The toll the current economic downturn has taken on corporate recruiting is undeniable. Companies that have previously hired dozens of college graduates in prior years are scaling back on campus visits and offering fewer entry-level jobs to college graduates in almost all majors and disciplines. Given the tough times our nation is weathering, it behooves college graduates to play their “A” game in interviewing in order to receive attractive job offers.
When evaluating multiple job offers, the following tips should help you make a wise selection.
One: Make sure you have an actual offer—and start date.
During the interview process, a prospective employer may communicate strong interest in your academic background and skills and may suggest that you would make an outstanding new hire. Here are some favorable comments you might hear during the interview process:
- “We’re impressed with your co-op work experience with a competitor company and feel that you would make a strong contribution to our organization.”
- “Our hiring managers are looking for the kind of energy and drive that you appear to offer. We definitely see a place for you somewhere in our company.”
- “Assuming that reference checking goes okay, chances are we’ll extend an offer for an early-summer start.”
- “We have a couple more candidates to interview, but things look very positive about bringing you on board.”
As nice as all of this may sound, none of this translates into an actual job offer. Until you have a bona fide offer in writing, you have only promises of potential employment. The letter should specify job title, initial compensation and an actual start date.
An online blog posted an interesting first-person account of an information technology graduate who thought he had a bona fide job offer. Entitled “Got the Offer Letter, but Where is the Job?” the article points out the fact that if employers have an open-ended start date, what appears to be a solid job offer can fizzle out over time.
Why would employers do such a thing? In some cases, they want to hedge their bets. If they’re experiencing really tough financial circumstances, they may make an offer hoping that their economic situation will improve around the time the new hire is prepared to start work. If circumstances have not improved dramatically, they can keep stalling for time—unless and until the prospective employee decides to accept some other offer with a firm start date. Or the employer can graciously rescind the offer, which they can say was made “in good faith.”
In effect, they are hedging their bet that the offer is attractive enough to keep the prospective employee “on the hook.” But that is not always the case, as the article points out. To quote an old saying, “a bird in the hand is worth two in the bush.” Going with something definite always beats relying on something that is uncertain. So get the offer in writing with a concrete start date specified.
Two: Understand all the terms of the offer—what is expected of you and what is promised to you.
It’s not necessary to be informed of every single task you will be expected to perform as a new associate within the organization. However, it’s important to have a good idea of what your general responsibilities will involve—and, of course, what remuneration you can expect.
This is especially important when considering positions offering a base salary with added incentives, such as commissions associated with sales and marketing positions. In the face of uncertainty, it’s always advisable to be clear about what earning potential is realistically possible. Statements like “we pay top commissions in our industry” are much too vague to take at face value. During the interviewing process, ask for a clear, written explanation of the commission / bonus structure.
Furthermore, make sure you understand other terms of the offer such as insurance coverage and any and all additional perks. For instance, does the employer contribute any percentage to your 401(k) earnings? (That is now less common than in previous years.) How soon will be you able to contribute to your account, and how soon will you become vested? Although you may be in prime health now, does the company offer short-term and long-term disability? If so, what will your contribution amount to? Also, what is the company policy concerning vacations, sick leave and other authorized personal leave?
Obviously, these are not matters to address early in the hiring process. But you should fully understand these terms of the offer prior to giving a formal response.
Three: Weigh each offer on its own merits—but consider tradeoffs.
To begin with, consider each employment offer for what it represents in terms of immediate job duties, long-term challenge, advancement potential, earning curve and professional.
As you consider each offer, ask yourself: Six months from now, will I be satisfied that I accepted this offer, or possibly have regrets? Would my academic role models congratulate me on accepting this position? Will I be comfortable working alongside the people that I’ve met in the company and on the team I will be joining?
Although it may be difficult to give definitive answers to these rhetorical questions, it’s helpful to raise them at some point in the deliberative process. To put matters in perspective, also consider tradeoffs in accepting one offer over others. For instance, working for a large corporation in a major metropolitan area might come with a higher starting salary, but consider the cost of living in that area, commute time, and the general quality of life you can expect if you accept the offer.
It might be more advantageous to accept a position with a smaller company in a less populated area that offers a shorter commute, lower cost of living, and overall more satisfying quality of life for you and your future family.
On the other hand, consider receiving a very attractive offer with a fancy title at a small company with limited promotional opportunities. Compare this with the tradeoff of working for a lower salary at a larger organization that offers numerous career tracks, tuition reimbursement for pursuing an advanced degree, and a defined mentoring/career coaching program. Two or three years from now, where will it be better to have launched your career?
