You work for a company which is not doing too well. You are desperately looking for a job.
You’ve been job hunting for months, and you do at last receive a job offer. You’re desperate to get out of your current lousy job in a sinking unfunded company, and the salary they’re offering looks decent enough, so you should just go for it, right?
If you think of a job offer as a cake, the salary is but a small piece! There are other factors to consider than would have a big impact on your happiness at this new job. Money is important, of course, but it’s part of a bigger picture. You cannot afford to ignore everything else in pursuit of a certain salary. In a worst case you might end up more miserable than you were at the job you left.
Check for the following first:
- Is the new company more stable and better than your existing company?
- Is it doing better than your existing company?
- Are you leaving this company because the boss is bad or because the company is a failure?
- Are the problems in your existing company temporary or permanent?
- What is your age? If you spend too much time in a failed company, it hurts your CV
If it is a better company, and the salary is better (or even equal and in some desperate cases even lower) you should jump. However you should also look at the following:
What Are the Other benefits / Incentives?
If the offered salary is lesser than you asked for, are there other benefits that make up for it?
Is there a possible annual bonus – which is not a part of the CTC?
Do they give medical insurance for you and your family? Get and understand all the information you get about your options for health, disability, and life insurance. Would you be eligible for corporate discounts for extended family like your in laws? Does it cover pregnancy (and is there a chance that you will claim that)?
Does the medical cover include your parents?
Would you be able to go back to business school on the company’s sponsorship?
Would your commuting costs, be subsidized?
Is there any ESOP that is priced well? Have the other employees benefited by ESOPS in the past?
What is the impact on Quality of life?
Right now you are staying 12km away from your work place and it is a pleasant road to drive. Your new job is 33 km drive from one central suburb of Mumbai to another Western suburb. Long commute. You will need a bigger car and hire a driver. Factor in all these costs while considering the shift. Never underestimate how soul-sucking a long commute or regular 12-hour workdays including travel can be.
What will you have to give up to make time for those long days? are you willing to give up on your yoga class or music lessons? or helping your child with his home-work? Will your spouse pitch in with the housework?
Will you have the flexibility to deal with doctors appointments, home repairs, or a sick kid needing to be picked up from school? How will you handle the desperate day care employee calling you at 6.55 saying you are 20 minutes past closing time and she needs to leave ASAP? Will your parents chip in for a few hours by which time you will get home?
Your existing company gives you flexible hours, does your new company also do that?
Commute time has a huge impact on your level of happiness. Personally I would happily give up a big portion of my income instead of suffering a long commute. We all need time to attend to our personal life, and if you’re spending too much time at work or in commuting, that’s less time you have to tend to yourself, family, friends, and hobbies.
Do you like the company culture?
are you leaving because of one idiot who is currently your boss (but not the owner of the business)?
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