating towards which offer is the highest, consider other forms of payment you will receive from your job:
- Commission: A job in sales often includes forms of commission payments to you, the seller. Whatever inventory you take part in helping sell, you can receive a percentage of the profits.
- Bonuses: These are payments to you on top of your yearly salary. Often bonuses will be based off of your performance in your field and work as an incentive to be the best employee you can be.
- Benefits: Perks including health insurance, vacation days, and retirement are all important factors that play into your salary without being explicitly shown. Be sure to calculate your yearly benefits and consider how important each one is to you.
The below chart shows a comparison of job options for an individual. See how different benefits can affect the overall value of the offer? While the middle offer has the highest dollar value at the end, there is significantly less leave time than the other positions. Those extra dollars are earned with less time away. At the same time, the leave time has no value unless you use it.
Job Responsibilities
Even if you aim to be in a niche field of work, this is still an important aspect that requires contemplation. Reviewing the job description each company provides you is a great way to learn what their needs are in an employee. Be sure to ensure that this description aligns with your skillset and career goals. Ask your employer if you have any questions about what your day-to-day tasks will look like as well as opportunities for growth and advancement within the company.
Location
Location, location, location is a saying for a reason. Your job may bring you to a new city that brings important cost considerations along with it:
- Cost of living: NerdWallet is a great resource for students to utilize, and compares equivalent salaries between cities (found here: https://www.nerdwallet.com/cost-of-living-calculator). Monthly costs like rent, groceries, and transportation vary from place to place so your living may look different even on a similar salary.
- Commute time: How much time will you spend getting to and from work every day? How will you get there? How much will this cost on a daily basis? All of these questions are important to think about when choosing a position. These hidden costs can quickly add up over a year and can eat into your salary.
Company Reputation & Culture
A job takes up a significant portion of your lifetime, so it is vital to make sure this is a place where you feel comfortable and fulfilled. Company reputation can be researched by reviewing the history of the business, their mission statement, and any other reviews from current and former employees and customers. You will be associating your name with this company, so it is important to be proud of who you work for.
Finding a company’s culture may be more challenging than researching their reputation. Determining if the business’ values align with your own is found through your interview process and asking lots of questions. Factors including work-life balance, diversity, and employee engagement are all things to keep an eye out for in this process.
Powercat Can Help
You now have a better idea of how to choose between your potential job offers. Although this is a great general guideline to consider, each decision you face will be unique to you and requires a detailed approach. Here at Powercat Financial, we can walk you through the steps of this process and much more. Schedule a free and confidential appointment today at https://www.k-state.edu/powercatfinancial/ and take the next step in your professional journey!
Xander Say
Peer Counselor I
Powercat Financial
www.k-state.edu/powercatfinancial
