Salary is a very important factor in choosing a job, but it’s not the only thing to consider. Evaluate the total compensation package: salary, insurance, paid leave, retirement plan, and other benefits, which can add up to tens of thousands of dollars in non-salary compensation. Once you’ve placed a dollar value on the employer-provided benefits, evaluate other aspects of the job. Remember that there are some things you can’t put a price tag on, such as training and experience.
When evaluating a potential employer, find out as much as you can about the industry. What’s the history of growth in the industry and what’s the anticipated future need for goods and services produced or provided by that industry? Is the industry trendy? Is it subject to government regulation? If so, what’s the possible impact on the company?
Don’t Get Stuck
There may be times when you need a job—any job—and you don’t have the luxury of being selective, but you don’t have to stay in one that’s a dead end. Continue your search even after you find employment if the job doesn’t provide you with what you need.
Also find out as much as you can about the company or organization. In addition, if you know anybody who has worked for the organization, find out what you can about the company culture and atmosphere and the quality of management.
What do you know about the job itself? Is there a training program or opportunity to obtain additional education? What are the day-to-day tasks and duties? Who will you report to and what is that person’s leadership style? What are your potential coworkers like? Does the job require travel, weekend work, or working long hours? What is the salary and benefits package? If the salary seems low, are there benefits that compensate for it?
Before you enter the job market, whether it’s your first job out of college or a new step on your career path, you need to know what the going salary is in your geographical area for someone with your education, training, and skills. You can find some salary information online at websites like Glassdoor and Indeed. For a more in-depth view, the Occupational Outlook Handbook produced by the Bureau of Labor Statistics (BLS) is an invaluable source of information on salaries in hundreds of different occupations. It also provides descriptions of what workers do on the job, working conditions, training and education needed, and expected job prospects in a wide range of occupations. In addition, the BLS provides information on wages, earnings, and benefits for many occupations by region, state, and metropolitan area. Visit BLS online at www.bls.gov.