Ask Deb: Deciding between two job offers
Hi Deb:
I’ve been looking to make a move from my current company for about three months. I’ve followed your advice, researched companies, and reached out to hiring managers directly. With this level of focus, my job search has gone surprisingly smoothly, and I have even had to turn down interviews for roles for which I did not think there was a good match. In the past, I would have done all interviews I was invited to for “practice.” But after following you and using your tips, I realized that I didn’t need any more interview practice. I needed to pursue the opportunities that were most related to my interests and skills and ignore the rest of the noise in the room.
Now, the unthinkable has occurred, but in a good way. I find myself in the enviable position of entertaining two very good offers from two very different hiring companies. One is a large, well-known company that is making an entrée into a niche market. The other is a relatively new company that’s been around for 3 years that deals exclusively with this same market. I have a wealth of experience in the industry to which each of them is trying to sell their solutions, and both of these companies pursued me rather aggressively. The money on the offers is pretty similar. I really like BOTH companies, and I’m confused as to who I pick between the two of them. What do you advise?
Thanks,
Jesse
Hi Jesse:
First, congratulations on securing two offers, and thank you for the kind words. I am glad that you’ve found my counsel to be practical in helping you to manage your career and guide you to the next phase. Having two competing offers at once is a unique circumstance and one which requires serious and deep thought on your part. You don’t mention that you are more drawn to one company over the other, so I’m going to assume that your interest is equal. Here are some points to consider:
Look at the entirety of the compensation offered. We often get hung up on the salary, which is undoubtedly important, and we overlook the other components. What is the bonus structure at each company? Which one is better? Are there equity options?
Consider the benefits. Ask for the overview of each company’s benefits, and read this document carefully. Pay particular attention to things like cost/coverage for medical benefits. Another area that can be of enormous impact is the 401(k) plan. Is there an employer match? How much? If, for example, Employer A matches 100% of 6% of your salary in cash, and Employer B matches 1% of your salary in stock, that’s something to consider.
Evaluate growth potential. Is there going to be room for you to grow and learn? How much, and in what form?
What about the company culture? A large, established company is going to have an established and sometimes bureaucratic culture. A small company that’s been around for only 3 years will have much less process around getting things done. You will have to decide which is more appealing to you.