You went through the rigorous interview process successfully and the organization expanded you a job offer. Mazel Tov! Now, it’s time to take a closer look at what the offer entails.
Here are some tips for understanding a job offer letter:
In most cases, the offer letter should include information on how to pay. This may indicate the frequency of salaries, whether you will be paid by the hour or on a payroll basis, and whether you will be entitled to commission or bonus payments. In most cases, your compensation will be stated before taxes, so your refund may be very different from what is stated in the offer. If you need help determining how much you will actually bring home in each pay slip, you may want to consult an accountant or ask your HR representative to help you with the calculations.
For commission-based positions, it is wise to ask about withdrawals and how often commission checks are issued. Some companies only pay fees once a month, so it is important to know this information in advance for budgetary purposes.
Work is much more than just a degree, so many companies include information about daily responsibilities or some type of job description. You should understand the schedule for the job and what is expected of you. If this information is not included, ask the hiring manager for a copy of the job description. That does not mean it is written in stone and you will be required to do only the things listed in the description, but it is a good starting point to learn what you will do when you start in the role.
If your job is full-time, you will most likely be offered some type of benefits package by your employer. You should pay close attention to what is offered because these benefits can actually add significant value to the overall compensation package.
Look for information on insurance plans, 401 (k) or other retirement savings plans, and other benefit offers that may be available to you. Employer-based benefit plans can actually add significant value to a job. Some companies offer adjustments to their retirement savings plans, insurance contributions and tuition reimbursement. If you take advantage of all or all of these options, you may get a much more lucrative position than initially stated only in the compensation portion of the offer.
Some employers include information on the next steps in their offer letters. For example, if you need to undergo a background check or drug test, this information may be included in the offer letter. The letter may also indicate when you can start or how to set your start date. Now is the time to ask questions if something is unclear or if you need more information.
Do not accept the offer if you are not sure what the job entails. The recruiter or recruiting manager should be able to answer these questions before you begin. Good luck finding your next job, make sure you understand the job offer well before you accept it!
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This article was originally published earlier.
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