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Tuesday, July 31, 2012

Evaluating Your Return From Employment

I understand pretty well that not all my audiences are entrepreneurs. There are a clique of those who are seeking employment either as their ultimate career option or just as a means of getting some cash to invest. With this in mind, I’m going to look at how best to evaluate a job offer once it is presented to you. You will have to bear with me if you feel I’m a little money driven, but this is the truth: “everything is business”. Therefore I wouldn’t advise you to venture into anything whose requirements surpass their returns.
You have been jobless for a while despite the level of experience and the quality of CV you possess. Finally, something good has just happened today - you have been called for a job offer. You are certainly overexcited and thrilled at the prospect of starting a new life. You are finally going to graduate from your “long-term job” of searching for a job.  You will agree o anything so long as it’s going to save the thought of going for another interview.
Whenever an offer is tabled, it’s always important to carefully evaluate it so as to make an informed decision to accept or reject the offer. You don’t want to rush into decisions which you will regret later. Consider the entire compensation – work environment, salary, perks, and benefits – not just the paycheck.  Take your time to ponder on this offer.  Weigh its cons and pros.
1.       Money Matters: Unless you are one special person committed to working for charity, you would want to consider this. This is often the first thing people consider and rightfully so.  It defines what you will take home at the end of the month and is the bulk of your recompense. Just make sure what you are being paid is satisfactory if not your worth. It may not be what you expected, but can you accept it without feeling insulted? Will it pay all your monthly bills? If your answer is no, the reject the offer straight away. You should be happy with your salary and the least must do is pay your daily expenses.
2.       Performance Bonuses: Most organization pay employees for their performance. For instance, in a sales job, your entire compensation may be in form of commissions. In other cases like pure engineering jobs, however, performance may be extremely difficult to quantify.  All the same, you need to be clear on what the company’s expectations are and the resulting payouts.  The bonuses can either be in form of commissions, salary increment or a promotion, just to recognize your contribution to the company’s overall performance.
3.        Benefits and Allowances: Find out what the employer is giving on top your salary. Get more details on life and health insurance coverage, disability, sick time, vacation, and other benefit programs. Get to know how much of your benefit plans your employer is going to pay and how much extra you will be required to remit.
4.       Travel and Working Hours: Make it clear the amount of time you are willing to put in t this job. Time is money – and whenever you invest your money, you would expect satisfactory returns. If you were used to working 35 hours a week and the new job require that you work 45 hours a week, check if you can honor such a schedule. If the work necessitates travelling, enquire how long this will take per week, the cost of such travels vs. compensation and can you commit to such a schedule? Also check the travel time to and from work, any parking fees and travel costs.
5.       Opportunity to grow: There is utterly no need to get into a company where your chances of career progression are nil. For starters, you will require checking if there is an opportunity to rise to your ideal position. Will you be contented working at the available position until the next one comes?
In conclusion, everyone has a different set of preferences. What may be good for you may not be good for another. All you need to do is sit yourself down and evaluate the job offer. Have a look at its pro and cons. Make sure the job fits your minimal standards and that it pays for every resource you spend on it – be it your health, financial resources or time. The return on investment also applies to employment. Just like any other investment option, in a job you invest your time, money, skills and life. Therefore, it is only fair if you get adequate return from these investment.

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