By Myrtis Smith
Article Date: 2003-02-17

There is a lot more that goes into the salary equation than your weekly check; learn how to objectively weigh your new job opportunity.

With the promise of economic turnaround on the horizon, you may be one of many people considering a career move. While the excitement of moving to a new opportunity can't be denied, invest the time to thoroughly evaluate any job offer. Too often people follow the "almighty dollar" and allow salary to be their guiding factor. But just because a new job pays more than your current one, doesn't mean that moving is the right answer. Below is a list of 5 factors to take into account when weighing a job offer. There is a lot more that goes into the salary equation than your weekly check.

1. Commute. How does the commute between you current job and your new opportunity compare? Consider the money spent on gas, maintenance, and excess wear and tear on your vehicle. Also consider the mental stress involved with a longer commute. Where does your spouse work? Where do your children go to school? How often do you pick up or drop off family members on your way to or from work? Do you belong to a health club or professional organization? Will changing your driving route impact how often you work out or make it to meetings? Do you ever rely on the public transportation? Will changing jobs (either due to location or schedule) reduce your ability to catch the bus or subway? Try to associate a dollar amount (either positive or negative) with the impact of your job change on your commute.

2. Benefits. With the rising cost of healthcare, benefits should play a major role in any employment consideration. Changing jobs often means a change in your HMO or insurance provider. How much will you now be required to pay for insurance? What’s the change in your co-pay and other out-of-pocket expenses (such at office visits, prescriptions, etc.)? Are your current physicians part of your new network? Do you or any of your family members have a pre-existing condition that may impact your ability to qualify for insurance? Don't underestimate the value of a good benefits package; avoid taking a step backwards with your new job. And if the insurance at your new job is not as good as your current plan, at least make sure your take home salary, is high enough to compensate for that fact.

3. Work environment. What is your new work environment like? Is the dress code similar to your existing job or will you need to purchase a new wardrobe? Can you continue to bring your lunch from home or is it more "acceptable" to eat out with your co-workers? Are employees expected to attend all of the after hours events and company functions? Educate yourself on the type of place you'll be working. The little expenses of new clothes, buying lunch everyday, and finding a baby sitter for company functions add up.

4. Future opportunities. How does the growth potential look? Is working the standard 40 - 50 hours a week enough for you to get ahead, or will you need to put in a lot of extra "face time"? Have you had a chance to meet other people higher in the organization? Are there potential mentors available to help you get up to speed on the company culture? Is there a training program or new hire orientation available? What is a typical salary increase? How often do people get promotions and raises? Don't focus exclusively on the here and now when weighing a job offer. How will this change impact your future income potential five years from now?

5. Retirement. What is going to happen to your 401K or retirement account when you leave your current company? Are you already vested or eligible for an employer match? How long will it take you to get to a comparable level at your new company? Does the 401K plan of your new company have the same caliber of investment options as your current company? Are you prepared to move your current retirement fund into an IRA account and manage it yourself? Now would be a good time to speak with a financial planner to weigh your options.

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