All About Offers

Receiving an offer is exciting, but can also be stressful. When you receive an offer, you may have a number of questions: Should I take it? How do I decide between multiple offers? How can I ask for more time? How do I accept or decline the offer? Offers should be handled with careful consideration, and the Pulsifer Undergraduate Career Development Center is here to help support and guide your  Does the employer match a percentage of the employee decision-making process.

EVALUATING AN OFFER

Evaluate your offer in terms of TOTAL COMPENSATION (SALARY + BENEFITS)! A generous benefits package equals extra dollars in your pocket!

Offer Letter and Salary The offer letter outlines basic information, such as your position title and location, expected start date, conditions of employment (i.e. completion of a successful background check and drug test) and salary. In your offer letter, your salary may be stated as an annual, monthly or hourly figure. But there’s so much more to know, which may not be clearly outlined in your offer letter. Make sure you understand the following:  Is the company offering a one-time signing or relocation bonus?  What is the timing of salary adjustments?  Are you eligible for an annual bonus? What is the bonus based on –individual performance, divisional performance, firm-wide performance, a combination?  Are you eligible for overtime pay if you work more than a specified number of hours per week? If so, what is your overtime rate –time and a half?  Are you eligible to earn commission? This is most common of charge, with the option to purchase more.

in sales roles. If so, ask the employer to provide the details of the commission plan, and make sure you understand it.

Health, Dental, Vision  What types of plans does the employer offer? Through which providers?  How much does the employer contribute to the cost of each plan vs. how much is the employee responsible for?  Can you contribute to a Health Savings Account or a

Retirement Plans  What type of plan is offered?  How soon can you begin contributing and when are you fully vested? contribution?

Vacation Time / Sick Time / Holidays  How many days or weeks of vacation / sick time do you have each year? Does this increase over time? (Vacation /

Sick Time may be grouped together and referred to as Paid

Time Off or “PTO”).  How long until you can use it? Can it be rolled over, or is it on a “use it or lose it” basis?  Does the company follow a standard holiday schedule?

Tuition Assistance / Reimbursement  Under what circumstances might this apply?  Are there dollar limits or limits on the number of courses per year?  Is reimbursement grade dependent (i.e. you must earn a B or better to be fully reimbursed)?

Life Insurance  Many employers provide basic life insurance coverage free Flexible Spending Account?

The degree to which a salary is negotiable depends on the position. Many entry-level positions are non-negotiable; they have set salaries that are subject to very little if any negotiation.

If you decide to negotiate, here is what you need to know…

Understand the market and have a number in mind. Don’t be surprised if the employer responds with: “What salary did you have in mind?” Do your research! What did last year’s Bentley graduates earn (on average)? What are competitors paying for comparable roles? See your Career Coach, network with current and past employees in the company, and review salary data online to determine a reasonable salary range.

Be able to concisely articulate why you deserve more. Cite market figures, prior work experience, advanced degrees or certifications, competitive offers, cost of living, etc. Having a good GPA or being a hard worker is just not enough.

Be confident, not arrogant. Calmly and reasonably articulate your concerns regarding the salary. For example:

“Thank you so much for the offer of employment. I am excited about the opportunity to work for [XYZ company]. As you know, I have over two years of relevant experience at a direct competitor, which I believe is an advantage over other entry-level candidates. Also, the average starting salary for

Bentley students who accepted similar positions last year was $XX, so I was expecting something in the range of $XX - $XX+. Is salary something that we could spend a moment discussing?” Or:

“I am so pleased to have received an offer of employment and am strongly considering joining your firm. However, I have received an offer from a competitor that is for $3,000 more. I funded a great deal of my education on my own and being able to pay back my student loans while also comfortably managing the cost of living in New York is something that is weighing on my mind. I was wondering if there is any room for negotiation regarding the offer you extended.” Don’t play hardball. The last thing you want is to leave a bad taste in the employer’s mouth. Remember, you may wind up working with this person in the future. If you do not get what you asked for, remain polite and professional. Thank the employer for their consideration and let them know that you will get back to him/her once you have made your final decision.

