Congratulations on your new job offer! But wait—did you read the fine print?
We never want to see a new hire leave a job in the first year. Although this does happen, at 619 Recruiting, we make every attempt to ensure that the people on both sides of the hiring equation have made an informed decision that leads to a long tenure.
The statistics on new employee early departures in the employment world at large are dramatically different, though. The human resource experts at Vultus provided an excellent breakdown of early departures:
Below is the breakdown of when new hires leave:
- 1st Week: 16.45%
- 1st Month: 17.42%
- 2nd Month: 16.77%
- 3rd Month: 17.42%
- 4th Month: 10.97%
- 5th Month: 5.48%
- 6th Month: 14.48%
The alarming part is that over 68% of early departures take place in the first three months of employment. We’ve seen that many early departures are due to a lackluster evaluation of the job offer, including the fine print.
So how can job candidates transition to new employees with their eyes wide open?
This post will provide a straightforward technique to evaluate your job offer objectively and thoroughly.
Many different factors need to be considered when evaluating a job offer, and it can often seem overwhelming to sort through them all. We recommend starting with the basics. Here’s a simple example:
- Priorities List—Use Weighted Format
- Compensation Matrix
- Benefits Matrix
- Work/Lifestyle Matrix
Now set up a matrix of the essential metrics/categories. We started with:
- Health Benefit
- Remote Work
|Category/metric||What I wanted (scale of 1-10)||What I’m offered(scale of 1-10)||Weight/Importance factor (1-10)||Wanted||Offered|
|Salary = $/mo||10k||8k||10||100||80|
Assign your arbitrary value, “What I wanted (scale of 1-10)”, to the metrics, for example, health benefits. Don’t make it too complicated. Just consider the basics, like overall coverage and deductible. Then give it a rating from 1-10. The higher the rating, the more it suits what you wanted. Now do the same for, “What I’m offered(scale of 1-10)”.
Salary and other compensation measurements are much easier. For example, just take the monthly base pay you wanted vs. the offer in thousands. You can evaluate individual categories in more detail later, but for now, you just want to generate a high-level score for your job offer.
Now put your weighting factor, “Weight/Importance factor (1-10)”, in column four. This part is entirely subjective. It should make you think seriously about what metrics you place the highest values on.
The hard part is done. Now multiply your weighting factors by each category’s rating. You’ll come up with a score that should give you an evaluation of what you wanted and what your offer actually delivers.
Once you have the basics down, you can add additional metrics to your spreadsheet, like commute, non-compete agreements, bonus plans, commission plans, etc.
Have some fun with your job evaluation, and get as detailed as you want.
Still looking for your dream job? You’ve come to the right place.
Our team will help you find employment opportunities that align with your skills, experience, short-term employment goals, and long-term career objectives. Call us today at (866) 832-6619, or get in touch online. Our expert recruiters are waiting for your call.