How to navigate through competing job offers?

What to look for beyond money in a job offer?

Recently, I decided to move on from my current role at a large B2B product firm . As a Product Manager , I thought why not treat my career as my personal product . So, the journey started with self-discovery and putting together some personal goals as to where I wanted to be in the next 3 years (no longer since what we want evolves over time). Having worked for B2B enterprise products for many years, I knew I wanted to make the switch to a B2C Product Leadership role. I did some competitive research on companies on LinkedIn which fit the bill, looked for openings along with where I could get compensated more than what I was making in a place where I had already made my mark. I knew this wasn’t going to be easy to do but I wasn’t going to give up ! Then came the real work where I went through the rigorous and iterative process of making my resume, finding the target companies, hunting for jobs, preparing for interviews , going through series of interviews and noting down my learnings( I will write a detailed blog on how to prepare for Product Management interviews separately). Fast forward few months , I was able to bag two jobs(Walmart & Microsoft) with very competing offers and this is where things needed more thought.

unsplash.com(Kelly Sikkema)

As amazing at as it felt to get the best of offers from two amazing firms , the reality was I could choose only ONE. This needed some serious thought beyond just the money . So, why not use a framework which is more objective and less emotional?! So, here it is for everyone to simplify their decision-making process and clear the clutter while evaluating job offers whether it is internal or external or both.

The FRAMEWORK

Prioritizing, justifying, and documenting helps making decisions easier . We can use a scoring-based decision matrix to make the process simple and objective. First, start with identifying categories against which you are rating the offer .Second, identify weights against each category to indicate how important those categories are to the overall decision-making process. Third, add scores for each offer against these categories.

To help with the process, here is a list of possible categories to consider for job opportunities:

• Fixed + Variable Salary + RSU/ESOP— be sure to review your budget and understand how much you need to earn to pay your bills. Research the salary range for jobs you are considering so that you can better negotiate a starting salary. Understand the vesting period and payouts to see if this is a retention policy or continued reward every year.
• Benefits — Health insurance is an important benefit for everyone along with Life insurance . Vacation time, parental leaves, sabbaticals etc. are also something to look out for. Don’t ignore smaller perks such as employee discounts on food, transport and discounted wellness memberships.
• Growth Opportunity (Next Jump) — Jobs that provide growth opportunities are especially important . Look out for jobs that teaches you transferable skills, helps you move into a senior position or helps you move toward larger career goals.
• Peer group and passion of the team — Your future team is going to be a huge part of your life, so try to get to know them during the interview process. Pay attention to how coworkers interact with each other and ask as many questions as possible about the working environment. Gather information about the team from friends/families who are employed at the organization and understand about the work atmosphere , stress level, and pace.
• Educational Benefits/Opportunities — Continuous learning is important and it is always better to look out for opportunities where organizations and teams are focused on upskilling resources and growth of individuals. During early career/mid career these opportunities can help you grow tremendously
• Recognition — Everyone appreciates praise and recognition for a job well done. When looking for a job, find out how potential employers encourage growth and reward hard work. Common performance incentives include bonuses, yearly trips, and awards.
• Job Responsibilities — Success is important to everyone. So, find a position that aligns with your strengths. Identify if you are most comfortable in a supportive role, or job where you are responsible for important decisions. Understand your personality and find the optimum work-environment to find the best fit for you.
• Working hour flexibility — Depending on phase of your life, you may look for different work-life balance. Sometimes you can look for jobs that are very demanding and highly rewarding, but other times you may find it helpful to balance periods of demanding hours with time off. Ask your potential employer about their policies on vacation, sick days, and work-from-home flexibility and leaving work early for special events.
• Job Location/Opportunity to move Locations: Consider working location from a commute time perspective to see what that does to overall working hours and stress level. Realistically consider how your time on the road will affect your non-work life, including kids’ activities, dating, family time and fitness activities. The cost of your commute should be a factor when comparing salaries from different companies. Fuel and parking costs can eat away at your take-home pay. Additionally, a job can come with future re-location opportunity which could also be an important consideration.

Once the categories are finalized , move on to create a decision matrix. All weights and score are marked between 0 to 9 (9 being the highest) to rank importance. Below is an example of weights and scoring that I used for identifying which offer was better for me at this point of time. Higher the total , better the offer.

In order to determine which offer is best for you, consider these above categories and score them according to your needs. This decision matrix can be extrapolated to help in decision making in other areas by breaking down all contributing factors into smaller chunks , ranking them and scoring them.

Hope this helps you take a data driven and logical approach to navigate your decision making .

Do comment on what are some of the factors you use to consider job offers and what frameworks you use when the decision seems daunting.