Congratulations! You’ve landed your dream job. Before accepting, you should evaluate the job offer and compensation package to ensure that it is what you’re looking for and will add value long-term to your career and personal circumstances.
How do you know if what you’re being offered is fair? How do you know if you should accept or refuse an offer? How do you know if your future employer is willing to negotiate? These are all questions you will likely consider when evaluating your job offer. Keep reading for insights and actionable tips to help you navigate the evaluation and negotiation stage of a job offer.
Be clear on your “must haves” and your “like-to-haves” in a job offer
First things first, to be in a position to evaluate a job offer, you need to have a clear understanding of what you need in terms of income and benefits to meet your personal circumstances. Everything from family situation to lifestyle will shape what this looks like, so we recommend asking yourself the questions below to clarify your individual requirements.
How much do I need to earn?
The amount you earn is an important factor when evaluating a job offer. Determining how much money is enough for your needs can be challenging, but exploring this question before accepting any position is worth the time.
What to consider:
- Living expenses
- Rent/mortgage payments
- Debt repayments
- Credit Cards
- Student Loans
- Car Loan
- Family care costs and schooling
- School Fees
- Helper Salary
What kind of benefits package am I looking for?
Health insurance and pension benefits are statutory inclusions in the Cayman Islands in your employment offer. However, if these essential factors are critical to your decision, it is worth asking your potential employer if your compensation package exceeds the statutory requirements and meets your personal needs. If not included in their current offerings, consider asking if there is room for improvement or additions later on down the line.
What to consider:
- Health Insurance
- Statutory requirements
- Options to upgrade
- Employer contributions (50%, 80%, 100%)
- Dependent coverage
- Dental/Optical coverage
- Group Life/Accidental Death Insurance
- Pension Benefits
- Statutory requirements
- Options to choose investment portfolios
- Options to pay over statutory requirements
- Health, Wellness & Professional Development
- Maternity/Paternity leave
- Health & Wellness days
- Financial support for further education/training
- Training programmes
- Training leave
Where are you willing to compromise on the above?
After having outlined answers to the above, you should have in your mind a clear understanding of what your salary and benefits package requirements are; now it’s worthwhile considering where you would entertain compromise on these.
- Would you consider a lower salary if you knew your dependent’s health insurance was fully covered?
- Would you accept less vacation time for a higher salary?
- Would you give up your ability to work remotely for double the salary?
Do you have all the information to determine the actual value of your job offer?
The base salary is only part of an overall compensation package; other elements may impact your total pay and satisfaction with this new role. An excellent way to approach this process is by asking yourself these questions:
What is my base salary?
The base salary is usually stated first on a job offer letter and represents how much you will earn per year before deductions. It’s important to note that some companies could include benefits like full health insurance, signing-on bonuses, and commission payments as part of their overall salary package. Don’t forget to ask about these in your negotiation process.
What kind of benefits are included in your job offer?
It’s important to compare the benefits on offer and compare them to your list of “must-haves” and “like-to-haves” we spoke of earlier, where you are willing to compromise, or where you draw the hard line. Sometimes the company’s benefits are readily outlined in a job offer/contract; however, for some of the more unique benefits, you may need to speak to your recruiter or the hiring manager for more clarity on the benefits available.
Some common benefits in Cayman are:
- Remote working opportunities
- Vacation days over the statutory requirements
- Work-from-home allowances
- Health & wellness days
- Extended maternity leave
- Paternity leave
- Stock/share options
Know your value in the current market
Compare similar jobs
When evaluating a job offer and compensation package, comparing similar jobs across several employers in the same market environment is helpful. Assessing the offer allows you to see how each employer stacks up against the others regarding salary, benefits, and other factors like work environment and culture. You may also want to consider location when comparing jobs.
- Company A offers a higher salary than Company B.
- Company B has better benefits.
- Company C has an excellent reputation for its culture. It’s known for being flexible with work schedules and allowing employees freedom over their projects’ direction.
Speak to your recruiter about your job offer
When working with a recruiter, they are there not only to help you find a new position but also work with you to ensure you receive the best possible compensation package from your new employer. They have access to benefits and salary data across the different industries they recruit for, which has been collated from several years of experience in the marketplace. Remember using a recruiter as a candidate does not cost you anything; they help you and the prospective employer secure the best possible outcome during the job offer process.
Nova Recruitment publishes a Salary Guide annually, which includes up-to-date salary data and insights into the employment market in the Cayman Islands.
Don’t be afraid to negotiate your job offer
We know the thought of negotiating your offer can be stressful, but we also believe that if done correctly, it will help you find a job where your personal and career goals align with the company’s needs. As mentioned, working with a recruiter is a benefit at this stage. Our team can help you in the negotiation stages, speaking to the hiring team on your behalf to find a happy resolution that appeases both parties.
To learn more about Nova’s recruitment services and how we can help you with your job search and negotiations, contact our team at firstname.lastname@example.org. You can also complete our consultation request form and come in for a meeting now that you know what to expect!