ALL ABOUT OFFERS

All About Offers

EVALUATE & NAVIGATE PROFESSIONALLY

So your phone rings and the person on the line gives you the big news that you’ve been waiting for…you’ve received your first job or internship offer! Very exciting. When you receive an offer, you may have a number of questions: How should I evaluate an offer? Should I negotiate? How do I accept an offer? How do I decline an offer? How do I ask for an extension? Offers should be handled with careful consideration, and the Pulsifer Undergraduate Career Development Center is here to help support and guide your decision-making process. Below are some tips to help you evaluate and navigate offers thoughtfully and professionally. RECEIVING AN OFFER

Employers typically extend an offer verbally, highlighting key details such as position title and compensation. A package of information will then follow, and it generally includes an official offer letter and additional information about the benefits package for full-time positions (i.e., health and dental benefits, 401(k) programs, vacation/sick time, etc.). You can expect that upon receiving the offer you will be asked to respond by a certain date. The time you are allotted varies by company; some are very flexible, allowing you several weeks to decide, others will offer you just a few days. We would strongly caution you against accepting an offer “on the spot”, and it would be highly questionable if a company expected you to do so.

When given a verbal offer, thank the employer for their interest in you, express enthusiasm about the position, and note that you would appreciate time to carefully consider the offer. For example: “Thank you very much for the offer. I am excited about the [XYZ position] and the opportunity to work for [company name]. I look forward to receiving the written offer, and I would appreciate the opportunity to evaluate it thoroughly before making a final decision.”

EVALUATING AN OFFER

Evaluate your offer in terms of TOTAL COMPENSATION (SALARY + BENEFITS)! A generous benefits package equals extra dollars in your pocket! Let’s break down the components of an offer package…

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. Most likely, the first thing your eyes search for is the salary figure. 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 or 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? If so, this may be stated as a dollar range, or as a percentage range of salary. What is the bonus based on – individual performance, divisional performance, firmwide 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 in sales roles. If so, ask the employer to provide the details of the commission plan, and make sure you understand it.

All About Offers

EVALUATE & NAVIGATE PROFESSIONALLY

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 Flexible Spending Account?

Retirement Plans

 What type of plan is offered?  How soon can you begin contributing and when are you fully vested?  Does the employer match a percentage of the employee 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 “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 of charge, with the option to purchase more.

NEGOTIATING AN OFFER

Let’s face it, salary negotiations are nerve wracking! Most job seekers feel anxious and uncomfortable when the time comes to discuss salaries. Consider the below before broaching the subject with a potential employer…

Are salaries really negotiable?

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 Advisor, network with current and past employees in the company, and review salary data online to determine a reasonable salary range.

All About Offers

EVALUATE & NAVIGATE PROFESSIONALLY

 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.

ACCEPTING AN OFFER

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. Be prepared to address any final questions you may have, such as start date.

DECLINING AN OFFER

When turning down an offer, it is critical that you do it in a timely, thoughtful and professional manner. This allows the employer to move forward with other candidates. We recommend that you call the employer personally and briefly detail the factors that led to your decision. You should not leave this as a voicemail or send it in an email. Make sure you

call company and “ at a time that you may actually reach the recruiter. Flatter the the process whenever possible. For example: “Thank you very much for your offer of employment. After a great deal of consideration, I have decided to decline the offer. This was difficult decision for me as I was impressed with everyone I met. I have decided that a smaller organization might be a better fit for at this time. I wish you the best of luck in your recruiting process thank you again for the opportunity to meet with you.”

All About Offers

EVALUATE & NAVIGATE PROFESSIONALLY

ASKING FOR AN EXTENSION

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.

Sound familiar? This is one of the most common situations that students face. 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, in turn, be flexible with them. That is, 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. Company X will certainly know that you are considering other organizations but it is not an uncommon request. First, ask for the extension without providing any additional information, “I am calling in hopes that you might grant me an extension on my offer”. In a perfect world they will simply respond to your request by answering either yes or no and not ask for additional information. If they say yes, thank them and offer a timeframe for when they might realistically 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.

RENEGING ON 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 admittedly it is a very difficult one.

NOTE: We strongly encourage you to seek the additional advice of a Career Advisor regarding any of the topics discussed above. We recognize that every situation is different and it may be that you have extenuating circumstances that are not mentioned in any of the scenarios we have reviewed above.

All About Offers

EVALUATE & NAVIGATE PROFESSIONALLY

FINAL THOUGHTS: WHEN CONSIDERING AN OFFER, THINK ABOUT WHAT IS MOST IMPORTANT TO YOU…

 Money. Starting salary, signing and/or relocation bonus, annual bonus, overtime, commission, timing of salary adjustment(s), average annual percentage increase.

 Benefits. Health Insurance, Dental Insurance,

Vision Insurance, Retirement Plan, Vacation

Time / Sick Time / Holidays, Tuition

Reimbursement, Maternity Leave, etc.

 Location and cost of living. Would you prefer to work in Downtown Boston or

Manhattan? Will you live right in the city, or in a surrounding suburb? Would you be willing to accept a lower salary to work closer to home and save on rent?

Is it important to be near family, friends?

 Commute. How will you get to work? Will you be close enough to walk? Will you need to drive? Parking in major cities is a huge expense!

Are you able to take public transportation? If so, how much is a monthly pass? How long will it take you to get to/from work each day?

 Professional Development and Training. What types of opportunities are offered, and how often? Is there a mentorship program?

 Career Pathing. What is the typical career path? What are the potential opportunities for advancement?

 Interest. Do you love the job? Are you going to enjoy what you’re doing on a daily basis? Are you going to be challenged?

 Culture. Do you enjoy the people around you? Are you prepared to spend 40+ hours per week with them? Do you know and agree with the firm’s mission statement? Does the company have a strong presence in the local community?

 Company and Industry trends. What are the company’s growth projections? Where is the industry headed?

 Women/Diversity Friendly. Has the company been recognized as a place that embraces women and minorities?

 Work/Life Balance. How many hours will you be working? Is travel involved?

Contact us to discuss your career plan:

Pulsifer Career Development Center 225 LaCava Center 175 Forest Street Waltham, MA 02452 Please email GA_UCD@Bentley.edu for questions