Bagging a new job that promises a raise of $12,000 is definitely fascinating. With inflation nibbling away the real value of money, a hike seems like a great instrument to dodge those rising prices. However, before you commit yourself to this seemingly attractive job offer, it's essential to ponder over some crucial parameters to ascertain if this is the right career move.
While deliberating a new job offer, always strike a balance between the potential advantages and disadvantages associated with accepting it. Don’t rush, especially if the new role entails relocating and revamping your lifestyle.
A $12,000 salary raise may draw varying evaluations: a lucrative reason enough to switch jobs for others, but an insignificant motivator for some. To help derive a worthy conclusion, here are pivotal questions to ask yourself:
Consider this scenario: An individual gets offered a new job inclusive of a rise of $12,000. This person has been at their current job for over a decade, enjoys a 4% 401(k) match, health insurance, and a cost-effective group life policy. The new job role is similar in duty and is located in a neighboring state where living costs are evidently higher. They conclude that losing the advantages of their current job and incurring relocation costs for a parallel career trajectory is not worth the $12,000 raise, thereby rejecting the offer.
Let's take another example - an individual who has been with their existing company for just a year. With a lack of seniority or perks like paid leave, they are extended an offer. Here, the new role is a notable upgrade in terms of job duties and could stimulate career growth. Adding to it, the $12,000 increase substantially boosts their entry-level pay, facilitating them in faster payment of their student loans. They happily accept the offer.
If you're someone who hasn't seen a raise in your pay for a while or someone who's taken on additional responsibilities at work, you could contemplate renegotiating your salary using this higher offer as a bargaining chip to amplify your current pay without having to switch. Remember, the relevance of a $12,000 hike is purely subjective to individual's professional and financial circumstances. Hence, thoroughly analyze your financial standing, lifestyle expenses, job expectations, and value of current benefits before deciding to accept the job offer or not. If you're finding it tough, you could rope in a financial advisor to guide you.