It’s time to look for a new job. Maybe it’s because you are bored, don’t like your boss, think the company is in peril, or any other reason. The reason doesn’t matter so much. What matters is you have started to get the word out to friends and relatives and friends of relatives. As luck would have it, a friend knows of a job at her company which would be perfect for you.
Excitedly you give your friend your resume. Not only do you get the interview but you get the job offer! Starting salary is $50,000. This is great, you get a job and your friend will earn a referral bonus if you stick around for six months.
Taking the job as offered:
What do you do? Most likely you will take the job at that salary. In this economy you are ecstatic to get the new job. It’s at a company you love. A friend recommended you so you have the beginnings of a social network. You event have someone to go to lunch with on the first day! Other things that you consider are:
- Your friend stood up for you. You can’t let her look like she’s recommending people who are not team players.
- Your friend planning to use the bonus to rent a vacation cottage closer to the beach. You don’t want to be responsible for her to walk another ½ mile to the beach.
- You are making $48,000 at the current job so this is a 4% pay raise.
- It will be great to work with a friend. It’s an instant “in” at the new company.
The above considerations probably look familiar but did you think about what the job is worth or what you are worth yet? Most likely the answer is no.
What is the job worth? Some research is needed to figure that out. Some of the items you want to find are:
- Does the job title at this company have a more common job title in the general business world?
- What is the current salary range for that job title?
- What benefits are typical for that job?
- What are the bonuses typical for that job?
- Are there any changes based on geography?
- What is the typical employment package for that company?
- What are the salary ranges for similar job postings at other companies?
What are you worth?
- How closely do you match the requirements for the job posted?
- Do your talents minimize training costs for the new employer?
- What extra skills and experience will you bring to the job?
- How will you be able to expand the company’s revenue or minimize the company’s expenses?
- What intangibles are you bringing such as connections to venture capital, media, and potential partners?
- What talent will follow you to this new employer?
- What is the total worth of your current employment package?
- Commissions or Spiffs
- Medical, vision, dental, life, disability
- Education reimbursement
- 401 contribution
Those are a lot of questions to investigate before making a decision. In the next few blog posts I will go into detail on how to find the answers to these questions so you can make an informed decision on the complete employment package offered.
@ Copyright 2011, Katie Donovan. All rights reserved. Reproduction without explicit permission is prohibited