REQUESTING MORE TIME

When faced with a decision to accept an offer that you feel you can’t make in the time allotted, you can consider requesting more time from the employer.

Here’s a typical scenario that students encounter: You have been given an offer by Company X and they have asked you to respond by the end of the week. You are also interviewing with Company Y and their final round interviews are not until the following week. You are most interested in Company Y but certainly don’t want to decline Company X and run the risk of having no offers on the table.

Your first course of action is to call Company Y and see if there is any way they can expedite their recruiting process. Some firms will be flexible (to a point) if they can. It is important to note that, if you have asked a company to see you early, you must be available on whatever alternative date and time they suggest.

But what if Company Y says there is no way they can see you early? Your next course of action is to call Company X and ask for an extension: “I am calling in hopes that you might grant me an extension on my offer”. If they say yes, thank them and offer a reasonable timeframe for when they can expect to hear from you. If they say no, thank them and let them know they can expect to hear from you prior to the original deadline. If they ask why you need an extension (and most will), simply explain that you are currently interviewing with one other organization and that you would like to see the process through to completion. Again, this is not an easy conversation to have, but rest assured, you will not be the first student who has made this request.

Once you have thoroughly evaluated and decided to accept an offer, convey that decision to the employer as soon as possible. Calling the person who extended the offer to you is the preferred form of communication; if, however, you have most frequently communicated by email, it is appropriate to confirm your offer via email. Thank the employer again for the opportunity and express your excitement about joining the team.

The Pulsifer Undergraduate Career Development Center strongly recommends that you notify all other organizations with whom you have interviewed that you have accepted an offer and wish to withdraw your name from further consideration. You may also consider notifying and thanking all those who have helped you in your job search, including those who served as references, provided you leads, and gave advice.

WITHDRAWING / DECLINING AN OFFER

Sending an email when withdrawing from the interview process or declining an offer is important to assure good relations with the organization.  Withdrawfrom the interview process / decline an offer as soon as you know you are no longer interested, or immediately after accepting an offer from another organization  Withdrawing / declining tactfully in a timey manner will not offend the organization  Be positive –let them know it was a difficult decision, express your appreciation, and thank them for the opportunity

RENEGING AN OFFER

You accepted an offer with Company A. Weeks later, Company B calls and extends you an offer. You are torn. You accepted with Company A but Company B is your “dream job”, what do you do? While you are not legally required to join an organization after accepting an offer (nor are they legally obligated to fulfill their offer of employment), it is very unprofessional to renege on an offer and, if you do, you will most likely sever all future relationships with that organization and perhaps other organizations as well. In the end, the decision is yours to make and is a very difficult one. Think very carefully about the offer and don’t accept until you are ready, as an acceptance must be made in good faith with the intention of honoring the commitment. Some questions to ask yourself include:  Are the organization’s values and culture in sync with mine? Did I engage well with the people I met?  Is the work challenging? Do they provide me with professional development opportunities?  Even if it isn’t the exact position I was hoping for, will I gain skills that will positively influence my career / professional development?  Does the compensation package (salary, benefits, vacation, health and retirement plans) meet my needs?  Is it in a geographic location that interests me?  How do I feel about the required level of travel?

Use the matrix below to help with your evaluation. If you would like to discuss your situation, please make an appointment with your Career Coach.

JOB OFFER EVALUATION MATRIX

Create your own list of features that matter to you and list them in order of importance, with the most important feature appearing at the top of your list. Rate the features of each company’s offer on a scale of one to five (1=poor; 5 = excellent). This is one way to compare multiple job offers.

FEATURE

Salary

______________________ COMPANY 1

______________________ COMPANY 2

Training & development

Opportunity to travel

Company culture