To help weigh each offer and consider tradeoffs, list all the pro’s and con’s associated with key aspects of each offer:
--starting compensation
--special perks
--job location/work commute
--job responsibilities and other expected duties
--support from manager
--advancement potential
--earning potential over time
--psychological appeal (nice job title and office space, etc.)
Assign to each evaluation criterion under comparison a numerical value, such +5 or -4. Then add the totals for all the evaluated criteria associated with each offer. How the offers stack up in this numerical comparison will say a lot about your likelihood of being satisfied in selecting one offer over another.
Four: Learn all you can about the company, particularly regarding job security.
For college graduates seeking their first “real” job, the issue of job security might not seem so important. However, considering the “last hired, first fired” philosophy of many companies, it is important to consider whether the employer is a stable organization? Does the position you’ve been offered appear to have a reasonable measure of security (as best you can tell)? Clearly, your new job will be no more secure than the stability of the prospective employer. So how can you find out about prospective employers? The accompanying sidebar offers detailed tips in this regard.
For starters, check out articles about the employer appearing in print or online editions of business periodicals, industry trade journals, and reputable blogs that discuss trends in your profession. Focus on business information sites like
Take time to research information provided by the Department of Labor in the locality of your potential employment. DOL reports can specify whether there have been substantial layoffs in the recent past.
If it’s a publicly owned company, it behooves you to obtain information from published sources concerning the firm’s financial standing, such as its annual report and EDGAR database filings. Scouring the company’s press releases will also give you some important background information concerning the organization generally indicative of its stability.
Is the company listed among Fortune Magazine’s “Top 100 Employers to Work For” or similar compilations? If it is not listed, that doesn’t mean that it’s not a good, solid organization to work for; however, if it is listed, that should be viewed favorably as you weigh employment offers.
Company representatives don’t typically volunteer information that suggests lack of job stability. But sometimes they do voice information that may raise an eyebrow, such as:
- “We hope to fill this position with someone who lasts longer than the previous employee.”
- “This is a newly created position and we have great expectations that the person filling it will be able to chart their own course.”
- “To be honest, we’ve had some company cutbacks recently, but we hope that this department will not be affected in the future.”
- “This is definitely a high-risk, high-reward opportunity for the right person.”
Statements of this sort should not go unnoticed. If things seem a little shaky at the start of the hiring process, it’s hard to say what circumstances will be down the road. Be extra cautious in accepting an offer with such caveats.
Five: Get input from influential individuals concerned with your professional success.
Ultimately, the decision on accepting an employment offer is yours to make. But it never hurts to get informed opinions and advice from people you respect. They may include college faculty, administrators and alumni, relatives or friends who have direct knowledge about the employers as well as college placement (career center) counselors.
Another good online source of helpful information is LinkedIn. If you join this social media site, you might be able to communicate with individuals who have personal knowledge of the organization.
You do not necessarily need to discuss all the specifics of each opportunity you are considering. Speaking in generalities can suffice. Ask helpful parties if they have any advice concerning an entry-level position in your field at the place of employment in question. They may, in fact, know of someone who is currently employed there or who worked there recently. Their indirect but candid feedback could be helpful in considering the job offer.
On a precautionary note: Bear in mind, employees who once worked for a company may not have the fondest things to say about it, especially if their departure was involuntary. Their views concerning a former employer may be highly subjective and tinged with negative emotions and bad memories. In such instances, you will need to balance what they say with information from other sources.
Six: Trust your instincts
In the final analysis, rely on your instincts when comparing offers. After you have considered the terms of a new offer, assigned a numerical comparison to it and discussed it with people who can offer valuable advice, it’s up to you to decide whether that is where you will feel comfortable working for the next several years.
Bear in mind, your first “real job” won’t be your last. But generally speaking, young professionals should expect to work in their initial position at least a few years. This establishes job stability and allows you to develop a good work ethic. Future employers will carefully consider how long you have kept previous jobs.
In trusting your instincts, mentally replay the interviewing process. Did the employer make you feel welcome and comfortable? Were you cordially greeted by others in the company, particularly future team mates? Did you pick up signals that the group is really interested in you and would value your contribution? Does your immediate supervisor appear to be supportive and someone who would promote your advancement?
As one final hypothetical consideration, think about “the road not taken.” Suppose you declined the offer. Would you at some point regret making that decision? Trusting your gut feeling will help answer this rhetorical question.
No one has a crystal ball, and uncertainties concerning the economy make any career decision somewhat problematic. However, if you approach your job options thoughtfully and systematically, chances are you will make the right decision. Good luck!
