If you’ve recently received a job offer, you’ve achieved the Holy Grail of job hunting – congratulations! In a tough economy like this, it can be tempting to say “YES!” to a potential employer immediately. But no matter how desperate your situation may be, you should always take the time to review a job offer before accepting it. Here are 5 tips to follow:
Tip No. # 1: take some time
It is perfectly acceptable, even expected, to ask for time to review the offer before giving a potential employer your final decision. If, for example, you get a job offer on a Thursday or Friday, tell them you need the weekend to go over everything. This will give you time to review the offer (see tip # 2) and make sure it is really right for you.
However, don’t make the hiring manager wait more than a few business days for your response, and give them a specific follow-up time to contact them. This sets guidelines for everyone, so they don’t think you’re not interested and offer the job to another candidate.
Tip No. # 2: review the full offer
When you receive a job offer, it’s tempting to focus on one detail in particular: compensation. However, you should review the entire offering, from benefits to title to chain of command, to make sure it is truly a good fit for you and your career. For example, the salary may seem out of this world, until you realize that the benefits are less than you expected and regular overtime is expected. Or maybe the job title sounds great, but you’ll be reporting to five different bosses. Take the time to review the offer now, so there are no unexpected surprises when your new position begins.
Tip No. # 3: ask questions
If there is something you are unsure about, now is the time to ask questions. Let’s say, for example, that your position is completely new to the company and you’re not sure exactly what the expectations are and who you will be reporting to (and who might be reporting to you). Ask the hiring manager these questions now; it will make your job much easier in the future. And, if you find that the expectations are different than what you got in the offer letter, now is the time to negotiate (see tip # 4).
Tip No. 4: negotiate
If there is something in the offer that does not meet your expectations, negotiate. Come back with another number and see if your potential employer can fulfill it. If they can’t give you the compensation you’re looking for but you still want the job, find a way to compromise – see if you can get flexible time, extra vacation time, or a better degree (which can lead to a potential income increase down the road) . The important thing is to negotiate your terms now, so you can’t start your new job feeling good about yourself and your new company.
Tip No. # 5: plan a timeline and exit strategy
When contemplating accepting a new job offer, you should also think about when you want to start working. If you are unemployed, the answer is easy: as soon as possible. However, if you are with another company, you need to think about how long it takes to transition. Two weeks is the standard amount of notice, but if you’re working in a higher-level managerial position, it’s respectful to give your current company more time, even up to a month.
If your new employer wants you to start earlier, you will have to negotiate between the two of you to avoid burning any bridges. You can offer to help your current business find your replacement through their networks, and also be available on nights and weekends (on a limited basis) during the transition.
Lastly, don’t forget to add some free time between jobs. Leaving one company for another is a huge change, and you’ll want at least a few days off to mentally prepare.