But, have you considered the financial cost of this job change to you and your family?
How prepared are you to discuss compensation or the cost of benefits for the new position or a promotion at your current company?
As you job search or interview for a new position, this thorny but not unexpected question interview question arises. A question that not everyone knows how to answer or has prepared for properly.
Answer it incorrectly, and you may receive an offer that you may be unable to accept. Or you may later recognize that you may have sabotaged an actual pay rise by compromising in the wrong area.
And, you may be left with the new reality of having to pay for items, tools, or transportation that your current company is paying for or subsidizing. At one interview during my powerlifting days, one manager gushed about the free gym in the building and excitedly took me to show off. The gym was well turned out and extra clean, but I was left to wonder inwardly:
1) Where were the real weights?
2) Would the two guys at the front desk be willing to dangle on either side of the straight bar so I could do my four-hundred-pound plus squats for reps?
3) And who was going to spot me, maybe the guy doing bicep curls with the ten-pound dumbbells?
4) It was clear that this free gym could not be my gym, so there were no savings. But I digress….
Among the key areas to do comparative costs comparisons are the Bonus and Commission structure, and when they are paid, Profit-sharing distributions, paid time off (vacation days, sick days, and holidays), Insurance (medical, dental, disability, and life), Tuition Assistance, Childcare Assistance, Employee assistance programs that offer legal advice, gym memberships, retirement plans or career or health-related counseling and other services.
Many candidates make the mistake of accepting an offer because it is a pay rise, a perceived gym benefit, or the simple fact that the request exceeds their current base salary when the benefit-cost details a slightly smaller base from a company with excellent benefits may mean a larger take-home salary.
Do you truly know if your total compensation from the new position would satisfy, match, or exceed expectations before starting your job search? And, do you know what the benefit-cost details are before you accept an offer at the new company or a promotion at your current company?