ACES Academic Programs
128 Mumford Hall
1301 West Gregory Drive
Urbana, IL 61801
217-333-3380
cacesoap@illinois.edu
1301 West Gregory Drive
Urbana, IL 61801
217-333-3380
cacesoap@illinois.edu
A company may offer you the position in writing, over the phone or in person. If you are interested in the position, you may accept immediately. However, you may want to take some time to consider the offer. Most companies will give you time to consider an offer and you may negotiate a decision deadline if you feel an extension is needed.
You may accept an offer in person or by telephone, but you should also write and mail a formal acceptance letter. Respond graciously to all job offers, whether you accept or refuse the position. Once you have accepted an offer, you should withdraw from further interviews with other employers.
Additionally, if you receive a job offer from one organization, you should contact all other organizations that are still considering your application. Alert them to your situation and let them know when you will have to make a decision.
It is important to consider several aspects of a job offer -not just the salary and benefits package. An offer of employment is much more than an opportunity to earn a paycheck. Take time to ask questions and weigh your options, so that you make a good decision.
Items to consider:
Comparing Compensation and Benefits Packages
When evaluating a job offer, compensation is an important component to consider when choosing the right position for you. Compensation represents both the intrinsic and extrinsic rewards one receives for performing their job. Intrinsic compensation reflects the satisfaction one has from doing meaningful work. This can include having autonomy on the job, constructive feedback, an impact on the lives of others, and opportunities to perform different tasks. Extrinsic compensation includes both monetary and non-monetary rewards.
How do you know if the base pay in your offer is competitive? First you must inform yourself. Gather salary information from various sources. The ACES Career Services Offices keeps salary data from previous grads. Salary.com is also a good resource. Be aware of the value of your education and experience.
The Salary Question Video
The Salary Question Cheat Sheet
Benefits
There are legally required benefits that provide protection programs to employees and their dependents from catastrophic events such as disability and unemployment. Most organizations also offer discretionary benefits, such as: vacation and holiday time, health insurance, retirement plan, flexible spending accounts for child care and health care expenses, child care assistance and/or on-site service, onsite fitness center, education reimbursement, and others. Discretionary benefits can be of considerable monetary value and impact your work/life balance.
Holidays, Vacation, and Other Paid Leaves
Adjusting to a work schedule is challenging. Your day is much different than when you were on campus. Sure, you were busy and maintained a schedule, but you had the ability to set your own schedule. One of the biggest adjustments for new graduates is reduced vacation and holiday time. Most entry-level, professional positions only come with 5-10 days of vacation and 6-8 paid holidays annually. Sometimes you may even have to work for 3-6 months before you earn any vacation time. There is no more spring break, long holiday breaks, or summer hiatus.
Holidays typically offered by employers are New Year’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving, and Christmas. Some organizations also give employees the day after Thanksgiving and the day after Christmas. If working for the government, you will also likely be off on the federal holidays - Martin Luther King Day, Presidents Day, Columbus Day, and Veteran’s Day. Some employers are starting to offer flexible holiday scheduling for those that celebrate religious holidays that are not accommodated by the standard holiday schedule. Regardless of your new position, you may well be working at least part of a day on Christmas Eve and New Year’s Eve if they fall on a weekday. You may request to use vacation time, but remember your vacation time may be very limited. Are you planning a wedding? A honeymoon? Have you been asked to participate in friends’ weddings? One week, and even two weeks, of vacation can go very quickly. Maternity leave, parental leave, military leave, bereavement leave, etc. may also be important at certain times in your life. Understanding how these life events are managed within the organization is important. This speaks to the company culture.
Health Benefits
Health insurance plans are complex and determining the value of coverage is sometimes daunting. You should consider the type of coverage you need – health, vision, dental, prescription, etc, - and the amount you have to pay for that coverage, including the premium, co-pay, and deductibles. You may be able to choose the type of health plan that best meets your needs – HMO, POS, or PPO. Some organizations also offer a flexible spending account that enables you to pay for out-of-pocket heath expenses with pre-tax dollars.
Retirement Plans
The two common types of retirement plans are defined-contributions plans and defined-benefit plans. Each type of plan is funded differently and has present-day and future tax implications. Common defined-contribution plans are 401k, 403b, and 457 plans. These plans are individually funded with pre-tax dollars. Investment risk (and reward) is assumed by the employee and the amount of funds available at retirement is dependent upon the market. Taxation on the invested funds and their earnings occurs at the time of disbursement. Defined-benefit plans are traditional pension plans which are less prevalent than in the past. These plans pay retirees a fixed amount monthly for the remainder of his/her life. The amount of retirement compensation is calculated using a formula that includes variables such as salary at time of retirement, years of service, and age.